If you have a business...
 

...that only makes money through paypal payments, how do you pay taxes on that? do you just simply keep track of how much you got paypal'd and report it as miscellaneous income?

I put it down in Quick Books as coming from the company that sent me the money. I also record the transaction number and fees given to PayPal.

how much does paypal take for fees when you use them as a payment service?

You only pay a fee if you receive money, which I think is 2-3%.

that's not too bad...except when it's like a $10,000 order they get like $300? :\

Using only paypal for something like that is a mistake. They are know for freezing accounts, and holding the money. Be careful.

BAD IDEA! use 2checkout or fucking epass for that kind of money. I never keep more than 150 in my paypal

paypal sucks! :1orglaugh

yea i think i'm gonna go with 2checkout...thanx...

what about reporting taxes for wire transfers? how does that work? just keep track of how much each wire was and report the amount?

if u have questions like this then i suggest u get an accountant :1orglaugh

For $10,000, I require companies to mail me a check. I ONLY use paypal for small amounts.

just keep track of everything. I'm sure if you did volume with paypal they have year end stats or papers that have everything also.

I would get an accountent to answer these questions for u

It's not rocket science.

exactly. fuck an accountant. i just wanna know how to report miscellaneous income. keep track of every dollar you made...and send it in on a 1099 right? can't be that difficult...

Correct. Don't include the fees you paid.

Yes, paypal is good for small amount but for big amounts I would not trust them. When I say big I mean $5000 dollars plus

i'm gonna do 2checkout.com for smaller orders and wire transfer for $1000+