get ready for phase one of biden's new tax laws.🍆🍆🍆

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03-08-2021, 01:34 AM
mulva

1 Attachment(s)

get ready for phase one of biden's new tax laws.🍆🍆🍆

buried deep in the ridiculously padded covid bill is something that will make peeps pay taxes on what they sell in their respective platforms.

in most states you get an allowable 20k threshold with 200 transactions kind of thing, or something like that. under this new provision it's gonna be $600 for everyone across the board. in one example of this is if you sell shit on the bay, and once it goes over 6 bills you have to pay the tax man.

pretty sure this hits biden's desk on the 14th

we really need to find out which politician pushed this into the bill.......these taxes are expected to generate over 8 billion in ten years

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902
03-08-2021, 02:16 AM
garrett

Quote:

Originally Posted by mulva

buried deep in the ridiculously padded covid bill is something that will make peeps pay taxes on what they sell in their respective platforms.

in most states you get an allowable 20k threshold with 200 transactions kind of thing, or something like that. under this new provision it's gonna be $600 for everyone across the board. in one example of this is if you sell shit on the bay, and once it goes over 6 bills you have to pay the tax man.

pretty sure this hits biden's desk on the 14th

we really need to find out which politician pushed this into the bill.......these taxes are expected to generate over 8 billion in ten years

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902

$600+ is also the line in which a DFS site will give you a 1099MISC

That means you've profited, after buy-ins more then $600+. Also I think in Casinos do this too regarding the W2G (Certain Gambling Winnings) form, it comes with that $600+ bar too or close. This is normal, if your profiting, even if you don't file or report it in this case the sites are going to by Law whether you like it or not. Such is life in the Regulated world really =)...

I've had years where I had W2G's/1099MISC/W2s and i made more money in 'Gambling' then I did actually working. That was maybe a little point in time where for me, at least I was like oh.. This 'gambling' thing is starting to become a Tax thing now haha. That is probably when I realized at least a little, that I was a 'Gambler' lol. I realized it was probably a little bigger part of my life then i usually realized, IDK...
03-08-2021, 02:31 AM
Walter Sobchak

Quote:

Originally Posted by garrett

Quote:

Originally Posted by mulva

buried deep in the ridiculously padded covid bill is something that will make peeps pay taxes on what they sell in their respective platforms.

in most states you get an allowable 20k threshold with 200 transactions kind of thing, or something like that. under this new provision it's gonna be $600 for everyone across the board. in one example of this is if you sell shit on the bay, and once it goes over 6 bills you have to pay the tax man.

pretty sure this hits biden's desk on the 14th

we really need to find out which politician pushed this into the bill.......these taxes are expected to generate over 8 billion in ten years

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902

$600+ is also the line in which a DFS site will give you a 1099MISC

That means you've profited, after buy-ins more then $600+. Also I think in Casinos do this too regarding the W2G (Certain Gambling Winnings) form, it comes with that $600+ bar too or close. This is normal, if your profiting, even if you don't file or report it in this case the sites are going to by Law whether you like it or not. Such is life in the Regulated world really =)...

I've had years where I had W2G's/1099MISC/W2s and i made more money in 'Gambling' then I did actually working. That was maybe a little point in time where for me, at least I was like oh.. This 'gambling' thing is starting to become a Tax thing now haha. That is probably when I realized at least a little, that I was a 'Gambler' lol. I realized it was probably a little bigger part of my life then i usually realized, IDK...

Exactly. You make more than $600 or $1,200 anywhere else, they have to give you a 1099 or W2G or whatever other tax form. Selling stuff online was a loophole. This just brings online sellers in line with other types of home-based businesses.

Once upon a time when e-commerce platforms sold things on the internet they didn't have to pay state sales tax. That loophole was closed, and the e-commerce platforms screamed about it. Tough shit. You don't get to evade taxes just by being online.
03-08-2021, 05:36 AM
mickeycrimm

Machines have had a $1200 threshold for a W2-G since the 70's. The IRS may be moving it up to 5K in the near future. The $600 rule for poker tournaments has been misapplied by many casinos. The regulation states both these conditions must be met:

The cashout must be $600 or more and it must be 300 times the buy-in to issue a W2-G.

If the buy-in is $50 and you cash for $1000 that is only 20X and you shouldn't get a W2-G. But a lot of casino personnel fuck this one up and issue them anyway if the cash is $600 or more.
03-08-2021, 07:16 AM
Avon Barksdale

1 Attachment(s)

Quote:

Originally Posted by mulva

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902

Already happening. Gas prices in LA.
03-08-2021, 07:18 AM
dwai

gas up a dollar here already, thanks Biden
03-08-2021, 07:36 AM
garrett

Quote:

Originally Posted by Avon Barksdale

Quote:

Originally Posted by mulva

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902

Already happening. Gas prices in LA.

