Re:Venmo, PayPal and Zelle must report $600 in transactions ...
by rhino369 on Tuesday January 18, 2022 @12:43PM
(#29982774)
It gets taxed the same as a single mom who works at Kroger during the pandemic.
If you want to lower the taxes on single moms, increase child credits and raise the 0% tax rate bracket to cover higher incomes. Simple. If there are tax reporting issues that make it hard for side-hustle self proprietors to claim real expenses, which could be the case, let us fix it.
But not reporting this income just because it was on a payment processor is just helping people cheating their taxes regardless of income level. That's not okay just because some of them are single moms.
If you want to lower the taxes on single moms, increase child credits and raise the 0% tax rate bracket to cover higher incomes. Simple. If there are tax reporting issues that make it hard for side-hustle self proprietors to claim real expenses, which could be the case, let us fix it.
But not reporting this income just because it was on a payment processor is just helping people cheating their taxes regardless of income level. That's not okay just because some of them are single moms.