Fear the 1099 or Please Pay me F&F 1 1

[blazingbob]

Nothing like Forum board accounting to ease my mind.  For some CPA means Can't Price Anything

Edited July 12, 2021 by blazingbob

[blazingbob]

And for others they look to Because Everyone Really Needs Income Equality.

[blazingbob]

My comedic posts are free,  no need to send me money since if I make money I'll have to declare it.  

[WolverineX]

2 hours ago, skypinkblu said:

I've been wondering if one of the next steps won't be getting rid of cash all together? It costs money to print it, to secure it, etc. It can be used to buy so many illegal items (drugs, guns, bribes, etc.). 

I'm waiting for the Government to decide that is the way to go, everyone paid in easily traceable lines of credit. Of course then they couldn't bribe each other so easily...and there is hacking...

But there is a huge underground economy. I have no doubt that wealthy people get away with loop holes, but if you take all the people working off the books, trading in cash, etc. Taxes will be lower if you capture those losses. It will outweigh the corporate cheats by massive numbers.

I've only bribed contractors with cookies...brownies, etc;) We may be going back to those times. I'll be available for baking lessons;) 

 

Could be possible. Printing  trillions of dollars could devalue the dollar to nothingness.... then boom the us backed " bitcoin "shows up.  Except trackable. 

 

Ofcourse that will be a while....

I do think as inflation ramps up,  interest rates will start increasing.... I've noticed recently that the central banks are hoarding cash...JP Morgan has 500 billion in cash.  They know the interest rates hikes are coming .

[Bookery]

16 hours ago, Randall Ries said:

But it's the way it is. And I hate to see it spill into what used to be a nice hobby. These boards are loaded with references to making MONEY and SELLING and HOT MARKET. Oh THIS auction and THAT auction! Record PRICES realized!

I bet a friend of mine that you were going to say that.  Woo-hoo!  I made 20 bucks!

[blazingbob]

2 minutes ago, Bookery said:

I bet a friend of mine that you were going to say that.  Woo-hoo!  I made 20 bucks!

1099 coming

Edited July 12, 2021 by blazingbob

[Professor K]

3 hours ago, BigLeagueCHEW said:

Technically you don't when you sell a car in California, only the buyer does. I am sure something is in the works to make both parties pay somewhere in the future.

Hey BigleagueCHEW, cool handle. I believe that's sales tax. If you sell a car even for a hundred bucks legally you are supposed to report it and "Pay Your Fair Share".

[WEBHEAD]

I still say  if your retired and want to sell books..... just do it  you most likely are in the less then 28% bracket.  Now if I find an Action #1  in a wall because someone used it for insulation and sell it to a dealer in a convention who gives me a 1099?   This really impacts dealers not the small collector

[Krismusic]

On 7/10/2021 at 12:26 AM, kav said:

I have had incredible success predicting books that will pop like FF annual 6, thor 134, FF 19, New gods 1, fornever people 1 etc and others and stocking up on them for a nest egg.  Now with the new tax situation it makes me want to burn all my books.  I can see me being stuck selling to LCS like the old days and getting shanked.  I do not like this sam I am.

Where’s the woodgod? 

[BigLeagueCHEW]

4 minutes ago, Professor Chaos said:

Hey BigleagueCHEW, cool handle. I believe that's sales tax. If you sell a car even for a hundred bucks legally you are supposed to report it and "Pay Your Fair Share".

[BigLeagueCHEW]

3 minutes ago, WEBHEAD said:

I still say  if your retired and want to sell books..... just do it  you most likely are in the less then 28% bracket.  Now if I find an Action #1  in a wall because someone used it for insulation and sell it to a dealer in a convention who gives me a 1099?   This really impacts dealers not the small collector

I remember that story, didn't the wife tear the back page off or almost off causing a major drop in grade 

[shadroch]

I feel like I stumbled into a taping of Drunken History.   The 16th Amendment was passed by Congress in 1909 and ratified by the states in 1913.

It might be that anyone who thinks it was passed to fund the Civil War is just a bit off on their facts.

[Professor K]

2 minutes ago, BigLeagueCHEW said:

What? What'd I say? I see now that someone else already said that was sales tax but a facepalm? As if I'm not already insecure enough.

[BigLeagueCHEW]

1 minute ago, Professor Chaos said:

What? What'd I say? I see now that someone else already said that was sales tax but a facepalm? As if I'm not already insecure enough.

LOL, I think we pay a fair share already to Uncle Sam.

[theCapraAegagrus]

5 minutes ago, BigLeagueCHEW said:

LOL, I think we pay more than a fair share already to Uncle Sam.

FTFY.

[ADAMANTIUM]

14 minutes ago, BigLeagueCHEW said:

18 minutes ago, Professor Chaos said:

What? What'd I say? I see now that someone else already said that was sales tax but a facepalm? As if I'm not already insecure enough.

LOL, I think we pay a fair share already to Uncle Sam.

[Professor K]

14 minutes ago, shadroch said:

I feel like I stumbled into a taping of Drunken History.   The 16th Amendment was passed by Congress in 1909 and ratified by the states in 1913.

It might be that anyone who thinks it was passed to fund the Civil War is just a bit off on their facts.

True but an income tax was also created at the beginning of the civil war. Throughout history currency acts like the federal reserve act and its predecessors always come around the same time as a large taxation act, follow by a nice big expensive war. 

an old yoo toob vid titled all wars are bankers wars explains it in detail. 

8 minutes ago, BigLeagueCHEW said:

LOL, I think we pay a fair share already to Uncle Sam.

Oh! I was quoting a famous president from a few years back. 8 years to be exact. Pay your fair share, (just don't ask to whom...cause they ain't sayin).

 

[Randall Ries]

1 hour ago, blazingbob said:

1099 coming

Yeah plus my cut. I copyrighted that statement. You'll be hearing from my attorney.

[ttfitz]

21 hours ago, Xenosmilus said:

The IRS might be like, OK you may or may not have made a profit on this sale so where is the sales tax.

There is no federal sales tax, so the IRS is not going to go after you for sales taxes.

19 hours ago, Wolverinex said:

...in the original constitution only gold and silver were allowed as currency since there is a finite amount.  Look it up. 

I did, and this is incorrect. From Article I, Section 10:

"No State shall ... make any Thing but gold and silver Coin a Tender in Payment of Debts" (emphasis added)

 

19 hours ago, Randall Ries said:

One of my neighbors decided to stop paying his taxes. Said they were unconstitutional and had been illegally collected since the Civil War. He and his wife were/are absolutely correct. Permanent taxation on income was never ratified into law.

This is also incorrect. From  Amendment XVI:

"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

9 hours ago, theCapraAegagrus said:

#TaxationIsTheft

Finally, this is also incorrect. And blatantly political, not that I care.

[Xenosmilus]

1 minute ago, ttfitz said:

"No State shall ... make any Thing