The IRS has just issued a rule which will require companies like Paypal to issue a 1099K if your gross sales in any calendar year exceed $600. Previously a $20,000 PLUS more than 200 transactions was the threshold.
This even means if you have a garage sale, sell at a hamfest, or via your webstore the receipts will be recorded as "income" and you will probably have to file a1040 Schedule C (or some such).
Keep good records of your expenses!
This even means if you have a garage sale, sell at a hamfest, or via your webstore the receipts will be recorded as "income" and you will probably have to file a1040 Schedule C (or some such).
Keep good records of your expenses!
To tax the poor even more. why do you think they hired 80,000 armed IRS workers?
Because large Corporations don't pay income tax, that's why. So the tax burden gets shifted to the middle class.
jeff
I have been really pissed off about this rule! $600 is nothing at all. One medium quality audio component costs that much. Even the proceeds from a minor tag sale will beat it. Congress is very out of touch with costs these days. I get the email from Ebay every month or so saying I have NOT COMPLIED by giving them my SS number (like I trust them with it!) and so I am blocked from selling. I plan to dump a bunch of stuff on Craigslist and via posts in the Marketplace next year.
All the better to keep receipts. Since in most cases used gear sells for less than what one paid for it, that might open the door for instead of reporting a non-existent gain, taking it as a charge against other income. I realize this rapidly gets into dubious valuations and so forth. Check with a CPA.
A good CPA is essential when your return is complex, does not cost that much, and is deductible.
The CPA pays any fines due to their errors.
The CPA pays any fines due to their errors.
Somebody has to pay all those "Covid relief" checks but even more, all that "external generosity"
Straight from US Department of State:
https://www.state.gov/400-million-in-additional-u-s-military-assistance-for-ukraine/
This is not "poltics" but plain old Accounting 101
A Govenment Agency (IRS) issued an economic statement which affects us all; another Government Agency explains where a lot of money went to.
No Political Parties even mentioned.
FWIW it even affects me in Argentina, go figure.
Our "IRS" became a branch of US IRS 😱
https://ar.usembassy.gov/united-sta...ement-to-share-financial-account-information/
You can run but you can´t hide baby 🙁
If you ever thought of hiding assets in Argentina, think again.
Exactly! Getting a business licence is easy and pretty cheap in most places. Maintain good records. Use some tax software, such as TurboTax Self-Employed for the paperwork. Sure. It's more work than doing nothing but once you figure out the deductions it may actually work in your favour.
That said, the $600 threshold does seem a bit silly.
Tom
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