This isn't representative of who our President is now, and only been for what a month.

Prices up is lol gougey imo, but without getting all Economical we get most of our Oil from Venezuela and the Middle East mostly, oh and Canada. So this actually probably has to do with some bigger picture things of course, then just which side of the aisle our current, and only one Month President is. I hope you actually dont think like this, but I know people think this Basic so idk...
03-08-2021, 12:46 PM
Walter Sobchak

Quote:

Originally Posted by mickeycrimm

Machines have had a $1200 threshold for a W2-G since the 70's. The IRS may be moving it up to 5K in the near future. The $600 rule for poker tournaments has been misapplied by many casinos. The regulation states both these conditions must be met:

The cashout must be $600 or more and it must be 300 times the buy-in to issue a W2-G.

If the buy-in is $50 and you cash for $1000 that is only 20X and you shouldn't get a W2-G. But a lot of casino personnel fuck this one up and issue them anyway if the cash is $600 or more.

They really do need to move up those limits as they are absurdly low nowadays and I don't see how it can be worth the IRS's time to follow up if people don't self-report. But whatever the limits are they should be consistent and the employees should know how to implement them.
03-08-2021, 02:06 PM
Jayjami

Quote:

Originally Posted by dwai

gas up a dollar here already, thanks Biden

It’s the state, not the federal, government that is responsible for the high gas prices in California. There are a multitude of worldwide factors that affect gas prices. Government policy is only one of them. Here’s why prices have risen nationally:

https://www.reuters.com/article/us-e...-idUSKBN2AF1QV

If terrorists really wanted to hurt America, blowing up all the refineries in Houston would do the job.
03-08-2021, 07:47 PM
mulva

1 Attachment(s)

Quote:

Originally Posted by Jayjami

Quote:

Originally Posted by dwai

gas up a dollar here already, thanks Biden

It’s the state, not the federal, government that is responsible for the high gas prices in California. There are a multitude of worldwide factors that affect gas prices. Government policy is only one of them. Here’s why prices have risen nationally:

https://www.reuters.com/article/us-e...-idUSKBN2AF1QV

If terrorists really wanted to hurt America, blowing up all the refineries in Houston would do the job.

by terrorists do you mean antifa or blm?
03-08-2021, 08:19 PM
mulva

what i find oddly bizzare is that it seems like people have quite a bit of disposable income for being under lock and key the past year.

seems like it should be the opposite and spending of this nature should be slowed or stopped. but we're coming out of it now, and peeps might spend even more somehow.

shit is gonna tumble soon with inflation and tax.

biden hasn't done anything to help the average us citizen. everything the dude touches he turns to shit
03-08-2021, 11:51 PM
garrett

Quote:

Originally Posted by mulva

what i find oddly bizzare is that it seems like people have quite a bit of disposable income for being under lock and key the past year.

seems like it should be the opposite and spending of this nature should be slowed or stopped. but we're coming out of it now, and peeps might spend even more somehow.

shit is gonna tumble soon with inflation and tax.

biden hasn't done anything to help the average us citizen. everything the dude touches he turns to shit

lol being under Lock and Key is probably actually contributing to this all now...

And importantly until this week, people were also benefitting from the Stock Market being at record highs, so things in more ways then one have been working in this favor more recently. But Reality check is, we have really actually now, and are about to again, Printed so much money, with that comes negative consequences. Like Interest Rates will be going up for sure in the next bit here or few years for sure. We have to pay for this money burn down the road, some way =)....

Times are clearly different atm, and from all of this business and Company's are going to learn how to run maybe a more lean, scaled down business approach wise. Telehealth or at home Nursing and things may become more the norm now. Not everything HAS to go thru a Brick and Mortar Store perse, but in the past year I think we as a whole, Society, have learned to live and function just the same but maybe with less of a Carbon Footprint. But no doubt about it, times are changing as we speak from a Societal standpoint, for sure....
03-09-2021, 08:29 AM
Jayjami

Quote:

Originally Posted by mulva

Quote:

Originally Posted by Jayjami

It’s the state, not the federal, government that is responsible for the high gas prices in California. There are a multitude of worldwide factors that affect gas prices. Government policy is only one of them. Here’s why prices have risen nationally:

https://www.reuters.com/article/us-e...-idUSKBN2AF1QV

If terrorists really wanted to hurt America, blowing up all the refineries in Houston would do the job.

by terrorists do you mean antifa or blm?

