About JohnFricker
Rank 49281
537 followers Joined September 2018
Introduction: John is married with two kids and a Yorkshire Terrier living near Orlando Florida USA. He has worked from home for over

Posts

7

Questions

3

Thrivecart affiliate program and paypal accounts?

Thrivecart affiliate program and paypal accounts?

asked in
Website Development & Programming

Here in the US, when setting up "ThriveCart Affiliate Program", it asks you to create or upgrade your "personal" PayPal account to a "business" account, and then they ask for T

I have a sales tax id #, but i wonder if a paypal business account costs or is it free?

Jeff

It appeared to be free.

I was going to see what was said ... I’m just a sole proprietor W/O any EIN #
Tim

Need a business name for taxes and affiliate programs?

Need a business name for taxes and affiliate programs?

asked in
Website Development & Programming

I have a "personal" paypal account, but do we need to set up a "business" paypal account and register a legal business name for tax purposes and for setting up affiliate agree

Featured Comment

Income that you earn online will be claimed as personal income when starting out. It will depend where you are located in the world as to what tax rules apply, but it will be based on your local tax rules and regulations. It is typically going to be claimed as personal income or "sole proprietor".

But yeah, you are responsible for claiming any income you earn. As for setting up a business and running income through a business, this should be something that is considered when you start earning $50K-$100K per year, not before that.

Thank you Kyle - great and speedy response is appreciated!
John 👍

Thanks Kyle for answering that question. I didn't have a clue. Of course, I'm no where near needing to know that information. The only expense I have is my monthly premium which is listed on my bank statement.

Have a blessed week
Charlotte

No worries Charlotte - soon enough I’m sure!!

Good to know, Kyle, thank you.
John, just as Kyle said, you are classified as a sole proprietor, which all earnings you file as personal income regardless of where the funds came from. I recently filed through my state and city as a home-based business. The cheapest and easiest form is the sole proprietor status. I file quarterly with the state for taxes. A pain but it makes all my business expenses tax-deductible, which over the course of a year saves me about $2200. As a sole proprietor, my personal assets are in jeopardy if I were ever to be sued. Filing as an LLC corporation secures your personal assets from any court proceedings, but is a little more complicated with state regulations. Good question. Much Success to you.
Ken

Excellent information. Thank you very much for that great answer!

Thanks Kyle
Tim

John,

I use my personal paypal account for all my ebay transactions and even bill out for certain locksmith services since I no longer take credit cards.

Jeff

Good to know that as well Jeffrey - thanks!

Sometime in the future, I may change to a LLC, yet right now the income is not great enough to do anything other than use my name and a schedule "C" here in the States.

Thanks William - that will work for me for now!

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