IRS Puts “Hold” on $600 Reporting Rule

Let's not veer off too far into politics and keep this on topic for how it effects commerce on this forum and knives, specifically.

(I'm sure that few, if any, of us are happy with the way this matter has been handled at any level...whether government or corporate.)
 
Blues said:
Let's not veer off too far into politics and keep this on topic for how it effects commerce on this forum and knives, specifically.

(I'm sure that few, if any, of us are happy with the way this matter has been handled at any level...whether government or corporate.)
Click to expand...

👍
 
Crag the Brewer said:
I might of come across as harsh....I understand, and apologize....

My views are that it's NOT a good thing.
Our shity government shouldn't be able to string along it's people with flippant views/laws..

Then at the Last minute back off.

That's OPPRESSION.
Them controlling us.
It's passive, but They controlled the population for over two years. We did exactly what they wanted. Out of fear

We should Not be thankful, we Should Be Angry!!!

Who do They think they are. How dare they.
The people shouldn't be afraid of it's gov. That's just wrong .


*My opinion.
I don't like tricks and shenanigans
Click to expand...
👍
Blues said:
Let's not veer off too far into politics and keep this on topic for how it effects commerce on this forum and knives, specifically.

(I'm sure that few, if any, of us are happy with the way this matter has been handled at any level...whether government or corporate.)
Click to expand...

👍
 
Should make things a lot easier for me come tax season. I have been selling G&S and documenting as best I could, but was not sure exactly how it would play out with the accountant.
Now it should not be a problem
Problem = taxes
 
Crag the Brewer said:
I might of come across as harsh....I understand, and apologize....

My views are that it's NOT a good thing.
Our shity government shouldn't be able to string along it's people with flippant views/laws..

Then at the Last minute back off.

That's OPPRESSION.
Them controlling us.
It's passive, but They controlled the population for over two years. We did exactly what they wanted. Out of fear

We should Not be thankful, we Should Be Angry!!!

Who do They think they are. How dare they.
The people shouldn't be afraid of it's gov. That's just wrong .


*My opinion.
I don't like tricks and shenanigans
Click to expand...
Agreed brother.
 
Between PP and ebay, got about $3800 in 1099Ks for last year (of which only a small amount is taxable), and as usual, I'm doing my taxes with the H&R Block software. For Federal, when I get to the section for 1099Ks, it lets me enter the info and adjusts my refund accordingly, even though I am well below the $20k threshold. No errors or notes saying anything about the $20k threshold. Very odd.

One good thing though is that it's much easier to enter than previous years. No more Schedule C...you just enter the 1099 info, and then enter the lump sum cost of goods sold. Before you had to break out initial cost, various fees, shipping, etc.
 
jlauffer said:
Between PP and ebay, got about $3800 in 1099Ks for last year (of which only a small amount is taxable), and as usual, I'm doing my taxes with the H&R Block software. For Federal, when I get to the section for 1099Ks, it lets me enter the info and adjusts my refund accordingly, even though I am well below the $20k threshold. No errors or notes saying anything about the $20k threshold. Very odd.

One good thing though is that it's much easier to enter than previous years. No more Schedule C...you just enter the 1099 info, and then enter the lump sum cost of goods sold. Before you had to break out initial cost, various fees, shipping, etc.
Click to expand...
Hopefully TurboTax does the same. I'm still seething about having to do so much bookkeeping for my hobby, but anything to make it a bit easier.
 
jlauffer said:
Between PP and ebay, got about $3800 in 1099Ks for last year (of which only a small amount is taxable), and as usual, I'm doing my taxes with the H&R Block software. For Federal, when I get to the section for 1099Ks, it lets me enter the info and adjusts my refund accordingly, even though I am well below the $20k threshold. No errors or notes saying anything about the $20k threshold. Very odd.

One good thing though is that it's much easier to enter than previous years. No more Schedule C...you just enter the 1099 info, and then enter the lump sum cost of goods sold. Before you had to break out initial cost, various fees, shipping, etc.
Click to expand...

I think I screwed mine up and just submitted my return yesterday. I used H&R Block. I just revisited my return and It charged me tax on my hobby expense. I did subtract expenses, but should not have had any taxes taken out. Need to decide if it is worth submitting a corrected return. I think I should have marked it as non-taxable income instead of a hobby.

Edit: I should have played around with that section a little before finalizing...
 
madcap_magician said:
Hopefully TurboTax does the same. I'm still seething about having to do so much bookkeeping for my hobby, but anything to make it a bit easier.
Click to expand...

Vaporstang said:
I think I screwed mine up and just submitted my return yesterday. I used H&R Block. I just revisited my return and It charged me tax on my hobby expense. I did subtract expenses, but should not have had any taxes taken out. Need to decide if it is worth submitting a corrected return. I think I should have marked it as non-taxable income instead of a hobby.

Edit: I should have played around with that section a little before finalizing...
Click to expand...

Another oddity. I went back into the Federal and deleted the 1099s to put my refund back where it belongs. But when I went back into the State and went through the steps, it completely skipped over that portion. But since I had already entered the info before, it was still there on the actual form. So the way the software seems to be set up, if you don't enter that info into the Fed, it doesn't bother asking about it when you get to the State, even though many states have already been doing the $600 thing.
 
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