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A while ago, I popped an extra $1,000 CDN$ into my paypal account. Although I have posted a few times in this blog about the rising foreign exchange rates here and here, I didn’t think much of the running balance in my paypal account.

All I do recall, is that I had about $XXXX dollars in $CDN plus $YYYY in $USD … then October 2008 $ZZZZ revenues in $USD was added to my paypal account .. and for some reason - silly me - I thought $XXXX + $YYYY + $ZZZZ = My Balance! But, I was wrong - as I found out today - I needed to pay some bloggers for the HART-Empire Network today and had to dip into the $CDN balance fund.

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ALTERNATE WORKING TITLE: How to not get dropped like a Hot Potato by your Accountant and Income Tax Preparer

I shudder to think how many people are making money online selling items on Ebay and collecting payments using Paypal .. and are not reporting the income on their tax return.

It’s OKAY to sell some junk and personal items that you own on Ebay to help recoup the costs of other purchases that you may have .. and you probably don’t have to report the transaction. However, if you are buying and selling products on Ebay for profit .. you are a small business and must report your net earnings on your tax return.

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