I'm done with PayPal, except for international purchases

[Bryan Young]

Well, either I start a business or be done with PayPal according to my accountant. So I'll be stopping PayPal for purchases. Sorry. You may still purchase from me but will receive checks instead. Better yet, purchase my drag kits from retailers and mail-order outlets.

Thank you for your understanding. This was fun until my accountant got a hold of it. Now it's out of my control because I'm not accounting organized.

[oc1]

I feel your pain Brian.  Two years ago PayPal started sending revenue numbers to the IRS when the annual take exceedes a certain amount.  I don't think it was PayPal's idea, but when the IRS wants something.... 
-steve

[Tiddlerbasher]

No problems in the UK - YET

[Midway Tommy]

I know people who have multiple accounts there and on eBay for just that reason, but then that procedure is really no different than business requirements to send out a 1099. If taxes are warranted, then they really should be paid, business is business.

[sdlehr]

If taxes are warranted, then they really should be paid, business is business.

Agree, Tommy. I tried to game the system for my first 45 years or so.... it ended up eroding my self-respect, so I stopped. I play by the rules now. I also stopped using PayPal "Friends and Family" to pay for stuff when the seller asked, opting to increase the payment so the seller netted the same.... because I feel too many people feel entitled to get stuff for nothing, and I don't want to be one of them. Not dissing anyone here, just doing what I need to do to live happily within myself and sleep well at night.

[Keta]

I try to be as close to "non profit" as I can be because I DO NOT WANT TO BE A "BUSINESS".  What I really want is to go fishing and get back to tinkering with my own reels.

[mike1010]

I always consider it a flashing red light if a seller wants PayPal Friends and Family.

[fishgrain]

you waive your right to dispute as the buyer when sending funds as a "gift"

hence the number one red flag for someone who has something to hide and or cruel intentions is asking the buyer to surrender this protection   



unfortunately many private sellers are subscribed to the "not another penny for paypal club"

[Midway Tommy]

If taxes are warranted, then they really should be paid, business is business.

Agree, Tommy. I tried to game the system for my first 45 years or so.... it ended up eroding my self-respect, so I stopped. I play by the rules now. I also stopped using PayPal "Friends and Family" to pay for stuff when the seller asked, opting to increase the payment so the seller netted the same.... because I feel too many people feel entitled to get stuff for nothing, and I don't want to be one of them. Not dissing anyone here, just doing what I need to do to live happily within myself and sleep well at night.

I agree, Sid. I've always refused to pay for an item through the F&F option, and PayPal is my payment of choice on the interwebby.

[vilters]

Bryan, thanks for making those great kits available. all my penns and newels that I fish have them . just installed one in my 970 yesterday, along with a couple other upgrades, now a solid fish killer 

[mo65]

Bryan, when is Scott's going to start carrying your drag kits?

[Pro Reel]

Paypal is required to report payments received to the IRS if the person has received more than $20,000 in one year and from at least 200 separate transactions.

[sdlehr]

Paypal is required to report payments received to the IRS if the person has received more than $20,000 in one year and from at least 200 separate transactions.

That's quite different than the 1099 requirement which is anything over $600 in a tax year from a single payer.

[alantani]

i've always managed to zero out the checking account and i have all the records, but i've stopped using paypal unless nothing else works.  too bad. it was really easy.  it would not have been so bad if paypal recorded outgoing money as well as incoming. 

[Midway Tommy]

i've always managed to zero out the checking account and i have all the records, but i've stopped using paypal unless nothing else works.  too bad. it was really easy.  it would not have been so bad if paypal recorded outgoing money as well as incoming. 

That's why a good set of books/ledgers and accountant are important, to make sure expenses match or exceed the generated income.