Side Hustlers Earning Billions In Extra Cash But Not Reporting It To IRS

Brooklyn

Well-Known Member
So?

Amazon has paid only $1.4 billion in taxes total in the last 9 years.

Apple avoids over $60 billion in taxes every year keeping their company "based" in Ireland.

The 500 largest US companies are sitting on more than $2.1 trillion in overseas cash hoards, allowing them to avoid paying an estimated $620 billion in US taxes if the funds were repatriated, according to a new report by the progressive Center for Tax Justice and the US Public Interest Research Group Education Fund.

So we're gonna go after 69 million people who have side hustles to get by and make ends meet instead of the top 500 companies in the world who stash trillions out of the U.S and avoid paying 3 times(most likely even more) the amount in taxes annually?


But let's go after the guy who buys and re-sells things he buys at garage sales and flips on ebay.
 

SEAL Team 5

Well-Known Member
So we're gonna go after 69 million people who have side hustles to get by and make ends meet instead of the top 500 companies in the world who stash trillions out of the U.S and avoid paying 3 times(most likely even more) the amount in taxes annually?

But don't worry, the IRS won't come after you unless you own property or have money that they can attach. And not to fret, but the interest and penalties will always keep accumulating. It's better not to file than to file a signed fraudulent return.
 

tootsie

Well-Known Member
Well I have to lie on my taxes and not take all the mileage deductions I qualify for because I would like to buy a house and my deductions were so huge it appeared I only made 1/3 of what I actually brought in. Maybe situations like this are causing people not to report?
 

Carbalbm

Active Member
This is a bullshit article. Whether you declare it or not, Uber/Lyft/etc report anything over $600. The IRS still gets their taxes, they just also get to add a penalty when people don't declare it.
 

Grahamcracker

Well-Known Member
Moderator
So?

Amazon has paid only $1.4 billion in taxes total in the last 9 years.

Apple avoids over $60 billion in taxes every year keeping their company "based" in Ireland.



So we're gonna go after 69 million people who have side hustles to get by and make ends meet instead of the top 500 companies in the world who stash trillions out of the U.S and avoid paying 3 times(most likely even more) the amount in taxes annually?


But let's go after the guy who buys and re-sells things he buys at garage sales and flips on ebay.
Don't forget Craigslist or backpage
 

Carbalbm

Active Member
Uber and Lyft don't make a profit. They pay no taxes.

The article, which you must not have read, was about those who make money on Uber/Lyft and not about the companies themselves. It is saying the workers are not claiming taxes... not the actual companies.
 

TwoFiddyMile

Well-Known Member
The article, which you must not have read, was about those who make money on Uber/Lyft and not about the companies themselves. It is saying the workers are not claiming taxes... not the actual companies.
Sigh...
Deduct $0.53 per mile (standard IRS deduction) and you also will pay no taxes.
Filing is another story.
 

ShinyAndChrome

Well-Known Member
This is a bullshit article. Whether you declare it or not, Uber/Lyft/etc report anything over $600. The IRS still gets their taxes, they just also get to add a penalty when people don't declare it.
Yes, but if somebody lies and deducts more miles than they drove, they'll pay less. But this article is BS mostly as far as rideshare is considered because the income is declared via 1099, and people aren't paying much rideshare tax because their mileage deduction eats up the income.
More than a third (36.3%) of high-income earners - those making between $150,000 and $300,000 - don't declare their side hustle.
Not surprising. When you're at that tax bracket, 1099 income is taxed at over 50% after combining federal, state, and payroll taxes. It's one of the silly things about this country's tax rate. If you may very good money you still may do a side hustle for cash, but if you had to pay 50% you just wouldn't bother. And when you're at that tax bracket you're already paying $20k+ in income tax anyway at the $150k even after various deductions.
 

Serge Que

Active Member
Really? They want to take as much money as possible to do what? To pay for trumps golf security? To throw million dollar parties for the IRS? I would fire half the @@@@ing government if I could. They're all money sucking bastard with maybe a few exceptions!!!!
 

Strange Fruit

Well-Known Member
So?

Amazon has paid only $1.4 billion in taxes total in the last 9 years.

Apple avoids over $60 billion in taxes every year keeping their company "based" in Ireland.



So we're gonna go after 69 million people who have side hustles to get by and make ends meet instead of the top 500 companies in the world who stash trillions out of the U.S and avoid paying 3 times(most likely even more) the amount in taxes annually?


