Starting to Get Obsessed
- Mar 2, 2020
Already is one. "Goods and services in kind." When I was a painter, if I traded my labor for something material or other labor I had to report it. My wife hated tax time. Receipts everywhere, hours spent going through the codes. Glad I'm retired and can now fill out the shorter forms.I am waiting for them to tax tobacco trades. Example, I send my good friend Jeb who lives in Washington a Plug of Condor and he sends me a tin of SG Broken Flake No:7. What is the net revenue effect of this transaction and who has gained? No doubt the IRS will soon have a calculator for this type of activity and a matching tax bill!
I once had a case in which a book keeper for a local company stole $400,000. 00 from her employer over about three years. She used her husband as a vendor and printed dozens of checks which he cashed. Neither received a single day in jail and, in fact, they were only obligated to pay back $119,000.00 ( they actually paid back about $5600.00). I thought " I'll call an Investigator at the IRS, that will fix them". They could not of cared less. I called the Ohio Department of taxation. Likewise, they were not interested in the least. Crime does pay.How is this surprising to anyone?
FYI, the IRS requires drug dealers to report their income from illegal dealings, corrupt politicians report income from bribes, and thieves report income from stolen goods (unless the goods were returned in the same tax year).
And that yard sale you had a little while ago? Don't get me started.
It appears that transactions using “Friends and Family” as in PayPal are specifically exempted. Good to know if you are doing a few pipe or tobacco trades with forum friends.Will Paypal send you a 1099 regardless of whether or not friends and family is used?
It's definitely possible to have two accounts. I have a personal one and business one that I used to use for eBay sales. All I did was use a different e-mail addresses and linked them to different accounts.I have always reported paypal income. The problem is having to go through and separate personal from business, which gets sticky, and I try to avoid it by not using it for personal, but…
PP won’t let me have two accts, so…. the year end sticky situation continues.
starting with just being alive. That's the very definition of something that just happened to us all.Actually it's no longer legal, but try and completely close the holes. This fits neatly into my universal theory of human interaction - People are loathe to give up an unearned advantage.
You don't even need to do that to make the process more arduous for the IRS. In 1985 I received a notice from the IRS that I was going to be audited for my 1983 taxes. 1983 was the first year that i had earned almost all of my income as a freelancer, filing a pile of 1099's.That is especially if you are. But even being able to hire one or two will make auditing more arduous and hence lower return for the IRS.