Re: Received Paypal 1099K without a SS# on it
I totally agree with Greenie on this one. Ask a tax professional what they would advise.
But one thing I CAN tell you is this... If you are proactive and take care of this and pay the tax, then it should not be any big deal with the IRS. They don't really go after taxpayers who want to do the right thing just because some technical mistake was made. But if THEY end up finding it and coming after YOU, then you are potentially in for a world of hurt.
And you are probably not looking at a lot of money owed anyway. There is a HUGE MISCONCEPTION going around that if you hit the $20,000 mark, that you owe taxes on $20,000 - but that is false! You only owe taxes on your PROFITS. If your profit margin is 10%, you would owe taxes on $2,000, NOT on $20,000. BIG DIFFERENCE.
Of course, how much the bill is would depend on your tax bracket.
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