1099

FAA/pixels sends out the email for the 1099 usually around January 30th. It hasn't been sent yet.

We don't send it out... It's sent from track1099.com if you've received over $600

Keep that whitelisted on your email

You don't need it to fill out the taxes. Place the earnings under other earnings

Thank you

Log into your PayPal account and your PayPal account and you will find your 1099 form PayPal. All of your FAA income is reported there. That is the only 1099 you need to report. If you use both 1099 from PayPal and FAA you are paying taxes twice on the same income.

We talked about it in this thread as well.

https://pixels.com/showmessages.php?messageid=5148259

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 calendar year
200 payments for goods or services in the same year*

You can access your 1099-K from your PayPal account by January 31st annually. Only those customers that meet the 1099-K eligibility requirements will see the 1099-K available for download in their account.

The potential to meet the threshold of $600 is greater at PayPal then at FAA.

Your FAA income is, well, 100% FAA income.

Your PayPal income is ALL income you have coming into your PayPal account, assuming you have other income, which means you may not get 1099 from FAA but you may get one from PayPal and it will include your FAA income.

The best advice is going to come from your tax professional.

Just was looking for the email I receive from them yearly and haven’t seen it. I don’t use PayPal, but thanks for the advice on that as well

Keith, we haven't gotten the 1099 yet. It comes around January 30th.

Don't use PayPal?

I thought that was the only way you could get paid from FAA?

No, you can have a check mailed every month

No you cannot any more, which is why people are confused.

If you move, or lose a cheque, you'll have to revert to PayPal also

Hey wowsa, I am going to get a 1099 from FAA. Not realizing where the bar was set prior.

Nice work if you can get it.

Dave Bridburg Bridburg.com Postmodernism Art Gallery

How does PayPal determine what payments received are from business activities and which ones are not?

If you loan someone $1,000 and they pay you back via PayPal do they know not to add that to your income?

I shouldn't imagine they do

In the accounting area it says:

Please note - Fine Art America no longer sends out payments via check. The check method proved to be too slow and inefficient

Keith, are you still having checks sent out to you for sales?

Yes. Every month

So maybe that applies to new members? Either way you should be receiving the 1099 around January 30th.

When I get mine I will post here

"How does PayPal determine what payments received are from business activities and which ones are not?"

That's your job. If you mix personal and business income in any account you have to do the accounting.

I have separate PayPal accounts, business and personal.

My accountant got very, very upset with me when I have co-mingled funds the few times I have done it.

Floyd... Strange. Mine won't let me have two accounts

Won't let you have a business account and a separate personal account? That sounds strange to me but I can not speak to what happens in the UK, but in the USA both of my CPAs have said the same thing.

The IRS frowns on co-mingling personal and business money.

Different kinds of income are taxed differently so the more sperate you keep them, the better off you are if the IRS comes knocking.

2 PayPal Accounts - Use different email addresses for personal and business accounts.

https://www.paypal.com/uk/smarthelp/article/can-i-have-multiple-paypal-accounts-faq762

Cheers

Yup, I have five just for my eBay stores... each has its own account.

I was too lazy to set up another on for FAA so FAA payments go into one of them.

I have another one for all of my other sites and then a personal account.

I have been with them since the beginning, 1998 I believe it was.

I do believe they changed the rules and I am either grandfathered in of figured out some sort of workaround. I know I had to have a different credit card associated with each account.

Here is what they are saying now.

Can I have multiple PayPal accounts?
Yes. You can have one Personal account and one Business account. You can add more email addresses, debit or credit cards, and bank accounts to your account, but each account must have its own email address and financial information. You can also upgrade your Personal account to a Premier or Business account.

I tried that and they said no

Perhaps because I only have one bank account

PayPal pretty much operates differently in each country.

Dave Bridburg Bridburg.com Postmodernism Art Gallery

Well, I pushed it and I GOT ONE lol

Thanks, guys

I am actually going to have to follow suit and set up a second account as well.

Dave Bridburg Bridburg.com Postmodernism Art Gallery

Personal vs Business account - PayPal

Personal: Recommended for individuals who shop and pay online, or wish to send or receive personal payments for shared expenses such as splitting of dinner bills or rental charges; for casual sellers or non-businesses who wish to get paid online, and who also make online purchases.

Business: Recommended for merchants who operate under a company/group name. It offers additional features such as allowing up to 200 employees limited access to your account and customer service email alias for customer issues to be routed for faster follow-ups.

How many of us really need the business account?

I never have received a 1099 from PayPal. I find it interesting that some have.

I went to PP and added up my deposits from FAA/Pixels and used that number in my taxes rather than wait for a 1099. My taxes are filed (Turbo Tax for the 9th year in a row) and I am done with this brou-ha-ha for another year. Yay!

PayPal issues you a 1099-K if more than $20k was moved into your account for the year and sends a copy to the IRS too. PayPal doesn't issue one if you're under the $20k threshold. I did what John did and already filed my taxes last week.

I have to have a business account as I'm self employed. Not only am I under contract to pixels, but I'm also doing commissions and other odd jobs. So it all goes through there so it's easier for my taxes.

They don't issue us in the UK anything. But the invoicing etc is worth the account in itself

"How many of us really need the business account?"

I don't think it is a matter of "need" necessary, but what is the most advantages to the individual.

To me this is legal advice and every individual should make that determination by talking to the lawyer or professional tax consultant.

I'm not sure how many of these still apply:

https://www.paypal-community.com/t5/PayPal-Basics/Difference-between-Personal-and-Business-PayPal-account/td-p/1543183#

I went for a business account a long time ago because I needed several features that premier and personal accounts did not offer at the time (premier has since been discontinued). It's wasn't just about keeping my financials separate or the amount of revenue generated through PayPal.

Cheers

I got my 1099!

i got mine too.


----Mike Savad
http://www.MikeSavad.com

Mine came in over an hour ago.

Dave Bridburg Bridburg.com Postmodernism Art Gallery