Got a surprise turnng in my taxes today!

don-ohio

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The first time I've seen it......Obomber makes the accountants have their clients sign a form stating how much internet business they've done buying online. The fun's over,boys! LOL! don-ohio :)^)
 
Well yea, that's always been the case since years back.

If you make money via Paypal et al. they ask you about it or look it up according to information you don't even know that they have.
 
This post belongs HERE

But I will bite - is this form your tax preparer gave you? Or is it an actual Fed/State form? At the state level, use tax on purchases outside of your resident state has always been a thing, so nothing new there.

If you are referring to money received from internet sales (like paypal) well then "Income from any source derived"
 
This post belongs HERE

But I will bite - is this form your tax preparer gave you? Or is it an actual Fed/State form? At the state level, use tax on purchases outside of your resident state has always been a thing, so nothing new there.

If you are referring to money received from internet sales (like paypal) well then "Income from any source derived"

Yes,a form my accountant gave me.He's prepared my taxes for the last twenty or so years. The NEW thing is making me sign a declaration of all monies spent online.
KidL,I never sell online, but I don't look forward to having to pay tax on all of it. I will though.....I'm not dodging tax that I owe. don-ohio
 
Oh,and IF I had put it over there,as you said,not too many people would've been informed.EVERYONE lurks here,Dontchaknow? don-ohio :)^)
 
From an accounting perspective, any capital account should be included as part of your general ledger. So bank, paypal, etc. That makes it all accounted for as income.
 
It didn't affect my income,but it did surprise me. I don't like surprises and NEW forms at tax time. don-ohio :)^)
 
Yes,a form my accountant gave me.He's prepared my taxes for the last twenty or so years. The NEW thing is making me sign a declaration of all monies spent online.

What I was getting at, is if it was a declaration your accountant had you sign, to prove he asked you, or if it was an official form from the Gov. The purpose I would think, is to make sure you haven't purchased $x,xxx of retail online, and therefore paid no sales tax to your resident state. This is a common request from states that impose sales-tax, and if you are having your accountant do your taxes, you may not know that - therefore he has to have proof of his request to you. A CYA move.

Oh,and IF I had put it over there,as you said,not too many people would've been informed.EVERYONE lurks here,Dontchaknow? don-ohio :)^)

Regardless of relative exposure, we come here for LS stuff. Its not as I said, its what the forum rules, say.
 
Yes,thanks,and that may be it,a CYA move by my accountant. On which forum to use,the Moderator can move it if he wants. I was alarmed and wanted to get the word out.
NOW I gotta keep records of all transactions and list them. BUMMER! don-ohio :)^)
 
I have seen some firms administer those declarations, so thanks for clarifying. I figured that's what it was.

Any online transaction is presumably purchased with a CC or online merchant account. Most CC companies and merchants these days allow you to export a year's worth of activity to excel, or year-to-date reports. If you use quicken, quickbooks, etc - they can export to that as well. After the export, its just a matter of you sorting that list to online vendors. ;)
 
Thank you very much for your info! I appreciate it! I'm NOT a good bookkeeper so I've gotten out of practice. I have to keep meticulous records at work,weighing uranium,recording all about it, and such, but not at home.don-ohio :)^)
 
Man,,glad i don't live in one of those communist states..

no sales tax,no state income tax :)

most people work here,,don't need the taxes to support the slugs :)
 
I don't get your meaning Ron,....sorry. don-ohio :)^)

Man,,glad i don't live in one of those communist states..

no sales tax,no state income tax :)

most people work here,,don't need the taxes to support the slugs :)
 
I don't get your meaning Ron,....sorry. don-ohio :)^)

Was being smart Don.
communist / socialist state = one that put's taxes on your income and anything you buy to support those that would rather have government fill their need's than work to support themselves.

I don't live in one of those states.
NH don't have a state income tax or a sales tax.

NOT trying to start a political thing here please. :)
 
Nah,me either,Ron. I was just taken by surprise on this form.I think DevSH straightened it out pretty well. don-ohio :)^)
 

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