 How do I handle taxes and going forth as a real business (paypall / ebay)?
Does Pay Pal turn over your info to the IRS from previous years if you decide to go legit?
I have been eBaying for about 2 years now. First year (2013) I made 300 bucks, so no need to pay taxes. This year I made 2000 bucks. I am also ready to transition into becoming a full time seller. This means I want to get a reseller's permit and tax ID and pay self employment taxes.
Will Pay Pal snitch me out to the IR-s if I just start my business from Jan. 1st 2015? I did not know I had to pay Self employment taxes quarterly and file a schedule C until just now when I began looking into my tax obligations.
I want to file the SE 1040 form and 1040 schedule C as a sole proprietor but if I do it for last year (2014) their could be penalties involved due to not knowing the law.
Am I safe to just begin with Jan. 1st 2015?
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