GOVERNMENT SPENDING!!!!

[racer254]

Is it any wonder why the Washington swamp wrote a bill to keep track of every 600 dollar transaction and why they need 87,000 IRS agents.

[Cat45]

23 minutes ago, racer254 said:

Is it any wonder why the Washington swamp wrote a bill to keep track of every 600 dollar transaction and why they need 87,000 IRS agents.

The sad thing is, it's not every $600 it's yearly transactions totalling $600. Sell a few sled parts through paypal or venmo now you're getting another 1099

[Crnr2Crnr]

28 minutes ago, racer254 said:

Is it any wonder why the Washington swamp wrote a bill to keep track of every 600 dollar transaction and why they need 87,000 ARMED IRS agents.

fixed it for you...

Everyone under 40... Is going to be FUCKED paying for the reckless spending of the last two decades. 

 

thanks Boomers!  

[SnowRider]

34 minutes ago, racer254 said:

Is it any wonder why the Washington swamp wrote a bill to keep track of every 600 dollar transaction and why they need 87,000 IRS agents.

Those agents are estimated to collect 1 trillion dollars in lost tax revenue.  Sounds like a good investment.  And they aren’t focused on your 4 figure income 

[BOHICA]

9 minutes ago, Cat45 said:

The sad thing is, it's not every $600 it's yearly transactions totalling $600. Sell a few sled parts through paypal or venmo now you're getting another 1099

I think you have to make sure the payment is listed as personal and not business.  They aren’t tracking personal payments on places like Venmo and you won’t get a 1099

[BOHICA]

 

What can I do to make sure I don’t get a 1099-K?

After a night out with friends, some of whom didn’t come with cash (been there, don’t do that anymore), the group decides that one person pays and the rest will send their share of the meal (plus the tip) on Venmo. Here’s where you need to pay attention to how the money is reported on the app.

Make sure your payments are properly classified as an amount paid for something other than goods or services, Bronnenkant says.

What’s the best payment app for small businesses? Your tech questions, answered.

If you want to minimize the chance of an error, be sure to make note of what the payment was for and to whom. Additionally, on sites like PayPal and Venmo, you can designate whether a payment is to family and friends or a business transaction for goods and services.

[Cat45]

4 minutes ago, BOHICA said:

I think you have to make sure the payment is listed as personal and not business.  They aren’t tracking personal payments on places like Venmo and you won’t get a 1099

Not many people are comfortable paying with friends and family because there's no buyer protections

[Mainecat]

If your not paying taxes your not earning money. So just shut up about It.

[BOHICA]

8 minutes ago, Cat45 said:

Not many people are comfortable paying with friends and family because there's no buyer protections

Well may want to use cash if you aren’t comfortable.  But if you are using a business profile on those apps you should be getting 1099’s.  They aren’t coming after individuals.  They are coming after businesses with excessive deductions and such.

[Steve753]

21 minutes ago, SnowRider said:

Those agents are estimated to collect 1 trillion dollars in lost tax revenue.  Sounds like a good investment.  And they aren’t focused on your 4 figure income 

You sure told him.

[snoughnut]

38 minutes ago, SnowRider said:

Those agents are estimated to collect 1 trillion dollars in lost tax revenue.  Sounds like a good investment.  And they aren’t focused on your 4 figure income 

Invest this.

[Cat45]

30 minutes ago, BOHICA said:

Well may want to use cash if you aren’t comfortable.  But if you are using a business profile on those apps you should be getting 1099’s.  They aren’t coming after individuals.  They are coming after businesses with excessive deductions and such.

They are absolutely going after the individual. Lots of people sell a few things laying around the house/shop on ebay or marketplace and have to ship to the buyer. Pretty hard to take cash when you ship stuff. I see Manchin is trying to pass a bill raising the limit to 10k where it used to be

[BOHICA]

1 minute ago, Cat45 said:

They are absolutely going after the individual. Lots of people sell a few things laying around the house/shop on ebay or marketplace and have to ship to the buyer. Pretty hard to take cash when you ship stuff. I see Manchin is trying to pass a bill raising the limit to 10k where it used to be

Those things aren’t taxable if you are an individual.  They aren’t coming after you.  
 

Now if you are selling as a business and are trying to avoid taxes by claiming it’s a personal sale…. They are the ones they are coming after

[BOHICA]

https://www.fusiontaxes.com/thought-leadership/blog/do-i-have-to-pay-taxes-on-proceeds-from-my-garage-sale/

What if instead, you use eBay, or Amazon? The same principles apply. If you sell an item for more than what you purchased it for, you are required to pay capital gains tax. If you sell it for less, you cannot claim that on your taxes.

