The Conservative Cave
Current Events => The DUmpster => Topic started by: Texacon on January 14, 2022, 09:53:28 AM
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https://www.democraticunderground.com/100216246210
Dial H For Hero
IRS Targets Your Side Hustle in Crackdown on Transactions Over $600
https://www.bloombergquint.com/business/uncle-sam-wants-a-piece-of-your-side-hustle-in-irs-crackdown
(Bloomberg) -- It just got harder to hide from the IRS.
Starting this month, users selling goods and services through such popular sites as Venmo, Etsy and Airbnb will begin receiving tax forms if they take a payment of more than $600. One by one in recent months, tech giants have been warning users of the coming changes and asking them to provide tax information.
“Until this year, the threshold was much higher ($20,000 and 200 transactions) so it didn’t affect nearly as many people,” Venmo told users in its messages about the change. “This requirement only pertains to payments received for sales of goods and services and does not apply to friends and family payments.”
The moves have sparked outcry on social media. For one thing, the lower threshold comes as more and more Americans bet on themselves: a record 5.4 million adults applied to form their own business last year, according to U.S. Census Bureau data released this week. That’s partly because it’s easier than ever to use apps to sell crafts, provide services or rent out a second or third home online.
(Excerpt)
Oh yeah, remember when uncle Joe promised that if you didn’t make more than $400k/year you wouldn’t pay anymore in taxes? That was a lie. lol
KC
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Did any DUmmie quibble the Bloomberg article's implicit assumption that people are using apps such as those listed for income they don't report, and the IRS is trying to detect tax cheats? (I'm neither agreeing nor disagreeing with this change, just calling out some DU-folks' objection when their tax-cheat strategy gets targeted)
CousinIT (6,759 posts)
12. Easier than cracking down on the *******ed billionaires. That takes tax experts...
...and a LOT of them.
This is why the IRS has been stripped down to skeleton crew and defunded by Republicans over the past several decades.
Somebody spends too much time in their :stoner: iverse.
Hoyt (51,877 posts)
9. Good. Gun-humpers profiting off their gunz ought to be taxed out of existence. N/T
IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?
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https://www.democraticunderground.com/100216246210
Oh yeah, remember when uncle Joe promised that if you didn’t make more than $400k/year you wouldn’t pay anymore in taxes? That was a lie. lol
KC
Are the DUmmies now complaining about democraps in Washington nosing into their side hustle?
Seems we tried to warn them what democraps would do once in power.
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Did any DUmmie quibble the Bloomberg article's implicit assumption that people are using apps such as those listed for income they don't report, and the IRS is trying to detect tax cheats? (I'm neither agreeing nor disagreeing with this change, just calling out some DU-folks' objection when their tax-cheat strategy gets targeted)
Somebody spends too much time in their :stoner: iverse.
IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?
Hoyt can’t own a gun, he’s a convicted felon. Armed robbery, if I remember correctly.
KC
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IIRC, DUmmie Hoyt is a candidate for DU's Hoplophobe-in-Chief, but what in Hades is he talking about? Does he think there's a murder-for-hire app widely used by legal gun owners? Or is he, too, spending too much time sucking on his :stoner: ?
It still believes in the "Gun Show Loophole".
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It still believes in the "Gun Show Loophole".
:thatsright: Is Hoyt so bleepingly dumb that he thinks a $601 private sale of a used gun originally bought for $800 is a taxable transaction? :thatsright:
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12. Easier than cracking down on the *******ed billionaires. That takes tax experts...
...and a LOT of them.
This is why the IRS has been stripped down to skeleton crew and defunded by Republicans over the past several decades.
A gentle reminder that every single tax loop-hole was put in there by the politicians who complain when people take advantage of it.