New Tax Reporting ($600 Threshold per year) and Consignments 21 21

[ADAMANTIUM]

On 3/14/2024 at 6:26 PM, NewWorldOrder said:

So what its a lot work?  boooo hoooo Welcome to my life

If you sell 5K worth of comics what do you think should happen nothing? Its not a lot of work especially on just 5K year

I dont understand what you are wanting to hear concerning this topic or are you just venting?

I mean what did you do if you sold items from any other tax year?

You are throwing in other factors.  Income levels then maybe that person doesnt have to pay then.  That is off topic side stuff.

Sorry can you translate that again for me, I dont speak pirate language. 

I'm trying to get YOU on track, welcome to when this thread got bumped. If you needed to catch up reading than ok, but I've tried for a full page of posts to tell you NO ONE IS TALKING about whatever you keep repeating.

Is it work? uhhuh, So is it still paying taxes? uh-HUH, so go read this page of posts and ask me "what I mean"  give me a break, this guy  

[ADAMANTIUM]

Spoiler Alert! No one is talking about dodging taxes other than newworldorder

You try to tell him no one is talking about that, he says a lot of information that is not the full picture of profit vs loss, because still no one is talking about about dodging taxes.

Then he gets it!

@NewWorldOrder "Well if no one is talking about dodging taxes, and only talking about needless underlying issues" "then where and who is talking about dodging taxes?" The answer is you newworldorder ONLY YOU

[NewWorldOrder]

On 3/14/2024 at 4:32 PM, ADAMANTIUM said:

Spoiler Alert! No one is talking about dodging taxes other than newworldorder

You try to tell him no one is talking about that, he says a lot of information that is not the full picture of profit vs loss, because still no one is talking about about dodging taxes.

Then he gets it!

@NewWorldOrder "Well if no one is talking about dodging taxes, and only talking about needless underlying issues" "then where and who is talking about dodging taxes?" The answer is you newworldorder ONLY YOU

Literally I was quoting what people said from yesterday.

Edited March 14 by NewWorldOrder

[WeR138]

On 3/14/2024 at 6:35 PM, NewWorldOrder said:

Literally I was quoting what people said from yesterday. 

Literally, you pretend to know who pays their taxes and who doesn't, based off of the posts they have made in this thread. It's getting old.

[ADAMANTIUM]

On 3/14/2024 at 6:35 PM, NewWorldOrder said:

Literally I was quoting what people said from yesterday. 

well I gave you the benefit of the doubt, but then you started asking how I filed, and rather than be rude to you because it is none of your business and it brought to mind that your were trying to be in "someone's business" but for the life of me I couldn't figure out who!  but you kept quoting me about things "I" wasn't discussing nor did I bring it up.

I didn't quote you, you quoted me.

Here is the benefit of the doubt, which could be cons crewed as you're not totally out to "get the someone point across!" 

I had nothing to do with it I assure you  

[ADAMANTIUM]

On 3/14/2024 at 6:39 PM, WeR138 said:

Literally, you pretend to know who pays their taxes and who doesn't, based off of the posts they have made in this thread. It's getting old.

I simply explained those that don't have to according to the law as this stated, I guess it is his cross to bear. But then why quote me and castigate me when I respond. I was polite I thought  

Edited March 14 by ADAMANTIUM

[NewWorldOrder]

On 3/14/2024 at 4:44 PM, ADAMANTIUM said:

I simple explained those that don't have to according to the law as this stated, I guess it is his cross to bear. But then why quote me, and castigate me when I respond. I was polite I thought  

What you just highlighted above is what people dont understand. That's my point.

 

 

 

[shadroch]

On 3/14/2024 at 12:34 PM, NewWorldOrder said:

What is the number #1 thing on the mind of every IRS employee that comes into work each day? 

Same as mostly all employees in history of the world.  "Whats the threshold for how long my lunch time is?"

The vast majority of the time they don't give 2 hoots about your $500 comic book.

Report the $500 on your taxes, and if you don't have the purchase paperwork from the year 1985 then give it your best college guess and call it life.  Not that hard.

Most audits are random. It won't matter if you reported $15,000 or $500,000.  If the return is targeted, you get audited.

[NewWorldOrder]

On 3/14/2024 at 4:50 PM, shadroch said:

Most audits are random. It won't matter if you reported $15,000 or $500,000.  If the return is targeted, you get audited.

Yes that is true.

[shadroch]

On 3/14/2024 at 4:50 PM, NewWorldOrder said:

Yes that is true.

Common ground

[NewWorldOrder]

On 3/14/2024 at 4:44 PM, ADAMANTIUM said:

I simply explained those that don't have to according to the law as this stated, I guess it is his cross to bear. But then why quote me and castigate me when I respond. I was polite I thought  

Castigate you?  Good Lord man I havent been able to have fun like that on the boards since 2009.

I wasnt even coming close to that level.  I assumed we were just having a conversation like people do over beers.

[NewWorldOrder]

On 3/14/2024 at 4:52 PM, shadroch said:

Common ground

hey nowwwwwwwww

[ADAMANTIUM]

On 3/14/2024 at 6:48 PM, NewWorldOrder said:

What you just highlighted above is what people dont understand. That's my point.

