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Author Topic: Double Income Reporting - A Paypal problem only?  (Read 1687 times)

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« on: May 30, 2020, 16:37 »
0
Right now, I only use Paypal to accept money from the stock footage agencies. I currently do not make enough money from stock to have to worry about reaching the 200 PayPal transactions + $20,000 to have to worry about double income reporting as of now. However, I anticipate this will change in the future as I continue to produce animations in my spare time. I don't want to have to learn the hard way, so I would like to avoid the double income reporting problem as best I can.

I noticed that some of the agencies, such as Adobe Stock, will also pay via Skrill. I have never used Skrill before and I don't know anything about it. I suspect that it's probably a good idea to diversify how I receive my payments so that way PayPal never sends anything to the IRS. I don't know if Skrill does the same thing or not after a certain number of transactions or earnings. And I think you can have some agencies deposit directly to a bank account if I recall correctly, but I'm not sure.

For those of you who earn much more money than I do, what do you do? How do you get around the double income reporting problem? Please give me as much detail as you can, I'd love to hear from you all. Thanks.


steheap

  • Author of best selling "Get Started in Stock"

« Reply #1 on: May 30, 2020, 17:22 »
+1
I try to avoid taking payments every month from the big agencies that can be trusted like Adobe. In that way, I definitely break the $20,000 barrier, but not the 200 transactions one. It can get a bit close though and it is probably worth thinking of other payment methods

Steve

« Reply #2 on: June 01, 2020, 13:38 »
0
Thank you. Does anybody else have any advice? Please share if you do.


 

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