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I made some money online this year thru paypal,...
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I made some money online this year thru paypal, lets say 70k... what happens if I don't file my taxes and pay?
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>File name
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>>1020014
Pretty much this.

Its not like you have a cash only business and can make shit up. That shit has a paper trail a mile long. Dummy.
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>>1020020
but I mean liiiiiiiiike, will they really care enough to go after me? it's not that much money
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>>1020022
Taxbro here. I believe it's all automated. A machine poops out a report if your data stands out. And human then checks it and if it does, then you're screwed.

The chances of getting caught aren't that big. But I don't think you want to risk it. Especially when you don't have the money in cash.
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>>1020009
>>1020022

They won't care this year most likely, they might not even care the next. But eventually you'll get fucked, and you'll end up paying all the taxes you owe plus the fines and fees and whatever else they tack on.

>pay denbts
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>>1020009
The IRS knows. I think it's over $20,000 or 20 transactions, and PayPal will send you and the government a 1099-K, and you'll hear from them eventually. Since they have a 1099-K document, it won't be, "Hey buddy, you haven't filed your taxes!" It will be "Fucker you owe $20,000 based on this 1099-K and you have three weeks to respond."

So, y'know, electronic trail and all. You're not getting out of this.

Also failure to file penalties are ridiculous. Even if you don't file your taxes, file an extension to avoid some penalties (but it's not an extension to pay). And you should file your taxes and just not pay them if you do anything. The interest rate at IRS is reasonable, but the failure to file penalty and other penalties are fucking horrible.
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>>1020009

Don't fuck with taxes. Seriously. Just pay them
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>>1020009

Dude, I'm pretty retarded myself but even I know that paypal records shit. I mean I had to give them my social security number and bank info. I made less than 100 bucks so I'm not worried.
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>>1020009
Tax issues with IRS can be resolved VERY easily by yourself if you take the first steps filing amendments etc... if you wait until THEY call you out, it's too late.
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>>1020009
Hey OP, I have ben a tax collection agent for Revenu Canada back then.

Now I own a Ebay store and I made around 140K of Paypal transaction in 2015.

Get this advice : File your taxes report and tell the truth about your income.

On the other side, the best way to avoids the government to pick in your pocket is to play on your business expense.

If you gotta cheat to the governement, do it properly. Don't just forget to do you taxes, that won't work and you will get beautiful interest to pay and you will be on a blacklist for the further year.
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What happens if you file your taxes, but late (usa or canada).
are you still in big troubles???

how late, is too late?
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>>1021116
I don't know for US.

But for Canada, you got 30 days after the end of your tax period to produce and pay your tax.

If you don't, you will get charged interest in your tax amount (if I remember well Federal interest are near 15%) also, if Revenu Canada take in charge your tax file (usually if you wait more than 2-3 month and if you have more than 500$ to pay), you will get charged with a 100,00$ (maybe that amount got higher) fees.

From now on if you don't pay or cooporate, you will have more interest, more fees and finally they can pick up directly in your bank account the amount they need or get your capital seized.
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How do I start an Ebay Store without much capital? Is it a good business to start?
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>>1021334
Depend on your products.

Ebay is shit on a long term period seriously. Way too much scam, high fees and all.

It ia good to build an inventory. But IRL sales are still the best.
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Don't fuck with the IRS

They will rape you with no lube
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>>1020022
they will find out, if not this year, the next. Besides not paying taxes is like stealing everytime you use a road or enjoy safe streets
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>>1021419
Anyone find it funny how strict the IRS is with collecting revenue but how lax Congress is with spending it?
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>>1021334

>Skips eBay thread
>Skips his own thread
>Posts same question in tax fraud thread

You're going places
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>>1021428

Funny how? Funny like a clown? Is the IRS here to amuse you? WHAT THE FUCK IS SO FUNNY ABOUT IT?
Thread replies: 20
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