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

[WolverineX]

7 hours ago, Randall Ries said:

Yes, but the nutjob is jailed immediately. I haven't seen nutjob 1 ever being released on their own recognizance. Or go on a book tour pre-trial. Or get on social media claiming "Fake News!"

Between you and I? Every nutjob that gets arrested in that circumstance I pretty much consider them guilty. And as far as I know, I'm batting 1000. No one will even take my bets! "Bet Dylann Roof is guilty! Betcha ANYTHING!"

As far as comics go, it's big business now. Everything is credit card, Venmo and PayPal. Have to figure that in the future, there will be even MORE electronic payment options. Cash is almost virtually impossible to use in these situations. When comic conventions become safe again, cash will be the best way to go.

Perhaps those resisting the tax paying idea can get a doctor note signed saying that comic books to them are an emotional support tool. Without them, they will be "anxious", "nervous", susceptible to panic attacks.

But seriously, folks. You are gonna have to pay. Who do you think you are? It's not as if you are Jeff Bezos or something.

Yup, you are not rich enough to not pay tax.  The uber rich know the game of "tax avoidance".... pretty much tax evasion but legal. 

Edited July 11, 2021 by Wolverinex

[shadroch]

2 hours ago, BigLeagueCHEW said:

Next will be a 1099 for your used car you sell to a private party, or trade into a dealer, yard sale profit, etc. 

If you made a profit from the sale, why wouldn't you owe taxes? 

[ttfitz]

4 hours ago, BigLeagueCHEW said:

Next will be a 1099 for your used car you sell to a private party, or trade into a dealer, yard sale profit, etc. 

Don't know about other states, but here in Virginia if you buy a used car from a private party you pay sales tax on the purchase when you go to register the car.

[Xenosmilus]

Worse, we'll start having to charge sales tax on each other.  I mean all the people who seem to be OK with this are forgetting that we may have to start doing that as well.  The IRS might be like, OK you may or may not have made a profit on this sale so where is the sales tax.

[Randall Ries]

3 hours ago, Wolverinex said:

Yup, you are not rich enough to not pay tax.  The uber rich know the game of "tax avoidance".... pretty much tax evasion but legal. 

Some people are about to find out it ISN'T legal. The Uber-Rich have loopholes regular people don't qualify for. Coincidence? No. Then, they suck up to the government - bribe them - and they get tax forebearance or forgiveness. It's immoral. And we pay and pay. We pay for the wealthy. We pay for the unfortunate and utter deadbeats as well.

And really, what we need right now is for some people to do the right thing and make examples out of powerful people. They did Bernard Madoff. They need to do much MUCH more. The morale here is very low. There are still good people who need their faith restored.

What we do well to remember is that the country was founded by tax evading, drunken farmers. Land stealing, culture killing grifters claiming they were looking for religious freedom, freedom from "tyranny" and the desire to be self determining. Sounds lofty. But it isn't true. The country has changed very little since then.

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!

[Randall Ries]

17 hours ago, HotKey said:

Filing an LLC is less than $100 just about everywhere and shifts the tax burden to your LLC, removing your income bracket as a factor in the tax equation. 

Or so I've been told by multiple people with business tax knowledge. 

Yeah but then you wind up filing twice. Once for your business or partnership and one more for your personal.

[WolverineX]

31 minutes ago, Randall Ries said:

Some people are about to find out it ISN'T legal. The Uber-Rich have loopholes regular people don't qualify for. Coincidence? No. Then, they suck up to the government - bribe them - and they get tax forebearance or forgiveness. It's immoral. And we pay and pay. We pay for the wealthy. We pay for the unfortunate and utter deadbeats as well.

And really, what we need right now is for some people to do the right thing and make examples out of powerful people. They did Bernard Madoff. They need to do much MUCH more. The morale here is very low. There are still good people who need their faith restored.

What we do well to remember is that the country was founded by tax evading, drunken farmers. Land stealing, culture killing grifters claiming they were looking for religious freedom, freedom from "tyranny" and the desire to be self determining. Sounds lofty. But it isn't true. The country has changed very little since then.

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!

Absolutely, it's so corrupt. Hard not to be cynical.  

 

 

 

 

Edited July 12, 2021 by Wolverinex

[WolverineX]

We've become brave new world.  Truth gets lost in the deluge of constant unending news, fake news, and narcissism( 24 hr news cycle,  social media,  etc).   It's not that the truth isn't there, it's just that no one cares.  