But let's go after the guy who buys and re-sells things he buys at garage sales and flips on ebay.
The people in the palace are loyal to their own. That's how the orange cracker crumbles.

You'd think that the reason for not declaring income would be some Les Mis inspired response - something along the lines of "I only did it to feed my family." But the dollars don't bear that argument out. More than a third (36.3%) of high-income earners - those making between $150,000 and $300,000 - don't declare their side hustle. That's more any other income bracket.

Why america?! You make that kind of money, can't you find anything better to do than a side hustle? Really? These are the devout of the national religion. Dolla dolla dolla
 

TNCMinWage

Well-Known Member
So?

Amazon has paid only $1.4 billion in taxes total in the last 9 years.

Apple avoids over $60 billion in taxes every year keeping their company "based" in Ireland.



So we're gonna go after 69 million people who have side hustles to get by and make ends meet instead of the top 500 companies in the world who stash trillions out of the U.S and avoid paying 3 times(most likely even more) the amount in taxes annually?


But let's go after the guy who buys and re-sells things he buys at garage sales and flips on ebay.

If you ran Apple or Amazon you would do the same thing. Its smart business and you'd have a fiduciary obligation to your shareholders to maximize profits.
 

TwoFiddyMile

Well-Known Member
LMAO on "If you don't declare the income in your taxes, it doesn't figure in to you Social Security payments when you retire..."

Yep, for the low price of only 15% of the income.
Self employed get screwed over when it comes to social security.
 

Another Uber Driver

Well-Known Member
Moderator
I live in the Capital of Your Nation. I get no vote in Congress, but these people who do not live here and who were voted in by people who do not live here get to come here and tell me what to do. On top of that, I get to pay for the privilege of having all of this happen by paying Federal Income Tax. People in Samoa, Guam, the Virgin Islands and Puerto Rico do not pay Federal Income Tax. Puerto Rico has had a delegate to Congress for a longer time than has had the District of Columbia.

But pau it I do, even if I do not like paying it. I suppose that I should be thankful that I do not have to like it, Y-E-T. If Hillary had won, I would be required to like it.

This is something that cab drivers have done for years. As hacking was strictly a cash economy, there was little, if any, way to determine what a driver was earning. This went double for the Capital of Your Nation, as there were no meters in the cabs from 1931-2008. Even with meters, the readings were so unreliable that they could not have been used against a driver, anyhow. Now that almost everyone pays electronically, there is now a record that you received the money.

Thus, those who do not pay will be caught. It is better to pay.
 

TwoFiddyMile

Well-Known Member
I live in the Capital of Your Nation. I get no vote in Congress, but these people who do not live here and who were voted in by people who do not live here get to come here and tell me what to do. On top of that, I get to pay for the privilege of having all of this happen by paying Federal Income Tax. People in Samoa, Guam, the Virgin Islands and Puerto Rico do not pay Federal Income Tax. Puerto Rico has had a delegate to Congress for a longer time than has had the District of Columbia.

But pau it I do, even if I do not like paying it. I suppose that I should be thankful that I do not have to like it, Y-E-T. If Hillary had won, I would be required to like it.

This is something that cab drivers have done for years. As hacking was strictly a cash economy, there was little, if any, way to determine what a driver was earning. This went double for the Capital of Your Nation, as there were no meters in the cabs from 1931-2008. Even with meters, the readings were so unreliable that they could not have been used against a driver, anyhow. Now that almost everyone pays electronically, there is now a record that you received the money.

Thus, those who do not pay will be caught. It is better to pay.
This is where cab ownership comes in handy. At $0.53 per mile deduction, and only credit cards being recorded, I write a very small check every year.
I could take a loss every year, but that's how audits happen.
 

Another Uber Driver

Well-Known Member
Moderator
I could take a loss every year, but that's how audits happen.

I know and have known more than one tax accountant and tax lawyer. All of them have told me the same thing. In fact, more than one has told me that filing Schedule C is basically begging the Internal Revenue to audit you. Some of them have told me lately, though, that as long as you pay them something, they are glad to get it and do not bother too much with small potatoes such as us cab drivers, any more. There have been numerous budget cuts at the Internal Revenue, over the years. Further, under the previous administration, it was too pre-occupied with chasing down those who did not agree with the political party that occupied 1600.
 
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