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#Post#: 88899--------------------------------------------------
Paypal and new tax law 2022
DIR By: Chainsawrepair
Date: January 15, 2022, 8:20 am
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Little morning rant.
Paypal and other 3rd party ways to receive money.
This is why I will no longer sell USED parts or saws by goods
and services. I will not pay taxes on used parts and saws I
sell.
The new law took effect Jan 1 2022. If you sell more then $600
by goods and services during the tax year, you will receive a
1099-K and have to pay taxes on USED stuff when you file your
taxes. IMO total BS. 😂
Prior to this year you could have 200 goods services
transactions and had to go over $20,000 before they would issue
a 1099-K to you.
Just so you know since a bunch of us buy and sell USED stuff. To
watch how you take in money. I aint giving these folks another
dime if I can help it.
So watch who you buy from and make sure you do a check on them
before paying this way. Most folks here know me so I am good.
But this is also the way scammers pray on the folks by using
this way. So be careful.
#Post#: 88900--------------------------------------------------
Re: Paypal and new tax law 2022
DIR By: 3000 FPS
Date: January 15, 2022, 1:03 pm
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What a load of crap. This present administration does not care
one cent about the working people in this country. But they
sure want the money you worked for.
I do not blame you one bit.
#Post#: 88901--------------------------------------------------
Re: Paypal and new tax law 2022
DIR By: Chainsawrepair
Date: January 16, 2022, 7:09 am
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--- Quote from: 3000 FPS link ---
>
> What a load of crap. This present administration does not
care one cent about the working people in this country. But
they sure want the money you worked for.
> I do not blame you one bit.
>
--- End Quote ---
IMO directed right at the little folks.
Info I found yesterday researching.
The American Rescue Plan Act of 2021 (the Act) significantly
modifies the reporting threshold associated with Form 1099-K,
Payment Card and Third Party Network Transactions, from $20,000
in aggregate payments and 200 transactions to solely a threshold
of $600 in aggregate payments (with no minimum transaction
requirement). The new rule is effective beginning with payment
transactions settled after December 31, 2021.
The American Rescue Plan Act of 2021 The final amended bill was
passed by the House on March 10 by a vote of 220–211 with one
Democrat voting against it with all Republicans. The bill was
signed into law by President Biden on March 11, 2021, which was
the first anniversary of COVID-19 being declared a pandemic by
the World Health Organization.
#Post#: 88902--------------------------------------------------
Re: Paypal and new tax law 2022
DIR By: 3000 FPS
Date: January 17, 2022, 11:33 am
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Sneaky and deceitful people those democrats are.
The American rescue plan act. What a joke. That is why I
call it deceitful.
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