Regards,
So @boatline and I were exchanging some posts on the thread below and through that effort a concept emerged which I think has merit with regard to this whole 1099K issue ... its the concept of using an "EZ" 1099K filing form whereby taxes owed are on a look up chart and are an inviting % compared to filing a long form like the full blown Schedule C ...
The form would be specific to 1099Ks and would simply record the total on the 1099K and the tax payer would look up what they owed and fill in a blank. The form would accept more than one 1099K of course but the grand total would still be a simple look up amount for taxes owed.
Advantages to this?
-Easy for Sellers who do not want to keep track of expenses, inventory and associated deductions.
-Lower burden on the IRS infrastructure and easier follow up for them based on 1099Ks issued and taxes paid by recipients
-Sellers can always OPT for the Schedule C long form for reporting purposes if they determine they have a distinct tax advantage by doing so.
-The look up chart could also aid Sellers in tax planning or paying estimates throughout the year to minimize or eliminate owed taxes completely ... maybe even get some back LOL!
At the end of the day Sellers will have to file at some dollar amount and higher ... why not make it easy for everyone??? Pretty simple but then common sense often is ...
Perhaps its time for me to contact one or more of my state's congressmen and have a bill written up for this ...
I am sure they are creating new forms all the time ... may as well add the EZ-1099K to the list. Everyone having to pay tax on their internet sales income will love it compared to the Schedule C alternative ...
@luckythewinner wrote:
@mr_lincoln wrote:Perhaps its time for me to contact one or more of my state's congressmen and have a bill written up for this ...
You have enough clout to dictate what bills your congressmen write? Wow.
@luckythewinner It has nothing to do with clout, EVERY American can contact their Congressman or other Government representative(s) to pass on information or a request such as a Bill. It is not the first time I have contacted a government official and on one occasion I actually received a call back from one of them.
I have no clue what will happen with the request I made (just now) but I feel good having made it ... but if you hear on the news that the Lincoln Bill will be voted on for the 1099K issue then you will know it started right here on the eBay Community ...
@luckythewinner wrote:
@mr_lincoln wrote:
@luckythewinner wrote:
@mr_lincoln wrote:Perhaps its time for me to contact one or more of my state's congressmen and have a bill written up for this ...
You have enough clout to dictate what bills your congressmen write? Wow.
@luckythewinner It has nothing to do with clout, EVERY American can contact their Congressman or other Government representative(s) to pass on information or a request such as a Bill. It is not the first time I have contacted a government official and on one occasion I actually received a call back from one of them.
I have no clue what will happen with the request I made (just now) but I feel good having made it ... but if you hear on the news that the Lincoln Bill will be voted on for the 1099K issue then you will know it started right here on the eBay Community ...
You did not say "pass on information" or "request".
You said "have a bill written up".
@luckythewinner Ahhh, you miss quoted, the sentence wraps around to the next line (highlighted in red) and reads as follows: " ... to pass on information or a request such as a Bill. ...".
