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This is a disaster. Not just low wage earners. This might completely kill eBay dude
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Originally Posted by Tencent
Precisely.
This is going to f*** many of my friend's consulting and drop shipping businesses.
Quote:
Originally Posted by Tencent
Here's the problem and why it's not all good...
All it takes is a couple of horror stories over tax bills from minor menial sales to kill entire business models in unincorporated SMBs to severely impact activities.
Even worse some people may resort to illegal activities to avoid reporting requirements. Most people will mess this up like you said your husband has no cost basis records.
So 90% of people will just say "OK I'm not going to do this where there's a paper trail".
This is the dumbest tax bill in the 21st century to date. Get ready for knock on effects, SMBs are going to get wrecked.
All 3 of these can be combined to a single statement, according to you, there are currently businesses operating that aren’t viable if they’re required to follow the law. Why are we supposed to care if those businesses fail if their business model requires them to commit fraud?
This is going to f*** many of my friend's consulting and drop shipping businesses.
If your friends are too ignorant to know how to file and pay taxes like the rest of us who have small businesses, too bad. I have absolutely no sympathy.
All 3 of these can be combined to a single statement, according to you, there are currently businesses operating that aren’t viable if they’re required to follow the law. Why are we supposed to care if those businesses fail if their business model requires them to commit fraud?
If you are unincorporated and under "self employed" status you get no write offs and have to pay the highest tax bracket for 1099-K.
Why would someone earning under $65-75k report this?
And are you seriously advocating for low(er) income people to be honest BEYOND what the IRS is requesting?
Because it’s tax fraud. The 1099 requirements are a burden placed on the company to report about you to the IRS and send you a copy as well. Whether you receive a 1099 or not does not relieve you of your income tax burden and requirement to self report it.
All 3 of these can be combined to a single statement, according to you, there are currently businesses operating that aren’t viable if they’re required to follow the law. Why are we supposed to care if those businesses fail if their business model requires them to commit fraud?
Do you know how many cash businesses there are in NYC alone that wouldn't exist if they had to pay taxes on ALL of their income....
Please let's drop the fantasy that every good little business owner is 100% honest on their on the books revenue
Why am I not surprised in the slightest that this is how you think about the world of taxation?
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