Greetings! Firstly, many thanks to anyone who may be able to help/offer advice. This questions is about using a Personal vs Business account.
I find myself in a dire financial situation and need income quick. So, in about two weeks, I am going to be running tabletop games for a group of people via a virtual tabletop. Each player is going to pay me $10 dollars per session. There are going to be five players, we will play every Friday – so every Friday they will pay me the $10 dollar fee. A few of the players are from outside the United States.
I plan to run these games for the foreseeable future. That means, I'll have a regular flow of about ~$50 dollars a week and ~$200 dollars a month (before fees). This will be the only money going into my Paypal account.
My understanding is that doing this – offering a service, even a hobby – is considered a business for tax purposes; but I don't know what that means as far as Paypal is concerned. Seeing the description of the Personal Account saying this, '...for casual sellers or non-businesses who wish to get paid online, and who also make online purchases.' only confuses me more! Am I a 'casual seller'?
With this kind of situation, do I need to upgrade my Personal Account to a Business Account? I tried researching, and I get a lot of mixed answers, leaving me puzzled and lost on what I need to do.
Hoping someone can help me out! Thank you very much for taking the time to read this and especially if you have any advice!
