Biden & Dems Look To Squeeze More Taxes From You, Spy On Your Spending

[Wally]

This is designed to focus on the little guy using apps to make transactions. Anything over $600 a year will now be reported to the IRS. Anyone doing side gigs will get a 1099 for anything $600 as well so now the kid walking dogs for some extra cash is forced to file.

Democrats pushed this bill through with Zero Republican votes.

Payment apps will now have to report transactions to IRS

The IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed $600 in one year.

www.dailymail.co.uk

 

[PT Car Washer]

This is designed to focus on the little guy using apps to make transactions. Anything over $600 a year will now be reported to the IRS. Anyone doing side gigs will get a 1099 for anything $600 as well so now the kid walking dogs for some extra cash is forced to file.

Democrats pushed this bill through with Zero Republican votes.

Payment apps will now have to report transactions to IRS

The IRS is cracking down on payments made through third-party apps, requiring platforms like Venmo, PayPal and Cash App to report transactions if they exceed $600 in one year.

www.dailymail.co.uk

$600 to walk a dog? You live in Beverly Hills? Mostly about catching drug dealers.

 

[Lineandinitial]

Mostly about catching drug dealers.

Because most drug dealers only use Pay Pal, Venmo????
You should read more.
Some old lady in the government stated numerous times that there are transactions that are going untaxed. They’re after legitimate small businesses. Then, mysteriously the story dried up and the law just went into effect.

Try to pay the Mexican cutting your grass via PayPal!

FJB

 

[Up In Smoke]

Original law was signed by the Eisenhower/Nixon White House. Too many tax dollars are not being recorded properly. Legit business owners made to pick up the slack.

 

[Wally]

$600 to walk a dog? You live in Beverly Hills? Mostly about catching drug dealers.

Per year total. So now some local yokel tryng to earn a few bucks on the side has to file, pay state, local. And social security.

So much for dems being for the little guy and gal.

 

[DriveInDriѵeOut]

Per year total. So now some local yokel tryng to earn a few bucks on the side has to file, pay state, local. And social security.

So much for dems being for the little guy and gal.

It's just a pretense to give more power to the IRS.

We've seen how the Democrats weaponize it against conservatives.

 

[Wally]

It's just a pretense to give more power to the IRS.

We've seen how the Democrats weaponize it against conservatives.

Once they 1099 you, the state gets involved too. Pay up blue state liberals, you voted for this!

 

[Babagounj]

I'll have to start using these services to pay all of my local taxes.
Good way to keep all those hack employees honest.

 

[Up In Smoke]

Wanting to enforce laws that have been on the books for 60+ years and collect legit taxes is somehow now an attack on the little guy.

 

[Mr. Marshall]

Everyone I know on disability has a side hustle because disability does not pay enough so this will be trouble for them. My wife resells shoes etc. but we already file taxes on her earnings just because I like to complain about taxes so I feel I should actually pay them. That said we all knew there wasn't enough rich people to pay for everything so it's about time everyone starts paying their fair share.

 

[Wally]

Wanting to enforce laws that have been on the books for 60+ years and collect legit taxes is somehow now an attack on the little guy.

Tell that to the high school kid who's a babysitter who now gets a 1099.

 

[Wally]

Wanting to enforce laws that have been on the books for 60+ years and collect legit taxes is somehow now an attack on the little guy.

But yet the government is not interested in illegal's earning tax free and shipping a lot of it out of the US?

 

[Up In Smoke]

Tell that to the high school kid who's a babysitter who now gets a 1099.

A babysitter under the age of 18 is exempt from tax withholdings. After 18, I believe the threshold is around 12k before a 1099 would be required.

 

[oldngray]

 

[Up In Smoke]

But yet the government is not interested in illegal's earning tax free and shipping a lot of it out of the US?

Couldn't agree with you more. Clean up all cheaters and we could cut taxes on all wage earners.

 

[over9five]

View attachment 366703

 

[DriveInDriѵeOut]

Couldn't agree with you more. Clean up all cheaters and we could cut taxes on all wage earners.

The idea that this is about collecting taxes is laughable.

 

[Wally]

A babysitter under the age of 18 is exempt from tax withholdings. After 18, I believe the threshold is around 12k before a 1099 would be required.

Where is that in this new law?

 

[Up In Smoke]

It's not a new law, it's been on the books since the 50s.

 

[upsgrunt]

A babysitter under the age of 18 is exempt from tax withholdings. After 18, I believe the threshold is around 12k before a 1099 would be required.

At What Income Does a Minor Have to File an Income Tax Return?

Discover if your child needs to file taxes this year. Learn how to determine if their income requires a separate return or can be included in yours, based on detailed IRS guidelines.

turbotax.intuit.com

I believe you are wrong.

I still have kids on my phone plan that pay me their share via the cash app. Am I supposed to pay taxes on that reimbursement?