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Paypal drastic changes

When you’re paid for goods and services, the US Internal Revenue Service (IRS) considers this reportable income.

Once you receive $600 in payments for goods and services within a calendar year, tax laws require us to withhold 24% of such payments when you have not confirmed your taxpayer status by either providing your US tax ID or completing a Certificate of Foreign Status. This 24% is sent to the IRS as backup withholding for any potential income tax due on those payments.

You can learn more about this tax law on the IRS website.

I tried to attach a link , but it wouldn't cooperate.

krelldog
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84xfirez-51
4 posts
 

The facts are that the new IRS agents are tasked w collecting from the fat cats that have been paying <6% for years(looking at u Elon and Jeff) while the burden if supporting government programs fall further and further onto the shoulders of the middle class. Thank u Ronald Rayguns.

czarivey
5,711 posts
 

Taxes are due on income so if you’ve had a profitable side hustle and havent been paying taxes….well….so be it.

The only issue with that selling goods are sometimes not for income, Sometimes you lose money if selling it cheaper. 

ghasley
2,434 posts
 

@czarivey 

The only issue with that selling goods are sometimes not for income, Sometimes you lose money if selling it cheaper. 

Problem solved then, no tax will be due.

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