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

You did it

Can you write off a 914 as "a parts test fixture"?

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.

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.

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

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.

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.

Taxation is by it's nature, political.

So this is getting locked.


Clay