Has anyone done any contract work, either 1099 or W2?

[J-Groove]

Yeah the fun thing we get to go through is since last year the fed has been coming after eBay and Paypal, we now receive a 1099 from Paypal. So now the way our taxes are calculated are changed. Since the 1099 just shows total gross sales and not our net take home after business expenses the percentage was taken from the 1099 and not what we actually made. This Government "oversite" on how to handle the new Paypal 1099 system that went into effect last year cost us and extra unplanned $7,000 in taxes. Yes we paid that back in February but I'm still but hurt about it.

-John

[wingnut]

...cost us and extra unplanned $7,000 in taxes. Yes we paid that back in February but I'm still but hurt about it.

hold up, are you saying you received enough money thru Paypal to warrant 7k in taxes...or is that 7k in penalties?!?

[Intropy]

Dang these are some horror stories lol. Can I lead us in a collective "Fuck you, Uncle Sam!"

[j2k4]

Dang these are some horror stories lol. Can I lead us in a collective "Fuck you, Uncle Sam!"

If you want to move this to the political section, sure.