The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

[Cellblock2429]

More than the zero Trump paid but then again, we know he cheats so that might not be a good standard

/—-/ So, taking allowable deductions is now cheating on taxes? How many deductions do you claim, tax cheater?

 

[BasicHumanUnit]

More than the zero Trump paid but then again, we know he cheats so that might not be a good standard

Just so you know....
Corporations do not pay taxes. Their Customers pay their taxes through increased costs.
So EVERY single business you do business with does EXACTLY what Trump does.
If ANY business sees an increase in their tax burden, all it means is that YOU, the common person will pay more (consider it a tax on YOUR income)
Those who depend on a paycheck from someone else for a living have no such mechanism. They have to work more or additional jobs.

Why people want to magically see Trump as some special case eludes sanity.

 

[Care4all]

If you have a small internet shop and you set it up, to allow PayPal payments, then PayPal has you set up for a small business and will send you a 1099 or whatever the form, with your gross sales from your PayPal transactions. Pay pal guarantees satisfaction to your customers buying your product using PayPal to purchase.


If you are sending money to family or friends or for a past debt to someone etc....when sending the money there is a spot that says... WHAT IS THIS MONEY FOR? If a gift or personal you state such in this spot and PayPal will not keep track of this transaction.

BUT if someone is buying something from you individually, and is sending you money for the item, they will state in that box for what it is for, that it is a purchase of something you are selling, then PayPal will keep track of the money you get for the commercial transaction. If the person buying the item from you just checks the money is for personal reasons, then PayPal will not keep track....but they also will not give their product guarantee satisfaction either, if the purchaser has a problem.

 

[Cellblock2429]

Just so you know....
Corporations do not pay taxes. Their Customers pay their taxes through increased costs.
So EVERY single business you do business with does EXACTLY what Trump does.
If ANY business sees an increase in their tax burden, all it means is that YOU, the common person will pay more (consider it a tax on YOUR income)
Those who depend on a paycheck from someone else for a living have no such mechanism. They have to work more or additional jobs.

Why people want to magically see Trump as some special case eludes sanity.

/——/ All of their rich democRAT leaders take the same type of deductions too.

 

[Care4all]

Joe Biden 2019

"Americans making $400,000 or less will see NO NEW TAXES !!!!"

Lies and more lies apparently.
THIS is a new tax on the poorest, struggling class of Americans.

There is no new tax. The profit from your internet sales was ALWAYS taxable income over the thresh hold of your personal exemption.

It does close a loophole, for those with sales under $10,000 a year in sales, and forces the small guys in to reporting their profit, which forces them to keep records of expenses, cost of goods etc, which is time consuming.... And as the saying goes, time is money.

 

[pknopp]

He paid $35 million one year, on $150 million income. You make it sound like he never pays anything.

OTOH, did they “Big Guy” report the income from his 10%?

No idea. Did he? If not maybe that's why he lied about what he was going to do.

 

[pknopp]

/—-/ So, taking allowable deductions is now cheating on taxes? How many deductions do you claim, tax cheater?

NY said he cheated. You don't get fined for taking legal deductions.

 

[pknopp]

Just so you know....
Corporations do not pay taxes. Their Customers pay their taxes through increased costs.
So EVERY single business you do business with does EXACTLY what Trump does.
If ANY business sees an increase in their tax burden, all it means is that YOU, the common person will pay more (consider it a tax on YOUR income)
Those who depend on a paycheck from someone else for a living have no such mechanism. They have to work more or additional jobs.

Why people want to magically see Trump as some special case eludes sanity.

These were avoiding personal taxes also.

 

[Lisa558]

No idea. Did he? If not maybe that's why he lied about what he was going to do.

Huh?

 

[BasicHumanUnit]

There is no new tax. The profit from your internet sales was ALWAYS taxable income over the thresh hold of your personal exemption.

It does close a loophole, for those with sales under $10,000 a year in sales, and forces the small guys in to reporting their profit, which forces them to keep records of expenses, cost of goods etc, which is time consuming.... And as the saying goes, time is money.

It was not enforceably collected before so IT IS A NEW TAX. I don't give a damn how much you adore and protect your masters in DC.

Why on Earth some people want to lick big government ass so hard is a mystery.
As if government is not already oppressively heavy handed with taxation.
Imbecile Socialists live in this crazy fantasy that the more government takes the better off everyone is.

That is the most crackhead dumbshit in the universe.
You are an ass licking imbecile.

Bet you cant WAIT to rat on your neighbors.

 

[SmokeALib]

So I have 2 adult daughters on my phone plan. They pay me their portion every month through Venmo. About 120 a month. So now I have to report that to the IRS?

 

[Likkmee]

Thankz Jod ve dontz havta declarate Fenny sales !

 

[Admiral Rockwell Tory]

So I have 2 adult daughters on my phone plan. They pay me their portion every month through Venmo. About 120 a month. So now I have to report that to the IRS?

No. It's $600.00 The IRS delayed this program by a year.

 

[SmokeALib]

No. It's $600.00 The IRS delayed this program by a year.

OK. Well, they send me about 1400 a year on this app for their phones...

 

[Admiral Rockwell Tory]

OK. Well, they send me about 1400 a year on this app for their phones...

In that case, you are good to go.

 

[Cellblock2429]

NY said he cheated. You don't get fined for taking legal deductions.

/——/ So says Trump Hater Assistant District Attorney Susan Hoffinger.

 

[krichton]

This is why the democrats continue to lose elections to republicans, even while republicans are busy moving us more toward fascism. Their incompetence is astonishing. There's no such thing as a slam dunk win for the DNC, because they'll end up screwing it up somehow, and it happens like clockwork every single time.

Imagine having to report payments of $600 when Jeff Bezos doesn't even pay taxes on billions.

 

[pknopp]

/——/ So says Trump Hater Assistant District Attorney Susan Hoffinger.

No, so says the courts.

 

[Cellblock2429]

This is why the democrats continue to lose elections to republicans, even while republicans are busy moving us more toward fascism. Their incompetence is astonishing. There's no such thing as a slam dunk win for the DNC, because they'll end up screwing it up somehow, and it happens like clockwork every single time.

Imagine having to report payments of $600 when Jeff Bezos doesn't even pay taxes on billions.

/——-/ One day when you get a job and file your first return, you’ll understand how the tax system works.

 

[DBA]

Send her a check!

Transfer the money to her checking account.

You people are mentally really slow!

Quite the contrary, we think ahead a little. These folks are pushing for digital currency as well. Put two and two together and then try to figure out how to give your daughter $600 without paying tax on it again. Keep in mind, this thread is about non-cash transactions and the government trying to get their hands on them.