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Re: PayPal tax report
KZ1000 #774809 Thu Feb 03 2022 09:19 PM
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Originally Posted by KZ1000
Originally Posted by Speedracer
If I buy an item for over $600 at the store, yes I pay sales tax, but the store doesn’t pay tax on their incoming money !!!

Of course they do, every business is taxed on income coming in, that is where receipts, expenses, etc. Come into play to lower that tax.

Dang, I didn’t know that. Then they also pay taxes when they originally bought the same item from their supplier too !!!!!! Then the same money is used to pay the employees who get taxed on their paycheck. Whew.

Last edited by Speedracer; Thu Feb 03 2022 09:20 PM.

-Steve B. (WTB: 48" Flying A button, 48" black/org Phillips 66, White Star, and Chevrolet Signs. Also looking for a Wayne 866. Send a PM. Thanks.)
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Re: PayPal tax report
Speedracer #774812 Thu Feb 03 2022 10:30 PM
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Originally Posted by Speedracer
Dang, I didn’t know that. Then they also pay taxes when they originally bought the same item from their supplier too !!!!!! Then the same money is used to pay the employees who get taxed on their paycheck. Whew.

If a seller does not have a sales tax account number and pays tax on items to resell, that tax, the cost of the item, shipping and other legit expenses are deducted from his gross sales to get a net profit that is taxed as income.

A vendor who charges sales tax gets an account number from the state. He uses that number when he buys inventory to resell and doesn't pay a sales tax on it. He also can deduct inventory costs and other expenses to determine taxable net profit income.


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Re: PayPal tax report
It's for sale #774831 Fri Feb 04 2022 04:22 PM
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Facebook auctions are next. If you're selling in those auctions better keep the records for taxes for everyone of those broadcasts are archived on facebooks servers.

Re: PayPal tax report
It's for sale #774832 Fri Feb 04 2022 04:42 PM
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If current proposals pass,everyone who does any commerce through their bank account is gonna have to deal with this ... if you run your sales through a bank account that sees $10,000 run through it per year(which includes all of our personal bank accounts) ... it can now be tracked by the irs.

Hairdressers, home health care workers, wrenching on the side, selling petro, etc ...

They will be looking for sources of $ hitting your account that's not linked to a w2 or 1099.

They're already hitting crypto exchanges and making them send out 1099's.

Our world is changing, it's gonna be tough to get $ in and out of the economy without it being tracked.

Face to face $ transactions still good ... just put the cash in your safe.

Last edited by Ohio Oil; Fri Feb 04 2022 04:47 PM.
Re: PayPal tax report
It's for sale #774836 Fri Feb 04 2022 07:09 PM
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looking at my ebay statement a little closer it seems I'm paying commsion on the total sale plus tax, plus shipping location? Doesn't seem right to pay a commision on the tax. Taxing the tax


Wanted: Nebraska advertising items Cushman, Dempster, Archer oil etc.
Re: PayPal tax report
Ohio Oil #774859 Sat Feb 05 2022 09:31 PM
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Originally Posted by Ohio Oil
If current proposals pass,everyone who does any commerce through their bank account is gonna have to deal with this ... if you run your sales through a bank account that sees $10,000 run through it per year(which includes all of our personal bank accounts) ... it can now be tracked by the irs.

Hairdressers, home health care workers, wrenching on the side, selling petro, etc ...

They will be looking for sources of $ hitting your account that's not linked to a w2 or 1099.

They're already hitting crypto exchanges and making them send out 1099's.

Our world is changing, it's gonna be tough to get $ in and out of the economy without it being tracked.

Face to face $ transactions still good ... just put the cash in your safe.

I had heard that proposal was put aside. It needs to stay dead, hopefully!


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Re: PayPal tax report
It's for sale #774881 Sun Feb 06 2022 08:55 PM
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I got a 1099 form over the weekend for my 2021 Ebay sales. I've already talked to my tax people and I have to pay tax on $6,500 for my 2021 Ebay sales. I know it really sucks. I understood if it was under $20k you were good till 2022, I guess not. I pulled all my Ebay listings and I'm done. It's been a good ride for many years but the party's over.

Last edited by Coops 427; Sun Feb 06 2022 08:56 PM.

-Matt
Re: PayPal tax report
It's for sale #774931 Tue Feb 08 2022 07:57 AM
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Unfortunately, it isn't Ebay that is the problem, it is the IRS and the Feds. The IRS is still trying to figure out how to tax you at swap meets and shows.

Last edited by RandyM; Tue Feb 08 2022 07:59 AM.

Randy
Re: PayPal tax report
It's for sale #774966 Wed Feb 09 2022 03:06 PM
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Re: PayPal tax report
RandyM #774968 Wed Feb 09 2022 03:57 PM
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Originally Posted by RandyM
Unfortunately, it isn't Ebay that is the problem, it is the IRS and the Feds. The IRS is still trying to figure out how to tax you at swap meets and shows.
The exact reason they want to get rid of cash.


-Steve B. (WTB: 48" Flying A button, 48" black/org Phillips 66, White Star, and Chevrolet Signs. Also looking for a Wayne 866. Send a PM. Thanks.)
Re: PayPal tax report
It's for sale #774970 Wed Feb 09 2022 04:16 PM
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..and the reason why I won't convert to Krypto currency either.


Collecting Vintage Sunoco
Re: PayPal tax report
It's for sale #774971 Wed Feb 09 2022 04:58 PM
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Let make the gas shows the place to buy and sell and go back to cash sales!!!


Looking for anything from Hoosier Pete, Platolene 500 and Red Bird.
Re: PayPal tax report
It's for sale #774973 Wed Feb 09 2022 06:31 PM
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.. ... cool

1usam.PNG
Last edited by advertologist; Wed Feb 09 2022 06:32 PM.

RANDY
Re: PayPal tax report
It's for sale #775827 Fri Mar 11 2022 11:34 AM
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Re: PayPal tax report
It's for sale #775954 Mon Mar 14 2022 09:04 AM
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great article...thanks for posting.


Alan
Collecting MN and Minneapolis gas and oil related items
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