WFO Speedracer
A lifetime ban is like a lifetime warranty !
- Location
- Alabama
Looks like all my customers that pay me with Paypal will not in the future FJB.
New tax rules for selling thru paypal,zelle,venmo.
- Thread starter PAUL C
- Start date
- Location
- Syracuse Ny
Yes fjb!!!!!!
superjetkev
x-h2o
- Location
- downriver, ontario CANADA
One good thing is if people wanna double the price for a bpipe because "supply and demand" they get to pay tax on their gouging. Maybe this will bring used parts back to used part prices.
SXIPro
JM781 Big Bore
- Location
- Here on the 'X' mostly
As an FYI:
Update November 30, 2023
The IRS has recently announced an additional delay in implementing the $600 reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions). This means that similar to prior years, PayPal and Venmo will continue to follow these IRS reporting thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer who was subject to backup withholding during 2023, regardless of total payments for the year. In the case where an individual state has a lower threshold, PayPal and Venmo will report accordingly. This information is not intended to be, and should not be construed as, tax advice. You should consult your tax advisor regarding your reporting obligations.
Update November 30, 2023
The IRS has recently announced an additional delay in implementing the $600 reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions). This means that similar to prior years, PayPal and Venmo will continue to follow these IRS reporting thresholds. Additionally, PayPal and Venmo will file Form 1099-K for any customer who was subject to backup withholding during 2023, regardless of total payments for the year. In the case where an individual state has a lower threshold, PayPal and Venmo will report accordingly. This information is not intended to be, and should not be construed as, tax advice. You should consult your tax advisor regarding your reporting obligations.
Myself
manic mechanic
- Location
- Twin Lakes AR
They will NEVER pay their share until it's a flat tax % straight across the board for everybody. And the only people that see a problem with that method ARE the well off.
Humanity would need some benevolent alien to rule everything we do in order to rid us of corruption. I was able to watch an old company change from "good ole boy" management to a strict affirmative action team. Both are equally corrupt but the old system was a lot more fun if the boss liked you!
Taxation is theft. Debates about how much is ok, or what methods are ok, is missing the point that none of it is ok. Fee for use on everything, voluntary participation in anything only (e.g., SS), shrink fed gov to 1% of current, allowing people to starve is a strong motivator to change. Those that are truly incapable and hurting will be cared for by generous people in their community, or if they are pricks, they’ll suffer and/or die. Which is also motivating to not be a prick.
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- Location
- Red Bluff CA
Who's got the tallest soap box
I got a buddy. Owns a house. Mortgage. A platinum f250. Payment. And works 60-70 hrs. Every single week.
He's claimed exempt since he's ever worked. He's never once. Filed taxes. Do they got liens on him? Sure do. But they can't take his house. Or they would have. Can't take his truck. Or they would have. Sure he can't ever start a business. But he doesn't deserve the right to benefit from a system he refuses to pay into. He will die. And his house and land and all assets will be seized by the govt. But he will have lived his entire life not paying any voluntary taxes.
If you got land. A house. And a nice truck. You have benefited from the current system. And as far as I'm concerned. Don't get to bitch about it on the internet unless you can provide a system that is better. In which case. Get off the internet and into politics.
I got a buddy. Owns a house. Mortgage. A platinum f250. Payment. And works 60-70 hrs. Every single week.
He's claimed exempt since he's ever worked. He's never once. Filed taxes. Do they got liens on him? Sure do. But they can't take his house. Or they would have. Can't take his truck. Or they would have. Sure he can't ever start a business. But he doesn't deserve the right to benefit from a system he refuses to pay into. He will die. And his house and land and all assets will be seized by the govt. But he will have lived his entire life not paying any voluntary taxes.
If you got land. A house. And a nice truck. You have benefited from the current system. And as far as I'm concerned. Don't get to bitch about it on the internet unless you can provide a system that is better. In which case. Get off the internet and into politics.
Mike W
Infidel
- Location
- North Florida
Curious. How does he claim exempt and not pay taxes? Seems he would end up in jail at some point. We have a great accountant but still pay a ton to Uncle Sam.
WFO Speedracer
A lifetime ban is like a lifetime warranty !
- Location
- Alabama
To clear up any confusion about the 1099k forms : (Which there appears to be a lot of )
The 1099-K reporting threshold, initially set at $600 for the 2023 tax year, is now delayed.
For 2023 (the federal income tax returns you’ll file in early 2024), a much higher $20,000/200 transaction 1099-K reporting threshold applies as it did for the 2022 tax year.
The IRS plans to introduce a $5,000 threshold for the 2024 tax year for federal income tax returns usually filed in early 2025.
Now what this means to me is next year will be open season for selling , I personally will be liquidating an assload of parts , I hope others will as well and that some of these ridiculous prices will maybe come back down to Earth.
The 1099-K reporting threshold, initially set at $600 for the 2023 tax year, is now delayed.
For 2023 (the federal income tax returns you’ll file in early 2024), a much higher $20,000/200 transaction 1099-K reporting threshold applies as it did for the 2022 tax year.
The IRS plans to introduce a $5,000 threshold for the 2024 tax year for federal income tax returns usually filed in early 2025.
Now what this means to me is next year will be open season for selling , I personally will be liquidating an assload of parts , I hope others will as well and that some of these ridiculous prices will maybe come back down to Earth.
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"I got a buddy" that's all you need to know.
WFO Speedracer
A lifetime ban is like a lifetime warranty !
- Location
- Alabama
Soupman of 'Seinfeld' Soup Nazi fame files for bankruptcy protection
Soupman, the food company made famous by Seinfeld, has sought bankruptcy court protection. USAToday reports.
www.cnbc.com
Hilariously ironic.
"Soupman, the New York City food company made famous by the popular Seinfeld TV sitcom, has sought bankruptcy court protection, weeks after its chief financial officer was indicted on federal tax evasion charges."
WFO Speedracer
A lifetime ban is like a lifetime warranty !
- Location
- Alabama
Thats what happens when you are a d!ck to your customersSoupman of 'Seinfeld' Soup Nazi fame files for bankruptcy protection
Soupman, the food company made famous by Seinfeld, has sought bankruptcy court protection. USAToday reports.
Hilariously ironic.
"Soupman, the New York City food company made famous by the popular Seinfeld TV sitcom, has sought bankruptcy court protection, weeks after its chief financial officer was indicted on federal tax evasion charges."
Mike W
Infidel
- Location
- North Florida
Not sure why but when someone calls me Buddy that I don’t know, it seems condescending or they want to establish dominance. Just seems rude.
WFO Speedracer
A lifetime ban is like a lifetime warranty !
- Location
- Alabama
Yep I would rather be referred to as a friend
BruceSki
Formerly Motoman25
- Location
- Long Island
Whatever you say buddy
Mike W
Infidel
- Location
- North Florida
Thanks for the laugh friend.