 

 

 

Cool! I get it. I was sticking to profit vs loss, because as skypinkblu said that the tax percentage for a hobby or something without taking out the deduction costs or what not, the percentage of just stating profits is higher.

I was reporting as those as well, in the past, because I don't have a lot sold save for recent or within a decade worth of pickups. I can't buy and deduct housing it for a year or shipping, or that wouldn't be a lot of decrease for me given any time period. It would for the cost of purchase and is where I hang my hat now

But I think the thread was on the verge of "brainstorming", which has given me at least "ideas" to ask a tax professional about  as just stating I got income of this much (and depending on volume) doesn't count for much deductions  

 

[ADAMANTIUM]

In short, there are certain deductions I thought that were beyond cost deductions, and when considering for profit sales.

Within a year those are certainly smaller, and usually the deduction for me and due to small volume of sales, I just do the income total. Ebay receipts come in handy if needed or considerable difference  in profit total.

I leave it to the professionals but brainstorming before going to H&R Block is good, so that when you ask those questions you already have what is needed. IDK it may help those who haven't done it often nor considered certain aspects to avenues  

[shadroch]

On 3/14/2024 at 4:56 PM, ADAMANTIUM said:

Cool! I get it. I was sticking to profit vs loss, because as skypinkblu said that the tax percentage for a hobby or something without taking out the deduction costs or what not, the percentage of just stating profits is higher.

I was reporting as those as well, in the past, because I don't have a lot sold save for recent or within a decade worth of pickups. I can't buy and deduct housing it for a year or shipping, or that wouldn't be a lot of decrease for me given any time period. It would for the cost of purchase and is where I hang my hat now

But I think the thread was on the verge of "brainstorming", which has given me at least "ideas" to ask a tax professional about  as just stating I got income of this much (and depending on volume) doesn't count for much deductions  

 

Do you have insurance? Did you drive to the convention? Pay admission? Did you buy a Mylar and board for it? Did you subscribe to GPA or another price guide? Did you drive to the PO when it was sold? These are all legitimate expenses that factor into the cost of your goods.

[NewWorldOrder]

On 3/14/2024 at 4:56 PM, ADAMANTIUM said:

Cool! I get it. I was sticking to profit vs loss, because as skypinkblu said that the tax percentage for a hobby or something without taking out the deduction costs or what not, the percentage of just stating profits is higher.

I was reporting as those as well, in the past, because I don't have a lot sold save for recent or within a decade worth of pickups. I can't buy and deduct housing it for a year or shipping, or that wouldn't be a lot of decrease for me given any time period. It would for the cost of purchase and is where I hang my hat now

But I think the thread was on the verge of "brainstorming", which has given me at least "ideas" to ask a tax professional about  as just stating I got income of this much (and depending on volume) doesn't count for much deductions  

 

Yea its none of my business what you or others file of course.

I am merely pointing there is no need to flip out by not remembering exactly what you paid for a $500 comic book on your taxes.  IRS understands a educated common sense guess it okay.   If you are higher volume seller they wont be as forgiving.

For my eBay sales I cant just make something up with out being organized, etc.

[NewWorldOrder]

On 3/14/2024 at 5:02 PM, shadroch said:

Do you have insurance? Did you drive to the convention? Pay admission? Did you buy a Mylar and board for it? Did you subscribe to GPA or another price guide? Did you drive to the PO when it was sold? These are all legitimate expenses that factor into the cost of your goods.

Edited March 15 by NewWorldOrder

[ADAMANTIUM]

On 3/14/2024 at 7:02 PM, shadroch said:

Do you have insurance? Did you drive to the convention? Pay admission? Did you buy a Mylar and board for it? Did you subscribe to GPA or another price guide? Did you drive to the PO when it was sold? These are all legitimate expenses that factor into the cost of your goods.

see this may be posted now or before, but

Unless you started actually DOING any of those things, then you may forget to do it as mentioned, eventually when you do start 

I used to have my parents have an appointment, and from time to time they went ahead and filed but were given instructions to bring additional deduction paperwork next year.

When there is wisdom to glean, you may not be doing those things at any given moment, but then start but have forgotten to bring the paperwork.

It is nice that the boards (although their filing also is none of my business) is still willing to share years of expertise!  

Edited March 15 by ADAMANTIUM

[shadroch]

The advantage of having a good preparer is that they know to ask the right questions. One year, my mom had her taxes done by a library volunteer and owed hundreds. My sister reviewed the paperwork and reminded my mom of many things she hadn't brought up. 

[NewWorldOrder]

On 3/14/2024 at 5:07 PM, ADAMANTIUM said:

see this may be posted now or before, but

Unless you started actually DOING any of those things, then you may forget to do it as mentioned eventually when you do start 

I used to have my parents have an appointment, and from time to time they went ahead and filed but were given instructions to bring addition deduction paperwork next year.

When there is wisdom to glean, you may not be doing those things at any given moment, but then start but have forgotten to bring the paperwork.

It is nice that the boards (although their filing also is none of my business) is still willing to share years of expertise!  

It's like any thing in life when it comes to a business.  You are not going to jail because you forgot to report the 5K sales in 2023, you are going to jail for not filing your taxes from 2014 to 2024 and you generated 3 million dollars of gross sales   if you can't back pay and prove the assets - liabilities.

Year 1 of any business its a learning curve.  You learn as you go.