Reporting to IRS

[ssa13]

for reporting to the IRS, 

PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds both of these levels in a calendar year:

• $20,000 USD in gross payment volume from sales of goods or services in a single year
• 200 payments for goods or services in the same year                                                                                                                                                               My question, what if you do $10,000.00 in gross payments, instead of $20,000.00  and 400 payments instead of 200, will I need to report this.  I receive a lot of payments, but they are small amounts.

[DPCreations]

@SterlingSharpe8

Using the home office exclusion or expense is very precisely defined by the IRS.  There are ways to caclulate whether or not youi comply.  If you do then a certain percentage of home expenses are permitted, based on the square feet space of your home offiice.  This is where your tax account will guide you.

You can also go to IRS.gov and download forms and detailed instructions.  Start with 1040-c and any related forrms.  Form C is a good guide to use when setting up you business accounting categories.

TurboTax will help next year.

[ssa2]

thank you