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(Inc)   Two weeks ago: Tax your side hustle? We in Washington would never. Now: Pay up. Don't make us use a speculum to find that $600 fortune you've squirreled away   (inc.com) divider line
    More: Asinine, Business, Money, Commerce, Small business, Credit card, peer payment trend, Receipt, Freelancer  
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2585 clicks; posted to Politics » on 26 Jan 2022 at 2:59 PM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-01-26 11:38:59 AM  
You always owe tax on your income.
 
2022-01-26 11:52:20 AM  
You shouldn't be accepting business payments via your personal bank account.  Keep that shiat separate.  Yeah, unfortunately it means you have to pay taxes on your income... but that's also how society works, so...
 
2022-01-26 12:13:51 PM  
When did they ever say you didn't have to pay taxes on your side hustle? Certainly not 2 weeks ago.

Subby is a simpleton.
 
2022-01-26 1:25:07 PM  
Pay your taxes
 
2022-01-26 1:29:47 PM  
I know they have rules against outting the submitter here on the forum, but I think there is some moral obligation in this case to out them to the IRS. They sound like a tax cheat.
 
2022-01-26 3:00:18 PM  

edmo: You always owe tax on your income.


More precisely it has ALWAYS been that you have to report earning over $600.
 
2022-01-26 3:03:06 PM  
There are no taxes on or reports made of transfers of money for non-commercial purchases. So remember, that PayPal or Venmo transaction needs to have one of the following (or something similar) in the memo line:
1. "Reimbursement for food."
2. "My share of the rent."
3. "Gift for your birthday."
 
2022-01-26 3:03:08 PM  
Newsflash: tax evasion still tax evasion. Film at 11
 
2022-01-26 3:03:23 PM  
JFC, everyone wants something for free, while demanding that nobody else get anything for free. The same people whining about this are the ones who demand that companies and rich people pay THEIR taxes. Why doesn't everyone just pay their farking share for once?

Just pay the taxes on your farking income. I don't see why this is so hard. Sure, it's nice to get away with it, but "get away with it" is the exact right phrase. When you get called out, you need to just admit that you had a nice ride while it lasted.
 
2022-01-26 3:06:42 PM  
See I thought tax evasion was ok as long as I did it with an app.
 
2022-01-26 3:07:07 PM  
Unfortunately, unless you earn enough money to not pay taxes, you have to pay taxes.
 
2022-01-26 3:07:39 PM  
Me and about 6 of my friends bet on UFC every week, and whoever wins collects $25 from everyone who didn't via PayPal.  I think I won over $600 last year but since it was all $25 transactions from multiple people a couple times a month I think I'm good?  I hope.  We'll see.
 
2022-01-26 3:07:41 PM  
My wife might have topped $500 last year but I've seen the expenses associated with her hobby and I can make it all go away on a Schedule C if I have to without having to charge utility costs on her workspace.
 
2022-01-26 3:09:21 PM  
Personally, I find that the mileage deduction for my side hustle is more than the taxes on my side hustle, so in addition to no taxes on that, it also gets me more money back on my day job.

Really hoping they up the mileage deduction due to gas prices getting so crazy. I really don't want to start tracking my gas receipts over taking the straight mileage deduction.
 
2022-01-26 3:09:21 PM  

Mikey1969: JFC, everyone wants something for free, while demanding that nobody else get anything for free. The same people whining about this are the ones who demand that companies and rich people pay THEIR taxes. Why doesn't everyone just pay their farking share for once?


61% of Americans paid no federal income tax in 2020. "Everyone paying their fair share" just means "39% of us support all of us."

Isn't this how everyone wants it to be? Republicans get to claim they cut taxes, Democrats get to claim they moved the tax burden to the rich, and all the while the national debt just grows bigger and bigger.
 
2022-01-26 3:10:00 PM  

CptnSpldng: My wife might have topped $500 last year but I've seen the expenses associated with her hobby and I can make it all go away on a Schedule C if I have to without having to charge utility costs on her workspace.


