Exactly… this law is just like when Congress has spent probably hundreds of thousands of tax payer dollars to “Reaffirm the national motto”… several times since it was already affirmed as the national motto decades ago.
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Honestly, I feel this thread has gotten out of hand. If you sell something for profit, it’s taxable. This isn’t new. This isn’t some government conspiracy to get your money. Would you be complaining if they said hey, if you lose money, we don’t care and you can’t also utilize that on your tax return?
Like I said, I don’t agree with all the taxation, nor disagree with all the taxation. This is not a new thing nor should it be surprising. Are people actually thinking that they can make money and not be liable for taxes? Having a LLC has nothing to do with the topic at hand.
This will most likely be my last comment on this topic, as I don’t feel I can provide any more clarity. Do not ask me for my opinions or advice on this topic here in public, as for many reasons, it won’t happen.
Have a good evening, and may your taxes ever be in your favor.
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I would also advise that these forums are also public. Members may want to be careful of what is said publicly on an open forum that all can see. Once it’s on the internet, it’s set in stone for the most part.
Not saying the IRS is gonna ever see your posts here but ya can never be too careful if you do get audited and they start digging through your history. I’ve known people who got audited, tried to claim ignorance and then it came back to bite them cause the IRS proved they did know better.
Cheers.
Oh yea I can see in 2022 I will have a diamond account and ordering my own regular issues from there and then still buying ratios from Tfaw because I don’t want to get stuck with 25-50 copies of the regular issue no one wants lol
No need to have an attitude. I don’t think anyone was asking for tax advice. Just on the differences between a dba & llc. I believe you’re the one who offered that you were an accountant or whatever your title is and your services via the forum.
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My only point, regardless of the “should have already” statement, is that most don’t. To deny that is utter folly.
And that fact will change the dynamics of Ebay; not just the comics section of Ebay either. That was the insight I was attempting to illustrate
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I didn’t read it as such myself. I actually kind of agree, seems like people are getting a little bent out of shape over this law that’s pretty much been a law already…
It’s like me reminding myself that I’m an adult, despite being considered an adult for the past 24 years after I turned 18… 
It was just the ending of it I was referring to. I agree with everything else. No one would be asking him any questions if he didn’t tell us not only his profession but offered his paid services as well.
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This def makes me lol, as I’ve read each comment more than once, nor was it directed at you in one bit. The point I was making is people are getting worked up about something that isn’t new, and adding the dba vs LLC, you basically agreed with my point of the nonsense but instead deflected it back at me.
Also, advice was asked, which I also didn’t comment on. Regardless of how something is worded, I can read between the lines and won’t entertain it with the member that asked.
As @agentpoyo said, there was no attitude intended, just that this thread is getting tiresome and could go down a very bad road very quickly is all.
Honestly surprised by the comment @ToddW , as I usually try to be as positive as possible, and only with good intentions. With that, my comments still followed suit. If you took it that way, my apologies, as that wasn’t what I was doing. The topic started going on the “broken record” route, and as somebody who enjoys being here, I was hoping to end that.
Either way, I do wish you the best, and have no intentions of being confrontational on the subject, just replying to your view and outlook to hopefully clear things up.
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No worries or hard feelings. It seemed you were bothered by questions being asked. Even just explaining the difference in those two items could be considered financial advice which you should be paid for first and foremost. I’m just grumpy.
@ToddW I feel you my man. In as few words as I can think of, I was just wanting to warn those to be careful or what they say, what advice they offer, and discourage certain comments. If I came off wrong, def not my intention. I love it here and love the CHU community, and was hoping to help for the better is all. I could have worded things better, and I can own that if so.
Wish I had an appropriate meme to help with the grumpy. Keep your head up man, we love you and are here for you. Always down to chat via DM or hell, over the phone my man.
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Topics in these forums are usually fine but sometimes people let their political ideologies seep into their commentary and then it becomes about more than the topic.
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I do agree it could go down a bad road.
I respectfully disagree with your assessment of this thread as tiresome.
I believe that there are many on this forum (and any ebay seller) who, as crazy as it may seem, do not report ebay sales. The assessment of they already should have been reporting is certainly valid; but the validity of what they should have been doing is not relevant if they continue to do the same thing going forward. That would not be a good.
I feel it needs to be crystal clear to pay attention to how this new clause in the covid bill will impact them. Many are not savvy and that nomenclature is buried in this Bill. No one will want to be caught at the end of 2022 with a 1099 stating they made $XXXXX amount via Ebay sales, when in previous years they did not get that form for the same amount.
How one chooses to adapt is their own choice.
Oh, not a doubt in the world people are not paying taxes according to law. That’s on them though and that’s why I said, tread carefully if you openly admit here on a public forum if you have not been “paying such taxes”. Like I said, when you get audited and you try and play ignorant, the IRS is going to investigate.
But I just find it kind of silly that people are appalled by this law of now mentioned $600 threshold when it was essentially already there before this bill.
This reminds me of the Honeymooners episode with Ralph Cramden thinking he forgot to claim the “one skinny chicken” he got from the raccoon club.
with so little new coverage, this goes into effect on jan 1st 2022. so people will go all of 2022 selling stuff and not holding back for taxes, than in feb of 2023 those 1099k roll out and every one gets a big wake up call
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I never reported my ebay sales because I never had to. I never made 20k in total sales during a calendar year. Assuming I continue on this trend 2021 will be the first time I will have to report sales since I already have gross sales totals of $9,678.49 since January 1st and its only mid march.
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have you done more than 200 sale transactions, you have to do both 20k and 200 separate sales.
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This kind of happened with the tax law changes a few years ago. The tax rate changed so that people got more in their paychecks each month…most thought it was great…Companies adjusted employees federal withholding numbers then come the end of the year turns out companies took out too much and people who had always had tax refunds suddenly found themselves owing taxes.
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