Edited July 12, 2021 by Wolverinex

[WolverineX]

39 minutes ago, Randall Ries said:

What we do well to remember is that the country was founded by tax evading, drunken farmers. Land stealing, culture killing grifters claiming they were looking for religious freedom, freedom from "tyranny" and the desire to be self determining. Sounds lofty. But it isn't true. The country has changed very little since then.

 

Ha , what people don't remember is that our founding fathers were concerned about printing fiat out of nothing... (the original continental currency had hyperinflation) so in the original constitution only gold and silver were allowed as currency since there is a finite amount.  Look it up. 

Income tax doesn't even show up until the 16th amendment.... 

Edited July 12, 2021 by Wolverinex

[Randall Ries]

13 minutes ago, Wolverinex said:

Ha what people don't remember is that our founding fathers were concerned that central banks would become too powerful,  so in the original constitution only gold and silver were allowed as currency since there is a finite amount.  Look it up. 

Income tax doesn't even show up until the 16th amendment.... 

Well that's right. And it was supposed to be a temporary measure to help fund the Civil War, if I remember correctly. I guess the founding fathers never considered that banks and government would start sleeping with each other.

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.

But you know. After a lot of publicity and people drawing up sides, the Secret Service came around, arrested them and they were sentenced to 40 years in prison each for tax evasion. They were both in their sixties. No judge would hear their case or consider the evidence that collecting income tax is indeed illegal.

We went off the gold standard in what, 1973? Nothing backing money up now. Some suspect Fort Knox has zero gold, now. That belonged to the People that gold did. And that - like everything else - was stolen from us.

[Randall Ries]

29 minutes ago, Wolverinex said:

We've become brave new world.  Truth gets lost in the deluge of constant unending news, fake news, and narcissism( 24 hr news cycle,  social media,  etc).   It's not that the truth isn't there, it's just that no one cares.  

I wonder if they would care if they could discern what the truth IS. I admit these days are hard to deal with. Lots of stress. Schoolyard antics from grown adults who are supposed to represent us. Their tactics are obvious and infantile but people fall for it or play along. Not even sure what they are supporting. Contradicting themselves and changing the narrative when they get reasoned into a corner.

I care. I keep hoping to see some sort of closure. A measure of righteous judgment handed out. But it's like a soap opera. It's never ending. Going from one subject to the next. Money is all anyone talks about and it's becoming worthless. People not working choosing NOT to. Money is becoming worthless. Pointless. No motivation anymore. The plague really changed things. And I think the timeout we had made people realize that "Hey. We HATED the treadmill and the rat race. Being used like paid slaves. Making OTHER people's dreams come true. Making other people WEALTHY while WE barely get by."

Well, it isn't as stark as all THAT but I think people started realizing it simply isn't worth the effort anymore if they aren't going to reap a whole lot more satisfaction and reward. They just needed that sudden break to be able to take stock and actually THINK about stuff.

[Professor K]

On 7/11/2021 at 10:04 PM, Randall Ries said:

Well that's right. And it was supposed to be a temporary measure to help fund the Civil War, if I remember correctly. I guess the founding fathers never considered that banks and government would start sleeping with each other.

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.

But you know. After a lot of publicity and people drawing up sides, the Secret Service came around, arrested them and they were sentenced to 40 years in prison each for tax evasion. They were both in their sixties. No judge would hear their case or consider the evidence that collecting income tax is indeed illegal.

We went off the gold standard in what, 1973? Nothing backing money up now. Some suspect Fort Knox has zero gold, now. That belonged to the People that gold did. And that - like everything else - was stolen from us.

Yep, the banks and government started sleeping together long before we were born. In reality the banks own the governments is more a precise assessment but I'll say no more here about that.

I'm all for avoiding taxes because I know those trillions per year in taxes go to the money printers and not to "run the country" as we have been told. If I thought the tax money was going to be used to help my fellow citizens I would be more willing to pay, but,  the trillions in federal income tax basically pays toward the interest of the debt but not toward the capital.  I will never understand why nearly every country in the world uses this system and continues to use this system . But as a matter of self preservation I pay what I have to.

To backtrack a little , let's say I paid 20,000 USD for 20 comics in 2019 and sold those 20 comics in 2020 for 30,000. Well if I don't do my taxes correctly when the I R S figures it out they are coming after me for taxes on 30,000 personal income.  ( I found this out the hard way a few years back). So here is my recommendation for everyone here who is not a registered business and is just a person having fun collecting collectables:

Go to an accountant and get your taxes done. Regarding the 1099 I deduct 50% of what I sold the books for ( I usually always paid more than 50% but I claim 50% just to keep them off back back in the future as I fear claiming more than 50% will not be accepted by the I R S which could then lead to a whole lot of misery).

