The pros of a business account do not outweigh the transaction fees. Can I keep a personal account to conduct business (only get paid through paypal, also pay through paypal)? I'm worried that I won't be able to report my transactions to the IRS correctly if I don't have a business account. While I'm here, this is semi-unrelated to paypal, but can I report earnings through both Paypal and a separate business account to the IRS? Or does all reportable income have to be through one account? Thank you!
if you keep accepting payments for goods and services,Paypal could ask you to upgrade to a businesss account.
Reporting to IRS is your responsibility,Paypal will send you a 1099 early next year if your account has 200 or more transactions AND $20,000 or more,you will use it to file your tax return.
