new tax laws will cripple/eliminate small time ecommerce sellers

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05-23-2021, 05:48 PM
mulva

new tax laws will cripple/eliminate small time ecommerce sellers

ebay + paypal taxes will cripple/eliminate small time sellers

get ready for the end of small business peeps in ebay and paypal.

get this. a revision was put in place for "the american rescue plan act" to tax the shit out of small sellers/businesses. yes, you read the correctly. it's being called a rescue plan. the democrats are so awesome with their language and stuffing shady shit into their bills, aren't they.

i touched on this a few months ago, but i don't think many people realize how devastating this is going to be in people selling things + making gas type money in the process.

right now and until the end of the years almost every state allows for 200 transactions/$2000.oo..but come jan1 it drops to $600.oo and any amount over that will need to be reported and filed. both ebay and/or paypal will send you a 1099 so it will be unavoidable if using their services.

these small time ebay sellers aren't gonna open up an llc or a business type account to offset the taxes with expenses and other write offs.. they're gonna get fucked. even if it is a hobby the law basically calls you a buisness. more than likely users will stop selling unless they find a work around. but not until they can see the hit with their eyes/wallet after it happens once.

ebay merchants will get fucked as well as they'll have to pay fica as an owner operator..lol

it's get better. it's entirely possible the amount of taxes that have to be paid is greater than the money collected or made. that or close enough for you to spend countless hours just to break even after paying uncle sam. you can get hammered up to 30% ..and will still won't know the effect of the new capital gains tax as well.

YOU...john Q is paying for all the reckless pork barrel spending the biden administration is doing...

in other news the house just voted and passed 213-212 to beef up the capital security for another cool $1.9b..don't worry. if you don't make 400k you won't pay any more taxes....lol.

thank you viking man

https://en.wikipedia.org/wiki/Americ...an_Act_of_2021
05-24-2021, 03:16 AM
splitthis

I see a return of brick and mortar commerce as a result. I have been selling online for nearly 25 years. The first chunk of time was gold! As with anything else, the more government involvement, the less profit. The focus then was volume, now is high profit margins. Adapt or perish really.
05-24-2021, 07:38 AM
BartHanson

Quote:

Originally Posted by mulva

ebay + paypal taxes will cripple/eliminate small time sellers

get ready for the end of small business peeps in ebay and paypal.

get this. a revision was put in place for "the american rescue plan act" to tax the shit out of small sellers/businesses. yes, you read the correctly. it's being called a rescue plan. the democrats are so awesome with their language and stuffing shady shit into their bills, aren't they.

i touched on this a few months ago, but i don't think many people realize how devastating this is going to be in people selling things + making gas type money in the process.

right now and until the end of the years almost every state allows for 200 transactions/$2000.oo..but come jan1 it drops to $600.oo and any amount over that will need to be reported and filed. both ebay and/or paypal will send you a 1099 so it will be unavoidable if using their services.

these small time ebay sellers aren't gonna open up an llc or a business type account to offset the taxes with expenses and other write offs.. they're gonna get fucked. even if it is a hobby the law basically calls you a buisness. more than likely users will stop selling unless they find a work around. but not until they can see the hit with their eyes/wallet after it happens once.

ebay merchants will get fucked as well as they'll have to pay fica as an owner operator..lol

it's get better. it's entirely possible the amount of taxes that have to be paid is greater than the money collected or made. that or close enough for you to spend countless hours just to break even after paying uncle sam. you can get hammered up to 30% ..and will still won't know the effect of the new capital gains tax as well.

YOU...john Q is paying for all the reckless pork barrel spending the biden administration is doing...

in other news the house just voted and passed 213-212 to beef up the capital security for another cool $1.9b..don't worry. if you don't make 400k you won't pay any more taxes....lol.

thank you viking man

https://en.wikipedia.org/wiki/Americ...an_Act_of_2021

Your misunderstanding of tax law is quote astounding. The "1099" that you speak of will be a 1099k which is a form to report gross receipts from Payment Card and Third Party Network Transactions. The form itself doesn't have anything to do with income it's only gross receipts. So when you say that this plan "taxes the shit out of" small businesses what you really mean that is that it is lowering the reporting thresholds for companies like paypal, and it makes it harder for you to illegally avoid claiming income on your taxes. In fact a direct parallel can be made to gambling and W2Gs. The W2G itself is merely reporting gross gambling winnings on a single event. It doesn't even mean net income inside a single session (like slots/VP where gross wins over $1200 trigger a form) and you can certainly be negative in gambling throughout the year with many W2Gs. Just like you can certainly run a business at a loss even if you have millions of dollars in 1099Ks.
05-24-2021, 07:59 PM
mulva