I deduct 14% of the amount on the 1099 for fees paid to the auction site/house. And I deduct 15.00 per every item I sold for shipping cost.

So if I sold 100 comics for 10,000 (which I paid pretty much 10,000 for) I deduct 5,000 for the comics, 1,400 for auction fees, and 1,500 for shipping. I pay tax on the balance and I send them a cashiers check for that amount with my tax "return" papers. I don't wait for them to accept it, I send the money with the return.

So far they have always accepted this. I'm not saying this is the best way to do it but It's waht I do. 

 

 

Edited July 17, 2021 by Professor Chaos

[theCapraAegagrus]

#TaxationIsTheft

[Randall Ries]

8 hours ago, Professor Chaos said:

Yep, the banks and government started sleeping together long before we were born. In reality the banks own the governments is more a precise assessment but I'll say no more here about that.

I'm all for avoiding taxes because I know those trillions per year in taxes go to the money printers and not to "run the country" as we have been told. If I thought the tax money was going to be used to help my fellow citizens I would be more willing to pay, but,  the trillions in federal income tax basically pays toward the interest of the debt but not toward the capital.  I will never understand why nearly every country in the world uses this system and continues to use this system . But as a matter of self preservation I pay what I have to.

To backtrack a little , let's say I paid 20,000 USD for 20 comics in 2019 and sold those 20 comics in 2020 for 30,000. Well if I don't do my taxes correctly when the I R S figures it out they are coming after me for taxes on 30,000 personal income.  ( I found this out the hard way a few years back). So here is my recommendation for everyone here who is not a registered business and is just a person having fun collecting collectables:

Go to an accountant and get your taxes done. Regarding the 1099 I deduct 50% for what I sold the books for ( I usually always paid more than 50% but I claim 50% just to keep them off back back in the future as I fear claiming more than 50% will not be accepted by the I R S).

I deduct 14% of the amount on the 1099 for fees paid to the auction site/house. And I deduct 15.00 per every item I sold for shipping cost.

So if I sold 100 comics for 10,000 (which I paid pretty much 10,000 for) I deduct 5,000 for the comics, 1,400 for auction fees, and 1,500 for shipping. I pay tax on the balance and I send them a cashiers check for that amount with my tax "return" papers. I don't wait for them to accept it, I send the money with the return.

So far they have always accepted this. I'm not saying this is the best way to do it but It's what I do. 

 

 

This is exactly right. As a small biz, an accountant is key. As a comic buyer and seller, do your math. And pay your taxes. Grouse and complain. Rend your outer garments. Jump. Shout. Knock yourself out. Although taxation is illegal, they aren't going to start with us to set a new precedent. The peasants ALWAYS pay. Throughout history. Till now. Like it's hardwired into the species. Poor man last. Rich man first.

 

 

[BigLeagueCHEW]

16 hours ago, shadroch said:

If you made a profit from the sale, why wouldn't you owe taxes? 

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.

Edited July 12, 2021 by BigLeagueCHEW

[BigLeagueCHEW]

14 hours ago, ttfitz said:

Don't know about other states, but here in Virginia if you buy a used car from a private party you pay sales tax on the purchase when you go to register the car.

Same in CA, but the seller doesn't pay taxes, only the buyer. We'll see how long that lasts before they tax both parties.

[shadroch]

Just now, BigLeagueCHEW said:

Same in CA, but the seller doesn't pay taxes, only the buyer. We'll see how long that lasts before they tax both parties.

What income taxes does a buyer pay?  If you pay $20,000 for a car and sell it for $5,000 ,you owe  no federal taxes. If you bought it for $500 and sell it for $3,000, you owe income tax on the profit. 

I think you are talking about sales tax or a registration fee.

[BigLeagueCHEW]

12 minutes ago, shadroch said:

What income taxes does a buyer pay?  If you pay $20,000 for a car and sell it for $5,000 ,you owe  no federal taxes. If you bought it for $500 and sell it for $3,000, you owe income tax on the profit. 

I think you are talking about sales tax or a registration fee.

I see what you are saying, your at a loss on the sale from original purchase. 20K >5K.

[skypinkblu]

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;) 

 

[shadroch]

Buy a sports franchise. Even the smallest one gives you writeoffs you won't think possible.