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Ways to avoid 6050W

Discussion in 'Business & Tax Advice' started by fuzzy_corleone, Jul 27, 2011.

  1. fuzzy_corleone

    fuzzy_corleone Regular Member

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  2. dknauf90

    dknauf90 Registered Member

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    In my reality, y'all are just visiting
    wow. all im saying is everyone should get in right now wherever they can and bank until its impossile to do so. getting harder and harder.
     
  3. volund

    volund Senior Member

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    Yes I do believe that it applies to all US based payment processors.

    You do know that whether or not you reach the threshold you are required to report your online income anyway, right? This rule does not make any changes to the way you are required to file your taxes, the only thing it does is make it harder for people to cheat and not pay.

    Remember you do not pay taxes on your gross but on your net after all your expenses. There are just way too many gray areas in the tax code that allows you to deduct expenses to make it worth evading them altogether. The IRS does not play and if they catch you (which is getting easier and easier) they will freeze every bank account you have and make your life seriously suck.