'Topped' 500$, eh?

y.yarn.coView Full Size
 
2022-01-26 3:11:02 PM  
Someone has to pay taxes subs, the IRS has determined it is easier to nickel and dime middle class people than make rich people pay taxes.
 
2022-01-26 3:11:11 PM  

Gyro the Greek Sandwich Pirate: CptnSpldng: My wife might have topped $500 last year but I've seen the expenses associated with her hobby and I can make it all go away on a Schedule C if I have to without having to charge utility costs on her workspace.

'Topped' 500$, eh?

[y.yarn.co image 400x310] [View Full Size image _x_]


Well, $20 here, $20 there... Which one gave you the quarter?
 
2022-01-26 3:13:04 PM  

Earthworm Jim Jones: Me and about 6 of my friends bet on UFC every week, and whoever wins collects $25 from everyone who didn't via PayPal.  I think I won over $600 last year but since it was all $25 transactions from multiple people a couple times a month I think I'm good?  I hope.  We'll see.


Gambling income is reportable on your 1040 regardless of the size.
 
2022-01-26 3:13:04 PM  

OhioUGrad: edmo: You always owe tax on your income.

More precisely it has ALWAYS been that you have to report earning over $600.


So can we make an educated guess at how many blow jobs subby gave to put him over the $600 limit?
 
2022-01-26 3:13:56 PM  

Earthworm Jim Jones: Me and about 6 of my friends bet on UFC every week, and whoever wins collects $25 from everyone who didn't via PayPal.  I think I won over $600 last year but since it was all $25 transactions from multiple people a couple times a month I think I'm good?  I hope.  We'll see.


Enjoy federal POUND ME IN THE ASS PRISON, Jim!
 
2022-01-26 3:13:59 PM  
Taxes might as well be wizardry to most people.  This is true, in that it's math and paperwork, which might as well be wizardry to people who can't be bothered to read terms of any agreement.

1.  You were always required to report business earnings.  Nothing has changed.
2.  Platforms are now required to report your earnings the same way your stock broker reports your earnings.  You'll be getting a 1099-K of all transactions from a platform.
3.  If you have separate business accounts, this will be rather simple and will make your life much easier because you won't have to enter every transaction yourself.
4.  If you've been using the same Venmo account for both personal and business, this will be a hassle because you'll have to separate out your personal transactions (such as splitting a dinner bill) from your business transactions.
5.  If you've been concealing your business revenue from the IRS, you will no longer be able to steal from your fellow citizens.  I'm sorry for the inconvenience of following the law.
 
2022-01-26 3:14:07 PM  

Headso: Someone has to pay taxes subs, the IRS has determined it is easier to nickel and dime middle class people than make rich people pay taxes.


How do you define "middle class"? If only 39% of Americans are now paying federal income taxes, aren't we automatically talking about the richest 1/3rd and some change? That doesn't feel like the "middle" to me.
 
2022-01-26 3:14:18 PM  

ElPrimitivo: Personally, I find that the mileage deduction for my side hustle is more than the taxes on my side hustle, so in addition to no taxes on that, it also gets me more money back on my day job.

Really hoping they up the mileage deduction due to gas prices getting so crazy. I really don't want to start tracking my gas receipts over taking the straight mileage deduction.


The mileage rate is based on total car ownership. Fuel is only 30% of that. A few years ago, gas dropped in price significantly and the mileage rate went up.
 
2022-01-26 3:14:31 PM  

TwoHead: I know they have rules against outting the submitter here on the forum, but I think there is some moral obligation in this case to out them to the IRS. They sound like a tax cheat.


Can't be Trump.  He paid $750 in taxes last year!
 
2022-01-26 3:14:38 PM  
so no different then what they did to ebay years back when they said ebay had to report to the irs any sales over x amount of dollors or any one person doing over x amount of sales.  because people where using it to avoid paying income taxes.
 
2022-01-26 3:15:10 PM  
Take you pay in cash like a competent criminal, submitter.

/tax evasion is theft
 
2022-01-26 3:15:29 PM  

wademh: OhioUGrad: edmo: You always owe tax on your income.

