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[bradasimpson]

Ok, so does anyone know how to get a printout at the end of the year that contains only my transactions from freebie trading? I'm assuming we will need that for the Schedule C? Thank you, Brad

[monksmom]

Last year, I just took my paypal over to Excel monthly with a total page set up. It gave me income, outlay, incentives, etc, so I could give an accurate account of all monies and what went where when I did taxes. My "back up" is always my paypal account, minus what I spend from it or transfer over to my bank as those are duplications of funds & skewed data otherwise.

Once that workbook is set up, it's pretty easy to attend and having that "final" page was a God send...although rather relieved it won't be quite as busy this next tax season:)

[bradasimpson]

That's what i figured, was hoping they would let me seperate stuff out of the paypal and just print it. o' well Thank you mucn, Brad

[monksmom]

lol...but you CAN separate it all out...that's what my lil SS does:)

And unless you're audited, no one needs you to print anything...and if you are, you print your paypal and your back up data. I use my SS to get exact numbers without running the calculator...I'm lazy, I'll write formulas instead:)

[cm1979]

I print every thing out at the end of the year and highlight all my expencives that I accured with one color and then with another color I highlight all my personal expencives...
But they say that you should use Paypal as a buisness account and use your checking as your personal account so you can show if needed statements of what you have used for the buisness and what you have used for your personal things.

I thought doing taxes was hard when it came to this , but its quite easy and explanitory when you get down to it.
But thats how I keep track of what I have payed in and out.

[bradasimpson]

Thaks all.:)

[nprincipe]

great info thanks for posting it

[ainz1138]

Very good advice. I know from experience that its a good idea to pay what you owe or you might end up paying $2 for every $1 you should have paid them. Being audited isnt very fun

[monksmom]

I'll bet! That was my fear last year when I did taxes, so my usually light and thin folder of back up data was like an inch thick...just to be sure I'd covered all my ass-ets:) I'm feeling pretty blessed with the IRS overall, though...after my divorce, it was them who walked me through quite a few deduction options that I'd no idea existed, and has helped increase my return every year since!

lol...and boy, do I pray it stays that way:)

[tabitha8679]

Thanks for taking the time to post this! Very Helpful!