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

[Admiral Rockwell Tory]

it’s a massive tax increase on small businesses…just more war on the working class by the xiden admin

not to mention open people up to more auditors…over gifts. guess we know why the demafasict needed all those extra agents

Geez! Can you not read?

 

[Admiral Rockwell Tory]

This is why Biden hired 87,000 new IRS agents. To go after house cleaners, dog walkers, elder caregivers, and babysitters.

Tax the rich, right lefties?

There is no tax associated with this!

 

[Admiral Rockwell Tory]

You sell something on ebay for $700 and IRS goons show up at your door to shake you down

What a racket

Unless you get $20000 or give it to someone, you put it that $20000 as regular income you receive if you do. You put out it on your tax return as a gift.

 

[Admiral Rockwell Tory]

….or, I spend $600 buying my elderly mother groceries and household items over the course of the year, and when she transfers money from her account to mine to reimburse me, it gets reported to the IRS and I have no way of proving it‘s reimbursements. I have to pay tax on it.

At the same time, entitled lazies who won’t even take a job because of all the welfare they and they family get don‘t pay a dime - but take Instead.

The war is on people who worked all their lives while Dems expand the welfare state to those who have never had a job.

That's nothing like how this actually works.

 

[Cellblock2429]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

/——/ Worse yet, you sell some used tools you had bought new for $1,000 for $600. Guess what? You gonna pay income tax on that $600 even though you sold it at a loss. Meanwhile Congress passes $1.7 trillion in spending without even reading the bill.

 

[Admiral Rockwell Tory]

Nope, the new tax from the Demafascist is $600.00...so $700.00, is well above that. Don't pay, you are a tax cheat, and the IRS will come a knocking.

There is no tax associated with this.

 

[Admiral Rockwell Tory]

Well most retirements do....if you are only depending on SS, you are the problem.

Anyway...it's been a massive successful in Sweden that had to do the reform because they had the old Demafascist model that was wreaking the economy.

Try again in English.

 

[Admiral Rockwell Tory]

/——/ Worse yet, you sell some used tools you had bought new for $1,000 for $600. Guess what? You gonna pay income tax on that $600 even though you sold it at a loss. Meanwhile Congress passes $1.7 trillion in spending without even reading the bill.

j-mac is full of crap! There is no extra tax on the $600.

 

[Admiral Rockwell Tory]

nope, only if it is income for who you are sending it to.

 

[Admiral Rockwell Tory]

Yeah, tax the rich! Fuck those Uber drivers, babysitters, dog walkers, and folks selling their stuff on eBay and Craigslist to be able to afford Biden's price hikes, right?

It is not an additional tax, Most of you simply cannot read,

 

[BasicHumanUnit]

It is not an additional tax, Most of you simply cannot read,

Sometimes it is not an issue of literacy.
Trusting government with taxes is like handing a stick of dynamite and a lighter to a toddler....trusting he won't cause any harm. Horrible, dangerous idea.
You have to understand that government is nothing more than the humans running it....and the humans running it are deceptive, greedy, self indulgent scum.

That's NOT who I want determining how much I owe.
I have seen taxes on everything soar since Biden took office from internet to food. By the way Inflation IS yet another government TAX.

US citizens are being bled out by vicious taxation that doesn't even offer representation for it.

 

[Admiral Rockwell Tory]

Depends on what you do with the money.
If you use the money to do something that appreciates more than the loss from early applying, then it makes sense to apply early.
Second is that you can still increase your SS payments by still working, even after you have applied for SS early. It does not "stay for life".

Work after you are retired on SS and not be eligible for full retirement can result in a penalty and lowers your SS. It is designed to discourage people from retiring early. I lose about $500 a month, but I retired early for health reasons st age 62.I would have had to wait another 5 years to retire.

 

[Admiral Rockwell Tory]

You don’t make up for shit…McDonalds doesn’t pay that much…

If you work full time here at McDonalds, that's over $30000 per year.

 

[Cellblock2429]

j-mac is full of crap! There is no extra tax on the $600.

/——/ I sell on eBay. Here is what they say:
As of January 2022, the IRS will now require all annual online sales over $600 to be reported using Form 1099-K. This requirement previously only applied to sellers with at least 200 transactions and over $20,000 in sales each year. This change will impact your 2022 sales and your 2023 tax filing; it will not apply to your 2021 sales and 2022 1099-K tax forms.

Here’s how this change will impact your 2022 taxes

Many sales on eBay aren’t taxable, so if your sales are over the $600 threshold it doesn’t necessarily mean you will be taxed on those sales. Only goods that are sold for a profit are considered taxable, so you won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 a few years ago, and then sold it on eBay today for $700, that $700 you made generally would not be subject to income tax.

But you will now need to report these sales as part of your tax return and we’ll continue to share updates that will help you prepare for these changes.

 

[Admiral Rockwell Tory]

That is why wealthy don't pay tax on money they give their kids every year. Also beggars don't have to claim gifts under $16k per donation. The annual federal gift tax exclusion allows you to give away up to $16,000 each in 2022 to as many people as you wish without those gifts counting against your $12.06 million lifetime exemption.

What country do YOU live in because that is not our tax system?

 

[BasicHumanUnit]

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.

 

[Lisa558]

A gift under $10,000 is not taxable
Someone paying your expenses can be considered income.

Running a shadow business using Venmo, PayPal or Bitcoin is tax dodging

If you ever actually worked, you would know this

So for example, when Hunter pays expenses for Joe as part of their “arrangement,” like household expenses, Joe should be reporting that as Income? (Asking for a friend.)

Thats how they got Al Capone. Not for the illegal activity, but failing to report his financial gains from it.

 

[pknopp]

What is their fair share?

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

 

[Lisa558]

What country do YOU live in because that is not our tax system?

Yes it is.

 

[Lisa558]

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

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%?