Quote:

Originally Posted by BartHanson

Quote:

Originally Posted by mulva

ebay + paypal taxes will cripple/eliminate small time sellers

get ready for the end of small business peeps in ebay and paypal.

get this. a revision was put in place for "the american rescue plan act" to tax the shit out of small sellers/businesses. yes, you read the correctly. it's being called a rescue plan. the democrats are so awesome with their language and stuffing shady shit into their bills, aren't they.

i touched on this a few months ago, but i don't think many people realize how devastating this is going to be in people selling things + making gas type money in the process.

right now and until the end of the years almost every state allows for 200 transactions/$2000.oo..but come jan1 it drops to $600.oo and any amount over that will need to be reported and filed. both ebay and/or paypal will send you a 1099 so it will be unavoidable if using their services.

these small time ebay sellers aren't gonna open up an llc or a business type account to offset the taxes with expenses and other write offs.. they're gonna get fucked. even if it is a hobby the law basically calls you a buisness. more than likely users will stop selling unless they find a work around. but not until they can see the hit with their eyes/wallet after it happens once.

ebay merchants will get fucked as well as they'll have to pay fica as an owner operator..lol

it's get better. it's entirely possible the amount of taxes that have to be paid is greater than the money collected or made. that or close enough for you to spend countless hours just to break even after paying uncle sam. you can get hammered up to 30% ..and will still won't know the effect of the new capital gains tax as well.

YOU...john Q is paying for all the reckless pork barrel spending the biden administration is doing...

in other news the house just voted and passed 213-212 to beef up the capital security for another cool $1.9b..don't worry. if you don't make 400k you won't pay any more taxes....lol.

thank you viking man

https://en.wikipedia.org/wiki/Americ...an_Act_of_2021

Your misunderstanding of tax law is quote astounding. The "1099" that you speak of will be a 1099k which is a form to report gross receipts from Payment Card and Third Party Network Transactions. The form itself doesn't have anything to do with income it's only gross receipts. So when you say that this plan "taxes the shit out of" small businesses what you really mean that is that it is lowering the reporting thresholds for companies like paypal, and it makes it harder for you to illegally avoid claiming income on your taxes. In fact a direct parallel can be made to gambling and W2Gs. The W2G itself is merely reporting gross gambling winnings on a single event. It doesn't even mean net income inside a single session (like slots/VP where gross wins over $1200 trigger a form) and you can certainly be negative in gambling throughout the year with many W2Gs. Just like you can certainly run a business at a loss even if you have millions of dollars in 1099Ks.

what's astonishing is your faggotry. go eat a bag tucker carlson dicks
05-25-2021, 09:21 AM
BartHanson

Quote:

Originally Posted by mulva

Quote:

Originally Posted by BartHanson

Your misunderstanding of tax law is quote astounding. The "1099" that you speak of will be a 1099k which is a form to report gross receipts from Payment Card and Third Party Network Transactions. The form itself doesn't have anything to do with income it's only gross receipts. So when you say that this plan "taxes the shit out of" small businesses what you really mean that is that it is lowering the reporting thresholds for companies like paypal, and it makes it harder for you to illegally avoid claiming income on your taxes. In fact a direct parallel can be made to gambling and W2Gs. The W2G itself is merely reporting gross gambling winnings on a single event. It doesn't even mean net income inside a single session (like slots/VP where gross wins over $1200 trigger a form) and you can certainly be negative in gambling throughout the year with many W2Gs. Just like you can certainly run a business at a loss even if you have millions of dollars in 1099Ks.

what's astonishing is your faggotry. go eat a bag tucker carlson dicks

So all along you have been underreporting or not reporting your income from these types of transactions and now you are bitching about it because this act will require companies to have more stringent reporting methods. And your argument is that enforcing the current tax law (no actual change to the law) will cripple small time ecommerce sellers, who are only able to be in business by taking the same avoidance/underreporting approach that you do. Makes a lot of sense.