I know this is teethering into politics territory, but I wanted to bring awareness in case some members didn’t know. In the stimulus package that is sure to get signed on March 14, there is a provision in there that all online sellers (from eBay to Air BnB and rideshare) will have to report earnings that are made above $600.
While the main thing is to always pay your taxes, I also understand that some people make it through a calendar year under the current $20k threshold and don’t report what they make. If you want to continue selling into 2022, you’ll need to start reporting and most likely file for an LLC.
Here is an article where it talks about this potential but almost certain change:
I really want us to discuss what this could be for future online vendors. Will we have more people signing up or will people get scared to give out their SSN? Does this mean those of us that do get a bigger piece of the pie? Will some vendors stick to local shows and cash only?
Obviously, if we derail into attacking political leanings and each other, the mods will kill this post, so let’s avoid that