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Post by woofhead on Dec 31, 2021 19:31:39 GMT -6
What tax rate do you pay for making someone an offer they cant refuse?
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Post by chessparov on Dec 31, 2021 19:51:08 GMT -6
Easy to gauge! .357 or 35.7% in most States
44% in California/Hawaii/New York, where the general climate, is a higher caliber.
Chris
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Post by Chad on Jan 7, 2022 12:54:52 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools):
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Post by Johnkenn on Jan 7, 2022 13:09:42 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools): Just unbelievable. |
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Post by EmRR on Jan 7, 2022 13:33:35 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools): This shit is a bunch of fear mongering over NOTHING HAS CHANGED. The nontaxable gift rule per person per year is something like $11K, it's probably gone up. THEY have to generate new paper. Legally YOU have to do whatever you've always done before. |
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Post by srb on Jan 7, 2022 13:43:42 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools): This shit is a bunch of fear mongering over NOTHING HAS CHANGED. The nontaxable gift rule per person per year is something like $11K, it's probably gone up. Goddamn internet. |
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Post by Guitar on Jan 7, 2022 14:10:39 GMT -6
So $600 a year total? Multiple transactions? Not just one single item over $600? Wow, that's even worse than I thought!
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Post by Bat Lanyard on Jan 7, 2022 14:12:21 GMT -6
I'm not saying billionaires are straight-up, but Musk is paying more in taxes for 2021 than any individual has paid in history. Something like $11 billion.
And I thought I read recently that transactions to family through the payment apps would not trigger a 1099. I could be wrong though.
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Post by Johnkenn on Jan 7, 2022 14:18:48 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools): This shit is a bunch of fear mongering over NOTHING HAS CHANGED. The nontaxable gift rule per person per year is something like $11K, it's probably gone up. THEY have to generate new paper. Legally YOU have to do whatever you've always done before. I'm sure you've reported every transaction you've made. |
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Post by Guitar on Jan 7, 2022 14:19:54 GMT -6
This could seriously affect my life, it's not trivial for me! And it is different to how it was before!
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Post by Johnkenn on Jan 7, 2022 14:23:49 GMT -6
Just as an example...I buy some of my bourbon from the secondary market. Some of it is over $100 per bottle. It has already been taxed once. In all honesty, the government has no business knowing my fucking liquor buying habits.
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Post by Bat Lanyard on Jan 7, 2022 14:34:17 GMT -6
And whomever (sorry) commented way back on the IRS hiring more agents, that part is true. With the bill's provisions the goal is to hire 87,000 more. The chance of getting audited will definitely be greater down the line.
Covid relief bill my ass.
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Post by EmRR on Jan 7, 2022 15:38:24 GMT -6
This shit is a bunch of fear mongering over NOTHING HAS CHANGED. The nontaxable gift rule per person per year is something like $11K, it's probably gone up. THEY have to generate new paper. Legally YOU have to do whatever you've always done before. I'm sure you've reported every transaction you've made. I have, actually, if it's reportable. I'm in the recoding biz, remember? They're A LOT of expensive write-offs. If the IRS comes poking around, they're gonna find any paper trail, whether or not there's a 1099 SOMEONE ELSE was required to file. |
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Post by EmRR on Jan 7, 2022 15:39:13 GMT -6
Just as an example...I buy some of my bourbon from the secondary market. Some of it is over $100 per bottle. It has already been taxed once. In all honesty, the government has no business knowing my fucking liquor buying habits. None of this means you'd be taxed on that. YOU won't get a 1099 for buying. |
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Post by teejay on Jan 7, 2022 16:14:10 GMT -6
And I thought I read recently that transactions to family through the payment apps would not trigger a 1099. I could be wrong though. And in light of that, on the Classifieds we are now all RGO family. |
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Post by EmRR on Jan 7, 2022 16:21:21 GMT -6
And I thought I read recently that transactions to family through the payment apps would not trigger a 1099. I could be wrong though. And even if something isn't identified as family, and triggers an erroneous 1099, it's still not a problem. It means nothing unless you're audited, and then it's very easy to point out the error....which isn't your error. |
