How do you get your payments?

[Feluba]

Well, I have this "legal" question. I know It may be personal to some, but I think it's important when you have some payments and you want to withdraw them.

I'm asking because my local bank has made an agreement with Paypal, that you can withdraw directly to my bank account, which is easy and super cool, but... Will they call me to pay taxes soon?

Do you withdraw with Payoneer through ATMs at first? I repeat, at First. I know that long term you will open LLC or whatever to make it legal, but when you get "dimes" you don't even think about opening one.

So, whats the best workaround? Or there's nothing wrong to get it directly to your bank account?

 

[tyoussef]

Hello @Feluba
what's your country

my opinion is this
1 - use payoneer as much as u can to withdrow money From the networks u work with yes u can use it with ATM No problem
also if u have any Problem just contact the support they will help u for sure i had 2 problems with one time i forgot pin of my credit card i contacted them , the second time i forgot pin kkk i have 6 credit cards kkkkkkkk i can't remember al that
2 - with Paypal u can withdraw to ur credit card no Problem i did that as well many times the problem i had yesterday with paypal is that i can receive payments and i can't send Them but it Fixed by it self the Next Day , just make sure that ur account is verified by credit card , other thing i wanna see that each bank is diffrent Some banks u can see ur money after 24 our u withdraw some 2 days Some 5 days and happened With me personally

 

[T J Tutor]

Well, I have this "legal" question. I know It may be personal to some, but I think it's important when you have some payments and you want to withdraw them.

I'm asking because my local bank has made an agreement with Paypal, that you can withdraw directly to my bank account, which is easy and super cool, but... Will they call me to pay taxes soon?

First of all, only those in your country will likely have answers about your taxes. What is your country?

No matter where you are, pay your taxes, period. Don't get into trouble because of taxes. You are running a business. Be responsible with your taxes from the beginning.

Here, in the U.S., businesses are required to file quarterly estimated taxes and then a final tax summary of income after the end of the year and before April 15th.

Whether or not you withdraw money has no bearing on whether or not you earned money. If you earned money (net), then you will owe of portion of the net in taxes (over a specified amount)

Do you withdraw with Payoneer through ATMs at first? I repeat, at First. I know that long term you will open LLC or whatever to make it legal, but when you get "dimes" you don't even think about opening one.

So, whats the best workaround? Or there's nothing wrong to get it directly to your bank account?

Never look for a work around when it comes to business transactions. Mistakes will follow you forever.

Best thing to do is consult with a local accounting professional with certified credentials in tax accounting.

As for incorporating, get it done. This is important. How much you earn is not a pre-qualification for whether or not you should incorporate. If you are running a business, you should get it registered as a business, always. Incorporating protects you as an individual, it separates the business liabilities from you. In addition, incorporating gives you more flexibility with taxes, tax deductions you may not have as an individual, adds a layer of privacy, more credibility and prestige in the business world, and a host of business options not available for individuals.

 

[Feluba]

First of all, only those in your country will likely have answers about your taxes. What is your country?

No matter where you are, pay your taxes, period. Don't get into trouble because of taxes. You are running a business. Be responsible with your taxes from the beginning.

Here, in the U.S., businesses are required to file quarterly estimated taxes and then a final tax summary of income after the end of the year and before April 15th.

Whether or not you withdraw money has no bearing on whether or not you earned money. If you earned money (net), then you will owe of portion of the net in taxes (over a specified amount)



Never look for a work around when it comes to business transactions. Mistakes will follow you forever.

Best thing to do is consult with a local accounting professional with certified credentials in tax accounting.

As for incorporating, get it done. This is important. How much you earn is not a pre-qualification for whether or not you should incorporate. If you are running a business, you should get it registered as a business, always. Incorporating protects you as an individual, it separates the business liabilities from you. In addition, incorporating gives you more flexibility with taxes, tax deductions you may not have as an individual, adds a layer of privacy, more credibility and prestige in the business world, and a host of business options not available for individuals.

Thanks for the reply TJ, you are very right. I will consult this.

 

[Dr. Forum]

I have been working with my bank in partnership with PayPal and I can say confidently that there was no single day that it was reported me being asked for the taxes. The only percentage that is always raised is that of commission. However, it is never a bigger issue since the rate is always relatively low. Do not fear also paying taxes, when the right time comes, kindly do it with much pleasure always. It has been four years for me and I can say that I have never seen any strange thing.

 

[freddyshelton]

PayPal

 

[ultronaurum]

bank / paypal / skrill

 

[Alz]

And here is the biggest problem in all World Economy - people are finding ways not to pay taxes...
Feluba, if you work with networks and they are paying you as an individual person - fine, but when you will find a direct advertiser, they will ask for your legal entity information and in most cases will not work with you if your answer will be - I am an individual person and I do not have a company...