IRS to begin taxing businesses for payment app transactions
NASHVILLE, TN (WSMV) - Many of us use Venmo, Paypal, or Cashapp, but the IRS is now cracking down on these payment apps.
Until now, the IRS usually only issued 1099 for a business with at least 200 business transactions and at least $20,000 in gross payments. However, that's all changing on Jan 1.
Barter. Use local businesses when practical. Normalize using silver as money. Kenny you are correct, once you have enough food, meds, firewood, no harm in converting a little surplus fiat into silver. Pre 1965 constitutional silver is a great start. For thousands of years silver and gold have been universal and portable storage of labor / value. It can also be anonymous.
This sucks as my wife buys and sells used furniture and PayPal is always the form of payment and now she will have to keep records even though with all of her costs, she doesn't make money as it is just a fun hobby for her. Just another nail in the coffin with big brother.
Paypal will send her a 1099. Year before last I did my annual fundraiser, people sent in money when my wife's son died, I sold a bunch of stuff using paypal, and I did a fundraiser for a reader who's wife had a stroke where people sent money to my paypal to send to him. That put us over the limit by about 60 bucks and they sent me a 1099.
In 2020 Congress gave themselves a raise Congress gave the ARIA $1.4B Congress gave $1B to Smithsonian Congress gave $154M to National Gallery of Art Congress gave $167M NFAH Congress gave $40M to the Kennedy Center Congress gave $14M to the Wilson Center Congress gave Cambodia $85.5M Congress gave Nepal $130M Congress gave Burma $135M Congress gave Sudan $700M Congress gave Palestine $50M Congress gave Pakistan $10M Congress gave Israel $500M
Congress gave you $600
In 2021 Congress wants to know what you did with the $600
80,000 new IRS agents are being onboarded to go after anything and everything to pay for all the free shit that dole out. FJB with an extra topping of Let’s Go Brandon! MadMarlin
Barter. Use local businesses when practical. Normalize using silver as money. Kenny you are correct, once you have enough food, meds, firewood, no harm in converting a little surplus fiat into silver. Pre 1965 constitutional silver is a great start. For thousands of years silver and gold have been universal and portable storage of labor / value. It can also be anonymous.
ReplyDeleteThe banks sent the pre-65 coins to refineries.
DeleteNot all of them. A bunch of us are hoarding literally tons of them.
DeleteSo I can get only 199 sets of Ten Percent bribes per payment method?
ReplyDeleteThanks for the warning. I'll tell Hunter and Joe.
This sucks as my wife buys and sells used furniture and PayPal is always the form of payment and now she will have to keep records even though with all of her costs, she doesn't make money as it is just a fun hobby for her. Just another nail in the coffin with big brother.
ReplyDeletePaypal will send her a 1099.
DeleteYear before last I did my annual fundraiser, people sent in money when my wife's son died, I sold a bunch of stuff using paypal, and I did a fundraiser for a reader who's wife had a stroke where people sent money to my paypal to send to him. That put us over the limit by about 60 bucks and they sent me a 1099.
And how did you use that for filing taxes?
DeleteHad to say my blog was a small business out of my home. Major suckage.
DeleteKen, if it's a "small business" then start deducting "business expenses".
DeleteIn 2020
ReplyDeleteCongress gave themselves a raise
Congress gave the ARIA $1.4B
Congress gave $1B to Smithsonian
Congress gave $154M to National Gallery of Art
Congress gave $167M NFAH
Congress gave $40M to the Kennedy Center
Congress gave $14M to the Wilson Center
Congress gave Cambodia $85.5M
Congress gave Nepal $130M
Congress gave Burma $135M
Congress gave Sudan $700M
Congress gave Palestine $50M
Congress gave Pakistan $10M
Congress gave Israel $500M
Congress gave you $600
In 2021
Congress wants to know what you did with the $600
I used the $600 to bribe a Congresscritter. Want to know their name?
Delete80,000 new IRS agents are being onboarded to go after anything and everything to pay for all the free shit that dole out. FJB with an extra topping of Let’s Go Brandon!
ReplyDeleteMadMarlin