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Post by Johnkenn on Jan 7, 2022 16:25:10 GMT -6
Just as an example...I buy some of my bourbon from the secondary market. Some of it is over $100 per bottle. It has already been taxed once. In all honesty, the government has no business knowing my fucking liquor buying habits. None of this means you'd be taxed on that. YOU won't get a 1099 for buying. Right, but I would if I sold. |
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Post by EmRR on Jan 7, 2022 16:27:56 GMT -6
None of this means you'd be taxed on that. YOU won't get a 1099 for buying. Right, but I would if I sold. Well then, you know how to avoid that. If you've been using an electronic payment method, it's already tracked, 1099 or no, should someone come asking. |
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Post by Tbone81 on Jan 7, 2022 17:01:05 GMT -6
I found this 6 min video informative about potential pitfalls even for simple transactions which could add up to over $600 (like CashApp-ing my parents or kids, which is when I mostly use those tools): This shit is a bunch of fear mongering over NOTHING HAS CHANGED. The nontaxable gift rule per person per year is something like $11K, it's probably gone up. THEY have to generate new paper. Legally YOU have to do whatever you've always done before. The gift rule is for gifts…not for any sort of good or service provided. So when my 15 year old daughter makes more than $600 in an entire year for babysitting, selling clothes on D-Pop or eBay (which she does quite a bit) she’ll now get a 1099, and have to report that as income. That sucks. I sell used stuff (Non music related) on eBay, next door, etc all the time. Old shoes, jackets, old tools, old TVs. Basically just digital garage sales for me. Now I have to report that as income? Sucks balls. |
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Post by Tbone81 on Jan 7, 2022 17:03:34 GMT -6
And I thought I read recently that transactions to family through the payment apps would not trigger a 1099. I could be wrong though. And even if something isn't identified as family, and triggers an erroneous 1099, it's still not a problem. It means nothing unless you're audited, and then it's very easy to point out the error....which isn't your error. Nothing…absolutely Nothing, is easy about an audit. Even easy to point out errors are a major pain in the ass and a huge stress on the average person. |
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Post by teejay on Jan 7, 2022 17:23:41 GMT -6
Not sure where Wise falls into all of this, but just used it for the first time and it worked well. If it's a matter of the govt. seeing the deposit into my account as the need for 1099, then I'm as hosed as if I had used PayPal.
Sounds like we're back to cash or bartering.
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Post by EmRR on Jan 7, 2022 18:00:17 GMT -6
This seems predominately like a bitch fest about the dissapearance of the cash economy. If you've been taking electronic payments/paper checks/wire transfers/etc, and they want ya, they got ya. 1099 or no.
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Post by Tbone81 on Jan 7, 2022 18:28:31 GMT -6
This seems predominately like a bitch fest about the dissapearance of the cash economy. If you've been taking electronic payments/paper checks/wire transfers/etc, and they want ya, they got ya. 1099 or no. Well shit, I guess most of us can’t compete with your level of virtuous tax preparation. It’s crazy but some of us don’t like the thought of being audited or having to account for every damn nickel traded back and forth. Luckily for you, you can always remove yourself from this thread so that you don’t have to put up with our bitching any more. |
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Post by christopher on Jan 7, 2022 21:04:28 GMT -6
I took music business classes in the 2000’s and they talked about how to write off everything. Our whole life is a write off since most of our purchases and stuff we use is used for business, including phones, cars, internet, and since our industry mostly operates at a losses. Even depreciation on equipment is a write off if you didn’t make purchase. And that means it can help your spouse taxes too. There are so many write offs I haven’t been taking, it’s just easier to turbo tax and be done. And my wife complains about tax time being tricky, so I just try to make it easy, even though we’re likely overpaying by thousands every year. All this said, I need to hire a music business accountant to catch up on latest because I swear rules change continually. Who knows if the stuff they taught me is even valid anymore.
But I agree this tracking PAyPal stuff is questionable, means yeah even if I want to be lazy they aren’t gonna let me.
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Post by donr on Jan 7, 2022 21:38:54 GMT -6
They’ve covered all the bases... <button disabled="" class="c-attachment-insert--linked o-btn--sm">Attachment Deleted</button> ;-) Was gonna say, but I assumed someone would cover the tax on theft thing. : ) |
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