Lol no. Antifa and BLM are amateurs. I was thinking more like Timothy McVeigh. You know, the guy who murdered pre-schoolers to bring attention and sympathy to his cause.
03-09-2021, 12:19 PM
duped_samaritan

4 Attachment(s)

Quote:

Originally Posted by Avon Barksdale

Quote:

Originally Posted by mulva

biden is killing it. the dude just keeps making america gr8........i can't wait for 5 dollar for a gallon a gas again...

https://www.politico.com/news/2021/0...-losers-473902

Already happening. Gas prices in LA.

Looks like someone found (or took themselves) a picture of a well known super over priced LA gas station that's been this way for years to dupe people into thinking it represented something close to the average price of gas. And those people posted it and duped more people, and then those people reposted it and duped more people. And you're one of those people.

Chevron
901 N Alameda St
Los Angeles, CA

https://www.yelp.com/biz/chevron-los-angeles-8
https://www.gasbuddy.com/station/10869
https://www.google.com/maps/place/Ch...372753!9m1!1b1
03-09-2021, 02:00 PM
BlunderMaker

Quote:

Originally Posted by Walter Sobchak

Exactly. You make more than $600 or $1,200 anywhere else, they have to give you a 1099 or W2G or whatever other tax form. Selling stuff online was a loophole. This just brings online sellers in line with other types of home-based businesses.

Once upon a time when e-commerce platforms sold things on the internet they didn't have to pay state sales tax. That loophole was closed, and the e-commerce platforms screamed about it. Tough shit. You don't get to evade taxes just by being online.

I want more tax loopholes, not less.
03-09-2021, 03:59 PM
mulva

Quote:

Originally Posted by BlunderMaker

Quote:

Originally Posted by Walter Sobchak

Exactly. You make more than $600 or $1,200 anywhere else, they have to give you a 1099 or W2G or whatever other tax form. Selling stuff online was a loophole. This just brings online sellers in line with other types of home-based businesses.

Once upon a time when e-commerce platforms sold things on the internet they didn't have to pay state sales tax. That loophole was closed, and the e-commerce platforms screamed about it. Tough shit. You don't get to evade taxes just by being online.

I want more tax loopholes, not less.

i'm waiting for a new window rebate thing a gigy. don't get me wrong, biden is sill a tool, but saving a large amount on certain windows would be a plus for me, since i have 30 of them and each is as bigger than a 60" flatscreen.

i've received some estimates so high that i could practically buy a new condo or house
03-10-2021, 07:35 PM
mulva

really would love to see any news outlet or honest person do a breakdown of everything that's padded into the covid bill.

what was put into it needs to be discussed before it becomes law.

so scummy and criminal the democrats. i mean really,..how can anyone stand behind this blatant manipulation and awfulness.
03-10-2021, 11:29 PM
Walter Sobchak

Quote:

Originally Posted by mulva

what i find oddly bizzare is that it seems like people have quite a bit of disposable income for being under lock and key the past year.

seems like it should be the opposite and spending of this nature should be slowed or stopped. but we're coming out of it now, and peeps might spend even more somehow.

shit is gonna tumble soon with inflation and tax.

biden hasn't done anything to help the average us citizen. everything the dude touches he turns to shit

I think people have spending habits or impulse buys and they don't realize how much it adds up. Just think of all the people who aren't walking by a Starbucks every day on their way to an office and how many $6 coffees they're not buying. All the vacations that aren't being taken. When most of the country has been vaccinated people are going to be making it rain like an NBA player at a strip club.
03-10-2021, 11:49 PM
gut

Quote:

Originally Posted by Walter Sobchak

Quote:

Originally Posted by mulva

what i find oddly bizzare is that it seems like people have quite a bit of disposable income for being under lock and key the past year.

seems like it should be the opposite and spending of this nature should be slowed or stopped. but we're coming out of it now, and peeps might spend even more somehow.

shit is gonna tumble soon with inflation and tax.

biden hasn't done anything to help the average us citizen. everything the dude touches he turns to shit

I think people have spending habits or impulse buys and they don't realize how much it adds up. Just think of all the people who aren't walking by a Starbucks every day on their way to an office and how many $6 coffees they're not buying. All the vacations that aren't being taken. When most of the country has been vaccinated people are going to be making it rain like an NBA player at a strip club.

:this

As someone who is more of a spender on "fun times/experiences" than "things/toys/home stuff", I've saved more this past year than any other recent year. There were no trips to Vegas, no Seattle baseball vacations, etc.....and its not like I could go out to bars locally. Netflix + video games is a great way to save money.