Comments on: IRS Crackdown on Small Business Income…

By: April Braswell

April Braswell — Fri, 17 Apr 2009 04:55:39 +0000

GOOD to KNOW. thank you Rob. totally makes sense.

And YES, having incorporated, I’m creating a separate CORP BUSINESS PayPal account. So it is SUPER clear! My funds. Corp Funds and Activity.

Best regards,

April Braswell

Dating Expert and Online Dating Coach

By: Anthony Lemme

Anthony Lemme — Fri, 17 Apr 2009 04:52:36 +0000

Hil Rob,
Thank you for that important information. Leave it to the IRS to get their fingers in the mix. I see I am going to be learning much important information from you.

Regards,
Anthony
http://www.anthonylemme.com

By: Anthony Lemme

Anthony Lemme — Fri, 17 Apr 2009 04:49:43 +0000

Hi Rob,
Very important and useful information. I look forward to upcoming posts. I can definately learn a lot from you. Thanks.

Regards,
Anthony
http://www.anthonylemme.com

By: Duane Cunningham

Duane Cunningham — Fri, 17 Apr 2009 04:28:52 +0000

Hi Rob,

Good to see the IRS is on top of things over there! As if they haven’t screwed enough of the people over!

And Like John said Im sure it won’t be long before Australia follows suit!

Thanks

Duane

Discover Secret Persuasion
Techniques that Work Like Magic by Tapping Into the Psychology of
the Mind with The Persuasion Expert Duane Cunningham!

By: mark mallen

mark mallen — Fri, 17 Apr 2009 03:40:27 +0000

More paperwork to fill out. Like small businesspeople don't have enough to do. mark Marketingscoops GlacierIceCream

By: Pat Becker

Pat Becker — Fri, 17 Apr 2009 03:11:38 +0000

I'm certainly keeping this article in mind as I set up my business. It isn't just the IRS. There are a number of states, California included, who are trying to collect state sales taxes on internet sales. -Pat Business Owners Fast Track to Internet Profits

By: David Power

David Power — Fri, 17 Apr 2009 02:56:19 +0000

Great stuff and up to date information!!! Cheers David Power Expert in Hypnosis, Success Thinking and Practical Parenting David Power's Hour

By: Don Shepherd

Don Shepherd — Fri, 17 Apr 2009 02:29:37 +0000

wonder what took them so long. the end of free enterprise. tax free that is. what next, lemonade stands? Don Shepherd oregon or bust

By: Bob Kaufer

Bob Kaufer — Fri, 17 Apr 2009 00:59:36 +0000

Rob, This is really good info for every small business owner. Bob Kaufer If you MOVE like the Tin Man, you will THINK like the Scarecrow and FEEL like the Lion

By: Yann Vernier - ProfitsTactics.com

Yann Vernier - ProfitsTactics.com — Thu, 16 Apr 2009 22:33:25 +0000

Thank you for keeping us informed. I’m surprised the IRS wasn’t already on the case to be hones
All the best,
Yann

By: Steve Chambers

Steve Chambers — Thu, 16 Apr 2009 21:38:51 +0000

Remember it’s not your money, it’s the government’s. I don’t know how they came to this conclusion, but they want more and more of everything.

Steve

By: Darryl Pace

Darryl Pace — Thu, 16 Apr 2009 21:27:53 +0000

Thanks for that information, Rob. Indeed, it seems that two inevitable facts of life are death and taxes. The IRS will get their desired share of America's income. Health, Fitness -- Darryl Pace

By: JJ Jalopy

JJ Jalopy — Thu, 16 Apr 2009 21:27:27 +0000

Damn... Thanks for having your finger on the pulse! JJ Jalopy. Life Coaching and Home Business Advice with JJ Jalopy

By: Jennifer Battaglino

Jennifer Battaglino — Thu, 16 Apr 2009 18:48:25 +0000

I like Lynn's post as it is accurate. Online merchants are in for it...oh wait, that's us! Jen B The Harwood Center - Tinnitus, Chronic Illness, Fers, Phobias, and Anxiety

By: Tim

Tim — Thu, 16 Apr 2009 17:07:13 +0000

I thought this was the case years ago. Ooops money I left on the table.
Going to cover the Off Shore wash accounts? Little trip to the ‘right’ islands?

Tim

By: Lisa McLellan

Lisa McLellan — Thu, 16 Apr 2009 16:40:59 +0000

Leave it to the IRS to mess up a good thing. I feel bad for everyone who gets hit by this. I hope it doesn't deter people from selling on eBay etc. Lisa McLellan, Child Care Expert - Babysitters, Nannies, and Au-pairs

By: Pam Schulz

Pam Schulz — Thu, 16 Apr 2009 15:28:17 +0000

Rob, I wondered when this day would come. What a nightmare this will be for online merchants! Pam Great Minds, Great Wealth: How to Raise your Return, Reduce your Risk, Cut your Cost

By: Rob Northrup

Rob Northrup — Thu, 16 Apr 2009 15:13:32 +0000

Christian,

You should almost certainly have separate Paypal and checking for each business. If the credit is in the businesses name, then you should have separate credit cards as well. Co-mingling of assets is one of the biggest no-nos there is and I’ll do a post on Co-Mingling in the very near future…

Rob

By: Christian Haller

Christian Haller — Thu, 16 Apr 2009 14:50:15 +0000

Good information. I have sold many thousands of dollars on eBay and have not even considered it as reportable income. Need to get that business PayPal account for this new site.

Question – Should I have separate PayPal and checking and credit cards for each business or run it all through one?

Christian Haller
http://www.christianhalleronline.com

By: John Ho

John Ho — Thu, 16 Apr 2009 14:43:01 +0000

I suppose in due course, Australian Taxation Dept will come up similar requirement (

John Ho
Numerology Expert Helps Understanding Personalities for Better Influence & Persuasion (WordPress)
Numerology Expert Helps Understanding Personalities for Better Influence & Persuasion (Vox Blog)

By: Philip Graves

Philip Graves — Thu, 16 Apr 2009 14:40:19 +0000

We’ve had a clamp down on this kind of business use of EBay in the UK too.

I think it’s fair enough (as much as any tax is fair) if they set the threshold in the appropriate place.

However, if you happen to collect something quite expensive, you could easily trade over the limit, and then I expect the burden of proof is on you to justify your hobby.

It seems there’s no getting away from a tax system where people create work for themselves by making the system more complex and extensive for everyone else.

Philip
Consumer Behaviour Expert
[The Consumer Behaviour Research Resource]

By: Lynn Lane

Lynn Lane — Thu, 16 Apr 2009 14:02:42 +0000

IRS = Income Removal Service Thanks for the report Rob. Better to prepare now. Lynn Lane www.Warriorofsuccess.com