There's two thoughts with this. And this might be a negative view here.
- You were supposed to be reporting side gigs anyway... a lot of people didn't, but that was still illegal. I've had to file a schedule C many years for side businesses and jobs. I know people who have boasted about enjoying side gigs because they "didn't have to pay taxes." These people are stealing from those of us who do pay taxes. And yes, I am aware taxation is theft.
- People who are just paying people back for something/family/gifts and such are going to be a pain in the butt for everyone involved now. 🙄
I do hate this, especially when we have criminals laundering our tax money. Those who have abused the system, against those of us who actually do things honestly, might have a really bad day when they've made lots of cash and haven't set aside anything to pay for the tax liability of it. I don't know that I feel bad for them though, since I've had to do that every year. Since I don't know how much I might make in a year (usually below the quarterly threshold), I have them take more than needed out, which sometimes means big refunds and other times means some additional payments.
There's two thoughts with this. And this might be a negative view here.
- You were supposed to be reporting side gigs anyway... a lot of people didn't, but that was still illegal. I've had to file a schedule C many years for side businesses and jobs. I know people who have boasted about enjoying side gigs because they "didn't have to pay taxes." These people are stealing from those of us who do pay taxes. And yes, I am aware taxation is theft.
- People who are just paying people back for something/family/gifts and such are going to be a pain in the butt for everyone involved now. 🙄
I do hate this, especially when we have criminals laundering our tax money, but at the same time those who have abused the system against those of us who actually do things honestly might have a really bad day when they've made lots of cash and haven't set aside anything to pay for the tax liability of it. I don't know that I feel bad for them though...