Heads Up

[Shaps]

https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022

"Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS."

[beldannon5]

Pretty bullshit. Like with this game, I get money from people but i put 90 percent of it back in. Taxing middle class thanks congress

[Tuxedo Gin]

Doesn't apply to gifts or reimbursements, so the loophole of friends&family that everyone here already uses to get around fees will also bypass the tax.

[gilchristr]

Heads up, the 1099-K form is good for wiping your ass when the TP runs out

[Ufian]

fwiw, you were always supposed to pay tax on sales. This just helps them track who doesn't.

[Deso]

Doesn't apply to gifts or reimbursements, so the loophole of friends&family that everyone here already uses to get around fees will also bypass the tax.

Is this true? So we only need to worry about the 20k gross AND 200 transactions with Paypal?

[gilchristr]

You should know that the last guy who asked for tax advice on the PC got sent to prison, where he died of assrape

[Suppressed Poet]

You should know that the last guy who asked for tax advice on the PC got sent to prison, where he died of assrape

Hey now…I didn’t die!

9839

[Deso]

You should know that the last guy who asked for tax advice on the PC got sent to prison, where he died of assrape

LOL

Okay I'm not trying to avoid anything. I just want to know what I should keep track of should I sell DR books for BS.