Paypal taxes how to? Hi there, I legally live in the US and i own an online marketplace. I do not directly sale anything (Independent sellers, artists, other stores and companies can create a seller's account just like amazon) I just comission 5% of everything that gets sold. I'm going to list the especific information about how the bussiness works;
1) PAYMENT SYSTEM: The online marketplace uses Paypal adaptive payments, wich means that when someone buys a product the payment automatically splits in 3 parts (Vendor gets his payment directly to his paypal account, I get my 5% and Paypal gets its transaction fees) This means that money NEVER touches bank accounts just go directly to both Paypal accounts after transaction fees.
2) INCOME TYPES: Apart from sales comission I also recieve online advertising and PPC (PayPerClick) earnings from advertising networks, that income goes directly into my Paypal account aswell.
3) INCOME VOLUME: I's been only a few months and i already made almost $50,000.00 (sales and advertising income conbined) that's like 20- 25,000 transaccions per month (I have to check my records to be shure).
4) COSTUMERS: i live in USA , and my bussiness Pro Paypal account (They charge $10 monthly + transaction fees (0.30 - 2.9%) is US based aswell, but my customers are in Latin American countries and its getting quite popular so i assume that at the end o this year I'll have more than 25,000 transactions per month.
So, i would like to know how to do taxes the rigth way to not jeopardize my US residency,
I know it was A LOT to read so thank you for your time and your help in advance. |