More precisely it has ALWAYS been that you have to report earning over $600.

So can we make an educated guess at how many blow jobs subby gave to put him over the $600 limit?


The total they got for blowjobs was actually $600.25
 
2022-01-26 3:15:42 PM  

Shaggy_C: Mikey1969: JFC, everyone wants something for free, while demanding that nobody else get anything for free. The same people whining about this are the ones who demand that companies and rich people pay THEIR taxes. Why doesn't everyone just pay their farking share for once?

61% of Americans paid no federal income tax in 2020. "Everyone paying their fair share" just means "39% of us support all of us."

Isn't this how everyone wants it to be? Republicans get to claim they cut taxes, Democrats get to claim they moved the tax burden to the rich, and all the while the national debt just grows bigger and bigger.


It's true.  They frequently accomplish this mooching through having children and owning homes.  Lousy bums.
 
2022-01-26 3:16:10 PM  

HotWingConspiracy: See I thought tax evasion was ok as long as I did it with an app.


Yep, same as avoiding all those pesky labor laws and regulations and insurance and stuff as long as you're an independent contractor using an app.
 
2022-01-26 3:16:21 PM  
Can we all agree that there is a state called Washington and a district where our federal government resides called Washington D.C.?

And then, when we want to refer to one or the other, we can just use that name and everyone will know which place we're talking about. Win win.
 
2022-01-26 3:16:23 PM  

mrmopar5287: There are no taxes on or reports made of transfers of money for non-commercial purchases. So remember, that PayPal or Venmo transaction needs to have one of the following (or something similar) in the memo line:
1. "Reimbursement for food."
2. "My share of the rent."
3. "Gift for your birthday."


A Trumper telling people to lie and break the law.

Where did I put that fainting couch?
 
2022-01-26 3:17:10 PM  

Subtonic: Earthworm Jim Jones: Me and about 6 of my friends bet on UFC every week, and whoever wins collects $25 from everyone who didn't via PayPal.  I think I won over $600 last year but since it was all $25 transactions from multiple people a couple times a month I think I'm good?  I hope.  We'll see.

Enjoy federal POUND ME IN THE ASS PRISON, Jim!


Did I say gambling?  I meant reimbursed for our book club snacks.  We rotate every week.
 
2022-01-26 3:18:24 PM  

OhioUGrad: More precisely it has ALWAYS been that you have to report earning over $600.


No, you've always had to report all income.

The entity paying you has to report when it's over $600.
 
2022-01-26 3:19:45 PM  

Rapmaster2000: 2.  Platforms are now required to report your earnings the same way your stock broker reports your earnings.  You'll be getting a 1099-K of all transactions from a platform.


I recently got this in an email from Square:

Tax season is here, and because you processed less than the qualifying amount, you will not receive a 1099-K for the card payments you accepted in 2021

My side hustle sucks, I guess.
 
2022-01-26 3:20:04 PM  

dracos31: mrmopar5287: There are no taxes on or reports made of transfers of money for non-commercial purchases. So remember, that PayPal or Venmo transaction needs to have one of the following (or something similar) in the memo line:
1. "Reimbursement for food."
2. "My share of the rent."
3. "Gift for your birthday."

A Trumper telling people to lie and break the law.

Where did I put that fainting couch?


"Welfare is bad!" Screamed the Trumpers living on welfare in welfare states paid for by the taxes from blue states.
 
2022-01-26 3:20:44 PM  
If your "hustle" is a legitimate activity you don't have a hustle, you have an extra job. Real hustles don't involve paying taxes, but may involve prison time.
 
2022-01-26 3:20:46 PM  
I had a side hustle that got out of hand and did $300k sales one year. 

Yeah, I reported it.
 
2022-01-26 3:20:47 PM  
From TFA, because I don't see a comment on it yet:
"Good news for fans of Facebook Marketplace: if you sell a personal item online for less than you paid for it, the money you collect isn't taxable because you sold it at a loss. Although, you may be required to provide proof of the original purchase price."

