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New bill passed requiring ALL platforms to send out 1099k at end of year?
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
Yep.
https://blog.tax1099.com/major-chang...9-k-reporting/
I hope they all do comply. Would simplify my taxes so much. I hate having to add all that up myself.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
So does that mean every state is doing it or just the ones mentioned in the article? I'm in none of those states and I haven't heard from NF or Phrendly regarding that.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
They were previously required to send them out to anyone who earned 20k or more. Now the limit is $600. Too many people were avoiding paying their taxes. Or wrongly believed that not receiving a tax form meant they didn't have to declare the money.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
Spemily
They were previously required to send them out to anyone who earned 20k or more. Now the limit is $600. Too many people were avoiding paying their taxes. Or wrongly believed that not receiving a tax form meant they didn't have to declare the money.
Yeah all it does is make things easier for us now when we calculate our tax owed. I'm always shocked at those who think they can get away with not reporting it.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
Spemily
They were previously required to send them out to anyone who earned 20k or more. Now the limit is $600. Too many people were avoiding paying their taxes. Or wrongly believed that not receiving a tax form meant they didn't have to declare the money.
When did they start sending them out at $600?
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
xxxGothBarbie
When did they start sending them out at $600?
It starts with the 2022 tax year, in most states. Also BOOOOO the IRS. I'm so tired of seeing my hard earned money getting snatched away from me and watching it line the pockets of rich assholes. I will never feel right about paying taxes until the 1% start paying their fair share.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
ravenskyy
It starts with the 2022 tax year, in most states. Also BOOOOO the IRS. I'm so tired of seeing my hard earned money getting snatched away from me and watching it line the pockets of rich assholes. I will never feel right about paying taxes until the 1% start paying their fair share.
So then this whole year we will report from those apps?
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
xxxGothBarbie
So then this whole year we will report from those apps?
Yes. You’re supposed to do it anyway whether you get a 1099 or not.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
I'm ok with paying taxes but I just hate the lengths the government goes to get it from SW's. The time and money they spend messing around with us would be better going after the trust fund brats and billionaires who play financial twister to get out of paying taxes.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
pinkvelvetxo
Yes. You’re supposed to do it anyway whether you get a 1099 or not.
I never reached the $600 threshold on those apps before is why I was asking. I always file my 1099s, pay what I owe.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
ravenskyy
It starts with the 2022 tax year, in most states. Also BOOOOO the IRS. I'm so tired of seeing my hard earned money getting snatched away from me and watching it line the pockets of rich assholes. I will never feel right about paying taxes until the 1% start paying their fair share.
They do. The top 1 % pay something like 40% of the taxes. The top 10% pay 71%. They also make the lion's share of charitable contributions. The top 1% account for at least a third of all charitable giving. They also give a higher percentage of their income , 14%. The top 1.4% in WEALTH give 86% of all the testamentary gifts after death.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
^just wondering how did you arrive to these numbers?
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
I have been looking this up & from what I can tell it will only apply to business accounts on apps so if you only have a personal one you don't need to be concerned. I wish NiteFlirt would send out 1099's though as it would make things easier to keep track of.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
Those who sell through Etsy will also get 1099K as well if you make 600 and over.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
miss.a.p1600
^just wondering how did you arrive to these numbers?
those in the highest tax bracket with *earned income* will pay the most taxes. so like, a brain surgeon or cardiologist making $600k/yr would be in the 1%. they have earned income and will pay a shit ton of taxes.
but pretty sure ravenskyy was referring to the .000001%, aka the zillionaires like Bezos or Buffet or [insert any Forbes list billionaire] whose net worths are based in assets like stocks or real estate. these people are not taxed the same way those with earned incomes are. they have access to infinite loopholes that normal people do not have access to.
you are taxed differently based on your income type. not saying it’s fair, just the way it is. this is why some ppl say ‘tax the rich’ because it’s true they don’t have to pay taxes with the way the tax law is written.
some different types of income:
-earned income (salaried, hourly)
-business or self-employed income
-passive income
-investment income
-real estate
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
Good point about the earned income which I think circles back to raven sky´s point on taxing “the rich”
If the say surgeons and doctors are earning 600k or whatever I’d also think they have more knowledge of investing (or can afford account managers), have enough at their disposal to invest, can afford to hire qualified cpas, and learn how to shelter their earned income from taxes unlike the working class etc whose earned income goes towards debts and liabilities leaving very little money left over for investing like the wealthy.
I think detailed finance and economics courses should be a requirement in schools but sadly it’s not. Lots of people figuring out the hard way.
I also think Eric enjoys posting random numbers he made up just to back up his opinion so he can intentionally be contrary to what someone is saying. Some of the unsavory of men on this forum love bombarding these threads with nothing valuable all they offer is their penchants for arguing with women.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
^ya i don’t know where he got all those other random numbers i was just agreeing with his first one lol. the normal 1% can only reduce their taxable income to a degree. maxing out all tax advantaged accounts like 401k, HSA, IRA, whatever deductions can only go so far. they definitely still pay boatloads in taxes. even top Onlyfans and cam girls can make this level of money, 500k+, but Onlyfans girls are not what people or AOC mean by “tax the rich”. doctors and Onlyfans girls alike are normal everyday ppl who are kissing a ton of their hard earned cash goodbye.
there is massive wealth gap between the 1% and the .00001%. normal people with earned income are taxed on income, while the super rich are rich bc of of mega capital gains which are not recognized by current laws as 'taxable income'. their gains snowball away making them wealthier and wealthier by the second.
i suppose i have a Ron Paul stance on taxes, but i still believe that zillionaires like Musk and Bezos should not be allowed to come anywhere close to having their current disgusting levels of wealth. there should be some kind of cap.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
I'm actually not surprised by this new law as I thought those apps were already reporting to IRS......
