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$600 IRS reporting limit for everyone soon
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61 posts in this topic

I'd love to contribute more but an early post was removed for "politics" - not sure why as factual statements were made like many others here. Anyway....

Looks like its time to double-down on sales until that date!

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1 minute ago, namisgr said:

I'm not finding anything on a lowered reporting requirement for gig workers in the final bill.  Anyone got a link?

Ya I wasn't sure but the article seems to state that it was part of the stimulus bill? The latest one, I'm not sure but they don't give a screenshot of where it states that, but dang

:ohnoez:

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2 minutes ago, ADAMANTIUM said:

Ya I wasn't sure but the article seems to state that it was part of the stimulus bill? The latest one, I'm not sure but they don't give a screenshot of where it states that, but dang

:ohnoez:

I'm not finding anything about such a change being included in the bill that was passed by the Senate.  But it has been entertaining seeing political posts laying blame for a package that's offering nearly $2 trillion in assistance to American families, workers, the unemployed, states with budgets ravaged by COVID, the underinsured, and many others.

Edited by namisgr
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2 minutes ago, namisgr said:

I'm not finding anything about such a change being included in the bill that was passed by the Senate.

The screen shot that I proved was that of which was in front of the House. 

https://www.congress.gov/bill/117th-congress/house-bill/1319/text

1788896872_ScreenShot2021-03-07at3_09_47PM.thumb.png.4628ffd82c2685f65fce1585a560af8e.png

Edited by Buzzetta
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Just now, namisgr said:

Just because I can't find anything on it doesn't mean it's out of the final legislation.  So I'd like to learn more.  Bueller?

Lol well it is a wake up to me to not loose my cool ha

I'll take that sigh of relief even if it turns out to be so, just to enjoy this lazy Sunday (thumbsu

 

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35 minutes ago, the blob said:

You sell the household item you bought for $1000 for $601... is that taxable? It shouldn't be. I spend $3000 a year on comics and sell about the same. if you look at the cost on each book, maybe I have turned a profit and have unsold inventory. they're treating everyone like a real business with this, in which case you wouldn't be taxed at the capital gains rate per item, you'd be taxed like a business. so a business that spends $3000 a year on inventory and makes $3000 in sales (post fees) should not pay any taxes. But putting together the paperwork to document this is a giant PITA. Again, if the feds need blood, i'd much rather just have them add a 2% national sales tax on these transactions.

If the feds need blood I'd just rather they slit their own wrists and leave us the hell alone! 

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7 minutes ago, namisgr said:

Just because I can't find anything on it doesn't mean it's out of the final legislation.  So I'd like to learn more.  Bueller?

This article says it's in an amendment to the bill and it's almost certain to pass.  The house is sorting out the amendments now, I believe.

https://www.rollcall.com/2021/03/05/gig-workers-would-pay-higher-taxes-under-coronavirus-aid-bill/

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1 hour ago, WoWitHurts said:

The problem lies more with our legislature. They Spend more than they bring in. That is a problem.

 

I read that the Ultra-rich have some thirty trillion dollars invested in tax havens like Monaco. If they paid their fair share, spending wouldn't be an issue.

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19 minutes ago, Buzzetta said:

And before people start blaming one side of the aisle or the other, remember that both sides have been staring at the internet for years with fork and knife in hand salivating at the idea of closer regulation. 

Why wouldn't they? Its bad enough that companies like Amazon and eBay end up costing local jobs, why should they not have to collect sales taxes on the items?

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3 minutes ago, shadroch said:

Why wouldn't they? Its bad enough that companies like Amazon and eBay end up costing local jobs, why should they not have to collect sales taxes on the items?

the sales tax panacea has come and gone. ebay sales did fine. sure, covid probably helped. ebay handling all the "paperwork" is really all we needed. much like with this nonsense, except ebay cannot figure out our income taxes for us, unlike sales tax. psychologically, even though the 8% sales tax is really reducing my sales price by 8% vs. the earlier world, we've accepted it, because it is easy. trying to figure out a schedule C and praying not to get audited for a $300 a month side hustle is entirely another problem.

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