*&^%*** Government

[CAJUNLAWYER]

American Rescue Plan Act Clarifies Scope of Form 1099-K Reporting and Reduces De Minimis Threshold | Tax Withholding & Reporting Blog
SO we get 1000-k's for paypal and other third party transactions now?????

 

[Bugkiller99]

Isn't the title to the thread redundant?

And on to your statement. Yes. I have a disabled friend that tries to make ends meet by finding bargains and selling them on Fleabay. Fleabay sent out a notice they were going to be reporting anyone with a total yearly transaction total over $600.
Of course, that doesn't take into account how much the item cost you, so you are getting reported for the gross sale, not the net sale.

And one more time, the little guy gets screwed.

BOHICA.

 

[biku324]

Sounds to me like folks in a small home business need to file Schedule C and reduce their tax burden enormously. I LOVED Sched C and the varied deductions I could take! Hardly ever made a profit after depreciation, advertising, business travel, etc.

 

[ladder13]

You think they want to hire 80,000 IRS agents to go after Bezos?

"You will pay not one penny more in taxes"

 

[desi2358]

Well the government seems to believe that ALL money belongs to them so we should be grateful for whatever little bit we are allowed to keep...... And we better not cheat the taxman out of even a penny more!

 

[Rustyt1953]

George Harrison had it right:

[ame]https://www.youtube.com/watch?v=l0zaebtU-CA[/ame]

 

[Snapping Twig]

The Beatles left England to live in America due to over taxation.

 

[LVSteve]

The Beatles left England to live in America due to over taxation.

Top rate of UK income tax in the 1960s was 90%, so you can see their point. Top rates came down under Thatcher but indirect taxation (sales taxes) all went up. As is often said, they'll get you coming or going.

 

[Old_Cop]

Cash is king, at least for now.

 

[biku324]

Our top rate was 91% in 1963 but dropped to a mere 70% by 1966 or 67. Our current rates are why we have a $29 trillion national debt - we reduced taxes without reducing spending. Stupid is as stupid does.

 

[arjay]

I've always filed a schedule c and paid an accountant to do it for me. If I had any sense I'd start collecting on all of the ss taxes I paid ;-)

 

[Telecaster]

Guv'Ment - YouTube

 

[Faulkner]

I don't think 98% of folks understand the American Rescue Plan. Our small Arkansas county received tens of millions of dollars in ARP funding which has to be allocated by the end of 2024 and spend by the end of 2026. Their are a lot of restrictions and strings attached to ARP funds, our county quorum court is looking at funding some infrastructure projects, which is allowed with ARP funds, like rural water and sewer as well as expanding broadband throughout the county to those heretofore don't have access.

Even so, I think it's a trillion + dollar boondoggle that the country will be lucky if it gets paid off in our grandkids lifetime.

 

[len917]

Well the government seems to believe that ALL money belongs to them so we should be grateful for whatever little bit we are allowed to keep...... And we better not cheat the taxman out of even a penny more!

The money does belong to them--they printed it.

 

[biku324]

The money does belong to them--they printed it.

"Render unto Ceasar...".

 

[len917]

I don't think 98% of understand the American Rescue Plan. Our small Arkansas county received tens of millions of dollars in ARP funding which has to be allocated by the end of 2024 and spend by the end of 2026. Their are a lot of restrictions and strings attached to ARP funds, our county quorum court is looking at funding some infrastructure projects, which is allowed with ARP funds, like rural water and sewer as well as expanding broadband throughout the county to those heretofore don't have access.

Even so, I think it's a trillion + dollar boondoggle that the country will be lucky if it gets paid off in our grandkids lifetime.

My grandparents said the same thing back when

 

[ladder13]

Every breathing person in America owes, at this point, roughly $88,000.
Nothing is ever "paid for".

 

[len917]

Every breathing person in America owes, at this point, roughly $88,000.
Nothing is ever "paid for".

Why don't we sent the Govt a check for $88/K and tell them not to bother us again

 

[vt_shooter]

Lovely. So you sell an item for $600 on eBay that was a gift from your parents 20 years ago, and now you'll get a 1099-K followed by a letter from the IRS ordering you to explain the sale, the cost basis of the item, blah blah blah. Good luck with that. eBay and like sites will invite more government trouble and scrutiny than is palatable, and so people will find other avenues of selling items.

 

[fiasconva]

Who's going to follow them? They're still working on 2019's taxes.