Anyone receiving income on those apps and thinking they're invisible is just lulling themselves into a false sense of financial security.
I'm old school.....'if it aint on paper, it didn't happen' and the only way to avoid the government taking obscene cuts is to get paid in cash (or use the Jeff Besos tax plan lol!!!).
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
minibagel
^ya i don’t know where he got all those other random numbers i was just agreeing with his first one lol. the normal 1% can only reduce their taxable income to a degree. maxing out all tax advantaged accounts like 401k, HSA, IRA, whatever deductions can only go so far. they definitely still pay boatloads in taxes. even top Onlyfans and cam girls can make this level of money, 500k+, but Onlyfans girls are not what people or AOC mean by “tax the rich”. doctors and Onlyfans girls alike are normal everyday ppl who are kissing a ton of their hard earned cash goodbye.
there is massive wealth gap between the 1% and the .00001%. normal people with earned income are taxed on income, while the super rich are rich bc of of mega capital gains which are not recognized by current laws as 'taxable income'. their gains snowball away making them wealthier and wealthier by the second.
i suppose i have a Ron Paul stance on taxes, but i still believe that zillionaires like Musk and Bezos should not be allowed to come anywhere close to having their current disgusting levels of wealth. there should be some kind of cap.
Slightly off topic but I wonder what it's like to have so much wealth and money that you can buy not just objects but people/politicians, influence major laws to *your* advantage, and basically monopolize certain industries so that no one but you (and your heirs) profit, all with a single bank transfer/stroke of a signature.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
minibagel
^ya i don’t know where he got all those other random numbers i was just agreeing with his first one lol. the normal 1% can only reduce their taxable income to a degree. maxing out all tax advantaged accounts like 401k, HSA, IRA, whatever deductions can only go so far. they definitely still pay boatloads in taxes. even top Onlyfans and cam girls can make this level of money, 500k+, but Onlyfans girls are not what people or AOC mean by “tax the rich”. doctors and Onlyfans girls alike are normal everyday ppl who are kissing a ton of their hard earned cash goodbye.
there is massive wealth gap between the 1% and the .00001%. normal people with earned income are taxed on income, while the super rich are rich bc of of mega capital gains which are not recognized by current laws as 'taxable income'. their gains snowball away making them wealthier and wealthier by the second.
i suppose i have a Ron Paul stance on taxes, but i still believe that zillionaires like Musk and Bezos should not be allowed to come anywhere close to having their current disgusting levels of wealth. there should be some kind of cap.
France tried a wealth tax. It was a disaster and they repealed it. The Super Rich go where their money is treated best. They pack up and leave rather than wait for it to be confiscated.
Most Super Rich got that way from INNOVATION, Effort and effectiveness. Steve Jobs had new ideas about personal computers ; Bill Gates about software ; Elon Musk about cars ; Jeff Bezos about retail and the internet ; Sam Walton about a department store ; Warren Buffet about investing etc. etc. I do not begrudge any of them a nickel of their wealth. Their fortunes have not made me or anyone else poor. Quite the contrary. They have provided a lot of jobs and added a lot of wealth to investors including a lot of pension funds and 401K's. Most of the gain to their net worth is because the value of their stock holdings increased so much as did the real estate they own .
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
Eric Stoner
My numbers are easily found with a simple Google search. There is nothing new or profound about them. They are commonly accepted as being fair and accurate.
They're not. The top 1% don't pay anywhere close to 40% of taxes. This is a falsehood that is spread by the right to justify tax cuts for the rich. It's been repeated so much that many people have come to believe it as fact.
https://nymag.com/intelligencer/arti...the-taxes.html
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
Eric Stoner
No. Eric bothered to get FACTS first and then post. The numbers I posted are commonly accepted and easily available.
It may surprise you ( even though it should not based on my past posts ) that I agree that Bezos , Buffet, Musk et. al. should probably pay more. Which is why I support a Flat Tax i.e. everyone pays the same rate on ALL income after a large personal exemption and an additional one for every child. That ought to include capital gains and "Carried Interest ". I also support a reasonable and fair inheritance tax ( unlike many of my Conservative brothers and sisters ). And I'd like to reform our trust account laws that keep a lot of wealth locked away untaxed. I'd like to see a lot of lazy trust fund brats have to work
for a living. Work would be good for them and society at large.
When you post random numbers with no citations/sources those are called OPINIONS.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
No. They are facts if various sources of public reference can back them up. Nothing " random " about the numbers at all. What kind of tax system we ought to have and whether the top 1% are in fact paying their "fair share" are opinions.
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Re: New bill passed requiring ALL platforms to send out 1099k at end of year?
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Originally Posted by
Eric Stoner
No. They are facts if various sources of public reference can back them up. Nothing " random " about the numbers at all. What kind of tax system we ought to have and whether the top 1% are in fact paying their "fair share" are opinions.
"various public references" = I pulled those numbers out of my ass and pushed them off as facts to make myself look smarter
Anyways Eric, What is your email address so I can send you an invoice?
We can start by taxing you }:D