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For the umpteenth time, the law did not change with respect to taxes due. What changed is the reporting threshold. For those gig workers who kept their income under $20k from Uber or whoever, they always owed taxes on that income, but without a 1099, they never reported it on their 1040s.
Most low income earners don't pay federal taxes. If you are earning enough income to have to write a check to the IRS, then welcome to the club. You are one of the lucky ones!
They just might pay federal income taxes once they are contacted by the IRS that they committed tax fraud by not declaring the money they've been making on the side.
Remember that it was Biden and his Democrats who would be tracking all of our bank deposits of $600 or more a year. If not for Republicans stopping them, many "poor" people would have been paying taxes on the money they made walking people's dog and babysitting other people's kids.
The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions, after widespread criticism from Republican lawmakers and banking industry representatives, who said the tax enforcement strategy represented a breach of privacy by the federal government.
Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions
No, it will not punish someone selling personal items to buy food.
That is dishonest. It will not matter what the hell they bought with the Venmo, PayPal and Cash App deposits. The IRS is not going to let people get away with tax fraud, because they claimed they only used that money to buy food.
I am not sure why you would think that it was ever ok to make 19k working at DoorDash and not report it because it was under 20k? It's always been taxable. As far as ebay sellers, if it's that big of a deal I would suggest that they sell for cash only on Facebook marketplace or another similar venue.
And what about the $800 piano you sell on eBay ? That's not income yet you will get a 1099 NOW thanks to Biden's new tax laws.
And what about the $800 piano you sell on eBay ? That's not income yet you will get a 1099 NOW thanks to Biden's new tax laws.
Brandon will tell you that you would have never enjoyed the privilege of owning a piano if it wasn't for his +50 years of "service" in government, along with defeating Trump, so pay your new taxes Jack...
Line 30a 1099 Amount ________
Line 30b 1099 Exclusions ________
Line 30c 1099 Taxable(Line 30a minus Line 30b) __________
What are the Line 30b 1099 Exclusions?
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