 Alert: tax program 2022 |
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| sixaddict |
 Dec 28 2021, 08:34 AM
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Senior Member  Group: Members Posts: 803 Joined: 22-January 09 From: Panama City Beach, FL Member No.: 9,961 Region Association: South East States 
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Post commentary on Bird board under 911 parts FS.
In a nutshell newly passed American Recovery Act targets people like us (PLS) by taxing o line purchases. Newly adopted threshold is $600 (formerly 20k ) If you use PayPal or veno etc you will get a 1099k to fiile with your taxes....... Read it as it really goes after all the private sellers or cottage business guys. And just remember the new laws only target the 1%ers out there. Didn't know you were rich did you (IMG:style_emoticons/default/stirthepot.gif) |
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Replies(1 - 8)
| Front yard mechanic |
Dec 28 2021, 10:04 AM
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#2
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Senior Member Group: Members Posts: 1,164 Joined: 23-July 15 From: New Mexico Member No.: 18,984 Region Association: None
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You did it
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| 914e |
Dec 28 2021, 11:19 AM
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Member Group: Members Posts: 496 Joined: 21-February 20 From: Arizona Member No.: 23,951 Region Association: Southwest Region
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QUOTE(sixaddict @ Dec 28 2021, 07:34 AM)  Post commentary on Bird board under 911 parts FS. In a nutshell newly passed American Recovery Act targets people like us (PLS) by taxing o line purchases. Newly adopted threshold is $600 (formerly 20k ) If you use PayPal or veno etc you will get a 1099k to fiile with your taxes....... Read it as it really goes after all the private sellers or cottage business guys. And just remember the new laws only target the 1%ers out there. Didn't know you were rich did you (IMG:style_emoticons/default/stirthepot.gif) Can you write off a 914 as "a parts test fixture"? |
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| 914Sixer |
Dec 28 2021, 12:18 PM
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#4
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914 Guru Group: Members Posts: 8,883 Joined: 17-January 05 From: San Angelo Texas Member No.: 3,457 Region Association: Southwest Region
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This is not the 1st year of this program, just lower threshhold. I got one last year. I ended up having to have taxman do the math for me. You WILL have to keep a set of books with purchases, sales and expenses. Good news for me last year was it was almost break even. Cost me $600 in additional tax.
Next year ONLY going to take checks or money orders. |
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| rhodyguy |
Dec 28 2021, 12:30 PM
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#5
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Chimp Sanctuary NW. Check it out. Group: Members Posts: 22,080 Joined: 2-March 03 From: Orion's Bell. The BELL! Member No.: 378 Region Association: Galt's Gulch |
The Phantom Economy is being addressed. I'm ok with that. I only buy and pay with a personal check, MO or cash. PC with known vendors only.
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| mate914 |
Dec 28 2021, 12:45 PM
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#6
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Matt Group: Members Posts: 749 Joined: 27-February 09 From: Eagles mere, PA Member No.: 10,102 Region Association: North East States
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I got one thing to say......But, today I will not.... Oh hell yes I will.
If we don't stop the giant government taxing ahoels. You can guess the rest. Matt (IMG:style_emoticons/default/flag.gif) |
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| mepstein |
Dec 28 2021, 01:35 PM
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#7
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914-6 GT in waiting Group: Members Posts: 19,275 Joined: 19-September 09 From: Landenberg, PA/Wilmington, DE Member No.: 10,825 Region Association: MidAtlantic Region
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QUOTE(914Sixer @ Dec 28 2021, 01:18 PM) This is not the 1st year of this program, just lower threshhold. I got one last year. I ended up having to have taxman do the math for me. You WILL have to keep a set of books with purchases, sales and expenses. Good new for me last year was it was almost break even. Cost me $600 in additional tax. Next year ONLY going to take checks or money orders. If I understand correctly, It applies to all payment types. Non paypal, etc purchases just have to be self reported. Paypal F&F wont be included but will stand out like a sore thumb for some people - ME. |
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| rhodyguy |
Dec 28 2021, 01:43 PM
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#8
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Chimp Sanctuary NW. Check it out. Group: Members Posts: 22,080 Joined: 2-March 03 From: Orion's Bell. The BELL! Member No.: 378 Region Association: Galt's Gulch |
F&F is abused as well. Self report? That will be ingnored and then one might have to deal with the IRS. BTDT. A VERY unpleasant experience.
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| ClayPerrine |
Dec 29 2021, 06:25 AM
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Life's been good to me so far..... Group: Admin Posts: 15,470 Joined: 11-September 03 From: Hurst, TX. Member No.: 1,143 Region Association: NineFourteenerVille
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Taxation is by it's nature, political.
So this is getting locked. Clay |
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