Great video Mark. I just resigned from public accounting job as a project manager. Not enough staff, too stressful. You're in the biz so you know. I worked primarily with small to medium size business owners. I loved most of them. But most a hot mess with keeping records. I had more than a few that claimed they felt like vomiting for anything bookkeeping related. Hire someone to do it for you! Ugh such a no brainer. But entrepreneurs don't usually get there until they're buried in problems. If people knew how boring and non threatening audits could be if they kept basic records it would add years to their lives. Then true anxiety would only be for those who cheat. Yah, don't do that. I found you through Ashley Hustle at Home earlier this year. I should get on your wait list to do my taxes next year. Our firm has quite a few online seller clients but I can't ask them to do my taxes and I'm resigning. And even though I'm pretty good I know that nobody should do their own taxes. The laws change too frequently. Even Chris of DF haha. Don't try to be an expert in everything.
Sounds like the parties over for reselling, You Tube Broadcasters, and any other side hustle that issues a 1099. It's only fair. That leaves garage sales, flea markets and coupons. Not coupons!!!
Do people really believe an IRS army is going to show up at their door? The fear mongering is out of control. Thanks for the detailed, thorough, fact-based video. Need more like this. Everything is so polarized these days.
The did it before . To several companies a few years ago I think Gibson guitars for illegal wood was legal, and yet I can't get my damn refund 40 years paying taxes this never happened before.
@@atticusherodes6648 Maybe if they had more staffing then you wouldn't still be waiting. Look at the chart at 3:16 and see that staffing is much lower than it used to be.
Are u familiar with d IRS staffing? If not educate yourself. They go thru 4 phases of training before they are sent to d field, not to mention d yearly Cpe.
I just want them to send me my return from last year and answer my phone call since they sent me a letter saying my return had an error when it didnt...
I just want them to pay me my refund from this year I e-filed damn it and filed early and on time and can't get a hold of anyone even the damn advocate hung up on me.
I actually lol'd about trusting politicians. I dislike Yellen, every time I've seen her talk she seems out of touch, but I do feel like for my household we don't have a lot to worry about. Besides, even if they did audit us I do my own books and I'm fairly confident in my abilities (boosted by your RTA course, of course!!!).
Hi Mark- I have questions! Im not a business, but I have a very large collection of movie mold collectors latex masks that I sell off from my personal collection from time to time on eBay or Facebook marketplace . I have had these for 15-20 years, and so no record of me ever purchasing them from other collectors on the internet. I have a secondary bank account that I collect that money into when I sell these items off and use it for hotels,(I even get reimbursement from others on this account to pay me back) travel, new collection pieces or meals out, whatever…I have been doing this for years, so you may ask, what’s the problem? With the new $600 tax rule implemented by our government this yr, shows anything over $600 collected in a single year will need to be collected in taxes…what do I do about this? I haven’t been able to get a straight answer or guidance anywhere
You are not alone, this will be a very common scenario for at least the near future. I think there are two main ways this can be approached. The first is simply to do nothing and wait for the IRS letter to arrive. Then you would have to respond to the letter with a letter of your own indicating that the sales were not business related and that the costs exceeded the income, and that should make it I'll go away. The other way would be to report the sales as income and report the costs as deductions. If you just want there to be no impact you would list the cost of goods sold to be equal to the income received, and then you would not have to worry about getting a letter.
Thank you for your videos! I have a question: I bought an item specifically for resale online. I paid $40 through PayPal, the item never arrived but USPS confirmed delivery. Can I write this off? It’s been a couple months so I think it’s safe to say it’s not showing up. I have a feeling the answer is no since I didn’t sell it yet.
Quick Question? Are you Required to have a Business Bank Account for a sole proprietorship business (reselling) or are you Able to use a Day to Day Bank Account? Very unsure.
When have things been better than people have warned on recent issues? And when is the government having so much money a good thing? The fervor built up over climate and energy problems means they will never be properly addressed. We can't say, we have x problem interfering with y ends, what can we do to help solve it, because it is all wrapped up in ideological zealotry. If you don't support one sides nonsensical and unhelpful policies, you're killing all future generations.
Fun little trivia, Apparently, The combined annual salary of 87k new IRS agents (approx. 81k salary) could put a cop (approx. 55k salary) in every public school (approx. 97k) in America and still have 31k cops left over (approx. 1.7b dollars)
More fun trivia, The 87k is approved headcount over the next 10 years. And during those 10 years they expect 55k retirements from the current pool of agents. And if you think they will actually fill all 87k positions then you are naive.
It's a politically motivated myth that there are 87,000 new agents coming. Sad that you have chosen to go political in this video. When you run an honest well documented small business you have nothing to worry about. On the contrary it makes more sense they will go after the big money not the side gigs.
They actually did not receive any money from the treasury. When they asked for the funds the treasury laughed at them and said we don’t have any money to give you. Soooo…
