Anybody Else Pulling Their Hair Out Over Taxes and This 1099-K Crap for Selling Used Gear?

Here in Belgium, I payed on average 36% taxes and 13% RSZ (social contributions - which are also taxes IMHO).
On top of that, the employer pays 50% on your brutto wages.
So, if you cost your boss €100, you only get about €66 brutto, minus taxes and RSZ and you end up with about €33 net.
Unless you buy stuff, you'll pay 21% (unless you buy alcohol or fuel,...) so about €25 is not going to the state.
75% of what you cost your employer goes to the state....that's a long way from Bezos' and consorts 0,5%
 
FractalAudio said:
He earned $205 billion in 2020 so that would make his tax rate less than 0.5%.
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Nah, his paper wealth increased by that amount. He didn't cash it in as income so he doesn't owe income tax on it.

Just like Elon who paid many billions in tax in one year after liquidating a bunch of shares, but very little the prior year because he didn't sell any shares.

I think you know this Cliff!
 
I actually think that all businesses should not pay a dime in taxes.
They hire people and contribute way more to the economy than the average Joe. Only an individual should be taxed.
It's simple really, just tax sales. Make it tiered. The more you buy the more you pay. So simple yet we vote for these idiots and their hardest job is to F@*K us and make it sound like it's a good thing.
 
But that's just what's happening now.
They don't buy anything.
It's their companies that hire, and buy their homes, cars, planes, yachts,.....
if you want to know where it all went wrong:
The Big Picture
And maybe you can watch "How To Save Capitalism" on Netflix to.
 
MisterE said:
But that's just what's happening now.
They don't buy anything.
It's their companies that hire, and buy their homes, cars, planes, yachts,.....
if you want to know where it all went wrong:
The Big Picture
And maybe you can watch "How To Save Capitalism" on Netflix to.
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Do you think we'll get to watch "How to save Netflix" on Netflix? :)
But seriously...
I'll watch The Big Picture properly tonight. Just skimmed it on my lunch break. Did Mr Reich imply Hillary was the 'agent for change' who would have sorted everything out!?! Or was there an ironic tone I missed? Also Mr Reich seems to present all the same basic simplifications that we all already know, even we mere mortals who gaze up at the academic elites in their ivory towers, such as himself. He repeats the same old 'why' but never addresses the bigger 'WHY' I assume its because as an academic he is doing fine. I work for Oxbridge and the only ones I have any respect for are the hard scientists at PhD level and up, slaving in their labs while the rest are smug, self congratulatory grifters (OK, I'm generalising, but not much) who wouldn't say boo to a goose if it meant putting themselves out of favour and jeopardising their own standing.
Anyway... lunchtime rant over, I have work to do
 
My faith in our (U.S.) "systems" is fading fast reading this thread. Better get my head back in the sand.
 
FractalAudio said:
He earned $205 billion in 2020 so that would make his tax rate less than 0.5%.
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Did he earn $205 billion or is that unrealized gains from stock he owns?

Other than real estate, unrealized gains aren't really something anyone is actually taxed on. I know I don't want to pay taxes on unrealized gains. Sure, it's different for Bezos, Elon, etc. But for every solution anyone can come up with, there will be a half dozen ways around it.
 
22 frets said:
This just seems like it is nuts! I sold a piece of gear last year on Reverb and it exceeded the $600 threshold for third party 1099-K reporting. I received a 1099-K from Reverb and of course I had sold it for less than I originally paid for it. So no profit was make which is probably typical for most used equipment sales. If I understand correctly, I have to go through filling out an entire 2 page 1040 Schedule C with 20 pages of instructions to list a loss of income over selling one piece of used gear.

It sure seems like to me if the government insists on doing this they could at least have a simple provision for non-business sellers and hobbyists to simplify the process. By making it so complicated they are just encouraging people to bypass or ignore it. I have a degree in IT and business management and I can't hardly figure out how to do this. I can't imagine how non-business oriented people ever get through this stuff without hiring someone to help them with their taxes.

In addition to that, there is some kind of snafu with Turbo Tax that prevents you from filling out and linking to the on line Schedule C so you can't include the form in your electronic filing. I read that there is some sort of work around, so now I have to go research that and try to figure out if I am going to still be able to electronically file. What a hassle over selling one piece of gear!!

Just seems like the world (government) has gone crazy sometimes.
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Its not only Reverb. Its all digital transactions (venmo, zelle, square etc etc). Spoke with my CPA....the onus is on the taxpayer to prove the activity. Its just insane.
 
JasonE said:
I am not a CPA but I know enough about taxes to tell you that there is some very bad advice in this thread. If you have questions of how to file this, contact the IRS or find a tax professional and pay them to help you get this right the first time. What you paid for an item very much so factors into this. Do not claim the whole sale price as income. Current market value has nothing to do with this. It is all about whether you sold it for more than you bought it for. If you ignore a 1099, it will come back on you like eating raw chicken. The IRS will be up in places that you didn't even know existed.
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This 100%. I pay my guy 350-400 or so a return and anything that even smells like a tax document I just send him and let him worry about it.
 
Musikron said:
Not that I never drove on a road, but I don't need the federal government to make them for us, that's not their job and they don't do it well.
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It’s actually one of the very few things listed in the constitution the federal govt has the power to do. Build roads.
 
sprint said:
no - "harsh" is not the word I would use wrt to the 50% bit. "Insulting" to many of those who've worked hard in public service (ie me) for many years - yes. But sadly, seems to be a frequently expressed opinion here despite likely knowing some insultees are observing co forum members.
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Same. No one realizes how many things have to go right in order to wake up in a country and not hear Russian tanks rolling down the road or be drowning in your towns sewage.
 
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