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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:20 pm to beauchristopher
Posted on 6/8/22 at 5:20 pm to beauchristopher
quote:
It's already been taxed, often twice.
"Money" is taxed constantly, the argument it has already been taxed is specious. The point a sale is made is a taxable event. If there is no profit there is no tax owed.
To Mingo or other tax professionals has the IRS provided a more streamlined way to report these small transactions vs doing a Schedule C? I have had a hobby hustle for years but it deals with 6 figures of reporting most years and I run it and file it just like a small business with a Schedule C et al.
1
Posted on 6/8/22 at 5:39 pm to Obtuse1
quote:
"Money" is taxed constantly, the argument it has already been taxed is specious. The point a sale is made is a taxable event. If there is no profit there is no tax owed.
I wasn't exactly arguing the idea of money being constantly taxed. I do understand this and am not complaining.
My point was a response to someone alluding to the idea that we are somehow not wanting to pay taxes. I am happy to pay all the taxes. I just don't want to have to file IRS if I don't even meet the minimum. I would still like to sell a few items.
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