USA Only: Read If You’re Selling Online - IRS Law Change Effect 2022

jlnguyen74

Potamotrygon
MFK Member
Mar 26, 2007
7,556
840
174
United Species of Arowana
The COVID relief bill that passed in the US reduced the reporting threshold for the IRS 1099K from $20,000 and 200 transactions per year to $600 per year if you use an electronic payment system like PayPal. Even if you are just keeping and breeding as a hobby SAVE YOUR RECEIPTS so you can offset that 1099K with your expenses.


 

fishhead0103666

Goliath Tigerfish
MFK Member
May 14, 2018
5,715
6,156
178
youtu.be
Ridiculous, thanks for warning us.
 

xenacanth9

Gambusia
MFK Member
Apr 19, 2021
23
33
16
120
On behalf of all small online sellers as well as those aspiring, may I politely ask, what the hell?
 

ichthyogeek

Plecostomus
MFK Member
Jan 1, 2015
269
150
61
Arkansas
....interesting.

So let's see...if I make up to $600, I won't have to file a form/pay taxes on it. If I make anywhere from $600 to $9,875, I'd probably have to pay 10% of gross sales to taxes (so $60-$987.5). At least that's my interpretation.

But didn't you already have to report taxes on any gross sales over $6K/year anyways?
 
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