 

[Cat45]

3 minutes ago, BOHICA said:

Those things aren’t taxable if you are an individual.  They aren’t coming after you.  
 

Now if you are selling as a business and are trying to avoid taxes by claiming it’s a personal sale…. They are the ones they are coming after

You really don't have a clue how this works. Any paypal account that has yearly transactions over 600 that aren't friends and family will get a 1099 from paypal. The law always used to be anything over 10k was 1099 but they changed it this year to raise tax revenues. It absolutely will affect the individual cleaning out the basement or selling a few sled parts

[BOHICA]

7 minutes ago, Cat45 said:

You really don't have a clue how this works. Any paypal account that has yearly transactions over 600 that aren't friends and family will get a 1099 from paypal. The law always used to be anything over 10k was 1099 but they changed it this year to raise tax revenues. It absolutely will affect the individual cleaning out the basement or selling a few sled parts

So those items are sold under a business account on PayPal or Venmo?  1099 should be issued for business transactions

My kids pay their cellphones bills on Venmo.  Way over 600 for each of them for the year…. I don’t get 1099’s and the IRS doesn’t care.

 

 

Edited December 22, 2022 by BOHICA

[DriftBusta]

People will start going back to cash if they keep this up.  The government already squanders too much of our money, I don’t blame people for going around having to pay taxes anytime that they can. Obviously you can’t be greedy. I miss the days when I had a cash business. If I wanted to pay myself $100 on the books, by the time I matched the social Security at 6.25% so 12.5%, FICA and Medicare along with federal and state income taxes, I was left with less than 50 bucks. Or I could just take the hundred dollars cash and put it in my pocket. What do you think I would do? I can’t hide a nickel these days

[Cat45]

1 minute ago, BOHICA said:

So those items are sold under a business account on PayPal or Venmo?  1099 should be issued for business trans actions

My kids pay their cellphones bills on Venmo.  Way over 600 for each of them for the year…. I don’t get 1099’s and the IRS doesn’t care.

 

 

Thats because you are doing a friend/family payment. Lets say you have a set of pipes from an old sled, a clutch, and maybe an ecu that you sell on hcs to 3 different individuals that pay with PayPal. If the total is over 600 you'll get a 1099k. Sure if you saved the receipt for the stuff you can play the capital gains angle to avoid the tax but most won't have those receipts 

[BOHICA]

14 minutes ago, Cat45 said:

Thats because you are doing a friend/family payment. Lets say you have a set of pipes from an old sled, a clutch, and maybe an ecu that you sell on hcs to 3 different individuals that pay with PayPal. If the total is over 600 you'll get a 1099k. Sure if you saved the receipt for the stuff you can play the capital gains angle to avoid the tax but most won't have those receipts 

I don’t have a business account on any of those so they wouldnt trigger anything for a 1099.  Those payment apps don’t even have my Social security number or address to even know where to send a 1099 too

Edited December 22, 2022 by BOHICA

[Cat45]

5 minutes ago, BOHICA said:

I don’t have a business account on any of those so they would trigger anything for a 1099.

It's not just business accounts, it's every paypal account minus the friends and family transactions 

[BOHICA]

1 minute ago, Cat45 said:

It's not just business accounts, it's every paypal account minus the friends and family transactions 

So PayPal has you SS# or taxpayer number?

[Cat45]

Just now, BOHICA said:

So PayPal has you SS# or taxpayer number?

That's actually a good question, i started my paypal account over 20yrs ago, i don't remember what info they got

[BOHICA]

9 minutes ago, Cat45 said:

That's actually a good question, i started my paypal account over 20yrs ago, i don't remember what info they got

They have none of mine…. But I don’t think I can even receive payments other then friends or family.  Business accounts cost money and it’s cost sellers money to have those which offers buyers protection.  Not worth the expense to have a business account to sell a set of pipes or handle bar risers

Edited December 22, 2022 by BOHICA

[Cat45]

1 minute ago, BOHICA said:

They have none of mine…. But I don’t think I can even receive payments other then friends or family.  Business accounts cost money and it’s cost sellers money to have those which offers buyers protection.

I definitely don't have a business account, i guess we'll see in a few weeks if I get a 1099 or not. I'm pretty sure i will be though.

 

[BOHICA]

4 minutes ago, Cat45 said:

I definitely don't have a business account, i guess we'll see in a few weeks if I get a 1099 or not. I'm pretty sure i will be though.

 

You can go onto you profile on these apps and see if they have your SS# or a Tax identification number.  If they don’t how are they going to send the IRS a 1099k?

Edited December 22, 2022 by BOHICA