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Old 07-29-2021, 02:49 PM
 
7,759 posts, read 3,842,823 times
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Quote:
Originally Posted by skeddy View Post
AirBnb didn't sent end of year statements to those earning less than $20K a year. I reported it anyway. To do otherwise is cheating.
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?
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Old 07-29-2021, 02:52 PM
 
2,741 posts, read 1,760,240 times
Reputation: 4428
Quote:
Originally Posted by Tencent View Post
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?
are you seriously suggesting that people should be committing tax fraud?
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Old 07-29-2021, 02:53 PM
 
2,741 posts, read 1,760,240 times
Reputation: 4428
Quote:
Originally Posted by Tencent View Post
Do you make any money???
Yes and I pay tax on all of it, because that is the law.
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Old 07-29-2021, 03:14 PM
 
2,741 posts, read 1,760,240 times
Reputation: 4428
Quote:
Originally Posted by Tencent View Post
This is a disaster. Not just low wage earners. This might completely kill eBay dude
Quote:
Originally Posted by Tencent View Post
Precisely.

This is going to f*** many of my friend's consulting and drop shipping businesses.
Quote:
Originally Posted by Tencent View Post
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?
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Old 07-29-2021, 06:30 PM
 
9,773 posts, read 7,588,569 times
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Quote:
Originally Posted by Tencent View Post
Precisely.

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.
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Old 07-29-2021, 07:10 PM
 
5,902 posts, read 4,396,125 times
Reputation: 13416
Quote:
Originally Posted by SuiteLiving View Post
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?
Pretty much.
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Old 07-29-2021, 07:23 PM
 
5,902 posts, read 4,396,125 times
Reputation: 13416
Quote:
Originally Posted by Tencent View Post
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.

From whatever sources derived and all that…
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Old 07-29-2021, 08:03 PM
 
7,759 posts, read 3,842,823 times
Reputation: 8846
Quote:
Originally Posted by Dingo Gibby View Post
So, you're saying most sellers on eBay are cheating on their taxes?
I cannot believe this is even a question

Do you REALLY think Billy Bob selling ATVs in Tennessee making $10k a year on eBay is reporting that to the IRS
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Old 07-29-2021, 08:05 PM
 
7,759 posts, read 3,842,823 times
Reputation: 8846
Quote:
Originally Posted by SuiteLiving View Post
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
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Old 07-29-2021, 08:09 PM
 
5,902 posts, read 4,396,125 times
Reputation: 13416
Why am I not surprised in the slightest that this is how you think about the world of taxation?
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