Seems like that's something you could actually get stung by. The piddly sum you sent your friend over Venmo because you ate half his appetizer isn't what the IRS is flagging.

If you sell a slightly old TV or sectional couch, or whatever large item on Facebook marketplace, there is going to a Venmo transaction for a few hundred dollars categorized as a non-business expense to avoid the fee. That sure as hell looks like hidden income without any context when Venmo reports it back. Sell a few things in a year and suddenly the IRS is like "Yo, where my cut of that 2k."
 
2022-01-26 3:20:48 PM  

Shaggy_C: Headso: Someone has to pay taxes subs, the IRS has determined it is easier to nickel and dime middle class people than make rich people pay taxes.

How do you define "middle class"? If only 39% of Americans are now paying federal income taxes, aren't we automatically talking about the richest 1/3rd and some change? That doesn't feel like the "middle" to me.


How dare those minors and retirees not pay taxes.

How dare they.
 
2022-01-26 3:20:55 PM  

downstairs: You shouldn't be accepting business payments via your personal bank account.  Keep that shiat separate.  Yeah, unfortunately it means you have to pay taxes on your income... but that's also how society works, so...


Society isn't working, if you haven't noticed.

We shouldn't be paying the taxes we're forced to pay while billionaires and corporations pay nothing.
 
2022-01-26 3:21:07 PM  

Shaggy_C: Headso: Someone has to pay taxes subs, the IRS has determined it is easier to nickel and dime middle class people than make rich people pay taxes.

How do you define "middle class"? If only 39% of Americans are now paying federal income taxes, aren't we automatically talking about the richest 1/3rd and some change? That doesn't feel like the "middle" to me.


We are talking about people who are earning more than 600 dollars but for sure less than 20k of some income through some side hustle, I'd argue it's almost exclusively on the lower end because on the higher end makes financial sense to make an official business. It's like a narrow window of lower income people here the IRS is chasing down for money.
 
2022-01-26 3:22:14 PM  
It's just truly f*cked up that we're going after these tiny amounts and not the literal billions that the rich are hoarding away. Sure, let's ruin a bunch of poor people's lives instead of slightly incoveniencing the wealthy.

Our entire tax code is a f*cking farce.
 
2022-01-26 3:22:53 PM  
Thoughts and prayers for the tax evaders who this effects.
 
2022-01-26 3:23:49 PM  
Irwin R. Schyster's top 10 tax tips (WWE Network Exclusive)
Youtube FNCy9_DU8I4
 
2022-01-26 3:24:14 PM  
$600 side hustles are not coming from great earners.

It is just another way to abuse the vulnerable instead of the people who should be paying for everything.
 
2022-01-26 3:26:12 PM  

austerity101: It's just truly f*cked up that we're going after these tiny amounts and not the literal billions that the rich are hoarding away. Sure, let's ruin a bunch of poor people's lives instead of slightly inconveniencing the wealthy.

Our entire tax code is a f*cking farce.


I would add on, it's not just about inconveniencing the rich. It's also about low-hanging fruit.
Venmo has your bank account and knows exactly who you are and exactly how much money you received via the app. You're practically texting the IRC every single transaction you make.

The rich have spent a lot of money and effort to make it much harder to follow their money around.
 
2022-01-26 3:27:22 PM  
I see we've transitioned to "It's a disgrace that the IRS is finding a more efficient way to enforce existing tax code while Congress has yet to change the tax law to get more money from rich people."

It's a pointless take, but it feels righteous if tax policy is wizardry to you.
 
2022-01-26 3:27:33 PM  

HotWingConspiracy: See I thought tax evasion was ok as long as I did it with an app.


Fark user imageView Full Size
 
2022-01-26 3:28:42 PM  

austerity101: It's just truly f*cked up that we're going after these tiny amounts and not the literal billions that the rich are hoarding away. Sure, let's ruin a bunch of poor people's lives instead of slightly incoveniencing the wealthy.

Our entire tax code is a f*cking farce.


We need a better staffed and funded IRS with directives to go after bigger fish.
 
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