taxes

[danirope16]

Question i started selling on ebay. I get good money from it. How do i tell paypal to takes taxes off my 1099 misc so at the end of the year i dont have to pay taxes?

[DPCreations]

1099k is simpley a gross revenue statement; you are responsible any taxes owed at the end of the year.  Keeping daily records of your business will help you know how much tax you will owe on ALL of your income

[danirope16]

Right but my question is. Can i ask paypal to deduct fed taxes now as opposed to pay it all at the end of the yr

[danirope16]

Right but my question is. Can i ask paypal to deduct fed taxes now as opposed to pay it all at the end of the yr

[DPCreations]

PayPal only reports gross revenue for 1099K; PayPal does not de deductions.  That's a business entity responsibility.

If you need information from PayPal, just call PayPal customer service.