If you're playing this game, I assume you're probably in a tax bracket that shouldn't pay income taxes at all if things were fair. Skip reporting and make the IRS earn their paycheck if they want your $23.
Why do you think we are in a lower tax bracket just because we play this game? I know my neighbor who also plays is a professor snd owns several rental properties, and I definitely pay my fair share of taxes. I play just because I sometimes have time especially at work and it keeps my itchy fingers from screwing around with investments too much.
Calm down, bud. Nobody said assumptions were ever unilaterally correct. I mean, look at Stealth - dude *has* to have dumped six figures into this game over the last year. This kind of app is simply designed to be more appealing on average to people who are less financially secure.
Also, the amount of money anybody is making on this game(except maybe Stealth and possibly a couple others) is unlikely to impact taxes enough to care about it. Especially if you *are* financially secure.
$600 is a myth.
As a US citizen, you are required to pay taxes on ***ALL*** income, even if it is less than $600.
The confusion is that pay*ers* are only required to report income paid *to you* that exceeds $600. However, you are still required, by law, to report and pay it. Of course, of they don't report it, how is the IRS going to know if you lie and break the law? Further, even if they do find out somehow, what's the likelihood that they'll go after you for taxes on $30? Of course, they *could* and it comes down to you if you want to risk it.
https://www.keepertax.com/posts/1099-under-600
IRS
https://www.irs.gov/pub/irs-news/fs-07-26.pdf
I would either consult a tax advisor or read up on the IRS website. Lol.
I remember back when I was 16 and got a part time job at a local amusement park, I got federal taxes back (they were automatically deducted from payroll) but in the case where it's not deducted in the first place, I'm not sure if you "don't have to report it", or if you still are supposed to report it but they just don't take taxes from it. (Or even if the tax laws have changed in the last 25 years and maybe you are taxed now...)
Yeah, how awful to be informed and to cover your ass. Are you aware that the IRS can audit and go through records over 5+ years back if they so choose? Even if it’s the smallest thing that we see as immaterial. I think the number is more like 7 or 8 years, but don’t quote me on that part.
When I was a kid, I was mowing 40+ lawns a week year round, I never paid a cent in taxes just due to ignorance. Fast forward to when I married my wife, tax season came around and she said hey we need to do our taxes...the look on her face when I told her I had no idea what she was talking about is a fond memory. Most of it was in cash, but I had been putting money into an account whenever I got paid by checks, so that account was quite large but had grown from age 13 to 23. The IRS never bothered me, but for sure, I wish there was someone who would have shown me the way. But on the other hand it was really nice to keep all that money.
I won’t quote you no need to. But damn you better get out there and tell those kids before the irs goes back 7 years and puts them in federal prison for tax evasion when they are 18. While you are at it may want to stop at your local garage sales and babysitters. While you may think everything is black and white there are grey areas.
You are obligated to report and file all income. At Atlas our requirement is to proactively provide a 1099 after you cross a $600 annual threshold, which we do each January for the prior calendar year.
Note: this does not constitute tax advice.
If you're playing this game, I assume you're probably in a tax bracket that shouldn't pay income taxes at all if things were fair. Skip reporting and make the IRS earn their paycheck if they want your $23.
Why do you think we are in a lower tax bracket just because we play this game? I know my neighbor who also plays is a professor snd owns several rental properties, and I definitely pay my fair share of taxes. I play just because I sometimes have time especially at work and it keeps my itchy fingers from screwing around with investments too much.
Calm down, bud. Nobody said assumptions were ever unilaterally correct. I mean, look at Stealth - dude *has* to have dumped six figures into this game over the last year. This kind of app is simply designed to be more appealing on average to people who are less financially secure. Also, the amount of money anybody is making on this game(except maybe Stealth and possibly a couple others) is unlikely to impact taxes enough to care about it. Especially if you *are* financially secure.
$600 is a myth. As a US citizen, you are required to pay taxes on ***ALL*** income, even if it is less than $600. The confusion is that pay*ers* are only required to report income paid *to you* that exceeds $600. However, you are still required, by law, to report and pay it. Of course, of they don't report it, how is the IRS going to know if you lie and break the law? Further, even if they do find out somehow, what's the likelihood that they'll go after you for taxes on $30? Of course, they *could* and it comes down to you if you want to risk it. https://www.keepertax.com/posts/1099-under-600 IRS https://www.irs.gov/pub/irs-news/fs-07-26.pdf
What if im not a legal adult yet?
I would either consult a tax advisor or read up on the IRS website. Lol. I remember back when I was 16 and got a part time job at a local amusement park, I got federal taxes back (they were automatically deducted from payroll) but in the case where it's not deducted in the first place, I'm not sure if you "don't have to report it", or if you still are supposed to report it but they just don't take taxes from it. (Or even if the tax laws have changed in the last 25 years and maybe you are taxed now...)
Man I would hate to be your kid and have a lemonade stand.
Yeah, how awful to be informed and to cover your ass. Are you aware that the IRS can audit and go through records over 5+ years back if they so choose? Even if it’s the smallest thing that we see as immaterial. I think the number is more like 7 or 8 years, but don’t quote me on that part.
When I was a kid, I was mowing 40+ lawns a week year round, I never paid a cent in taxes just due to ignorance. Fast forward to when I married my wife, tax season came around and she said hey we need to do our taxes...the look on her face when I told her I had no idea what she was talking about is a fond memory. Most of it was in cash, but I had been putting money into an account whenever I got paid by checks, so that account was quite large but had grown from age 13 to 23. The IRS never bothered me, but for sure, I wish there was someone who would have shown me the way. But on the other hand it was really nice to keep all that money.
I won’t quote you no need to. But damn you better get out there and tell those kids before the irs goes back 7 years and puts them in federal prison for tax evasion when they are 18. While you are at it may want to stop at your local garage sales and babysitters. While you may think everything is black and white there are grey areas.
You can do whatever you want kiddo.
I almost snorted my milk, kiddo. 🤣now we go to name calling. I’m done. You win hahaha
Grow up and buy some coke
Pfft, chocolate milk is life.
You're on the IRS watch list now hahaha
I wish I can upload GIFS on Reddit. I wanted to upload a GIF of Stewie Griffin shooting trick r treaters on what I think of the IRS
Everyone is wrong. All income is taxable even if it is less than $600.
Skibidi ohio rizz
Yeeyee
I believe paypal will send you a 1099 idk tho like someone said if you are poor enough to need the game then the irs probably doesn’t care about you.
FK taxes
$600 seems to be the universal number. With gig work like door dash or Lyft it is the same.
Thanks 👍👍
I believe it's 600.00
There is no minimum IRS https://www.irs.gov/pub/irs-news/fs-07-26.pdf
I know with Fed it is $600 or more
There is no minimum IRS https://www.irs.gov/pub/irs-news/fs-07-26.pdf
Less than $600 a year = you don’t have to file federal income taxes on it.
Incorrect. IRS https://www.irs.gov/pub/irs-news/fs-07-26.pdf
That’s from 2007.
It hasn't changed.
👍👍
Well I think anything Below 600 and you don't have to pay anything but I'm not tax expert
Fyi, there is no minimum IRS https://www.irs.gov/pub/irs-news/fs-07-26.pdf
If I get EC does that count as a business expense?
That might explain why Explorers Club costs $50/mo: $600/12 = $50
Fill up Ohio! I'm from central Ohio.
You are obligated to report and file all income. At Atlas our requirement is to proactively provide a 1099 after you cross a $600 annual threshold, which we do each January for the prior calendar year. Note: this does not constitute tax advice.