This isn't a political post. this is purely.. the law is there, what does it mean to me?
I used to buy and sell, but now that the law has been passed that I will have to show on my taxes income from sales, what does that actually mean? The new law has made me not want to sell anything, even if I think I might want to sell to move up into a more expensive guitar.
Can someone help me understand? Do the taxes come out of the money I get for the product I sell or am I supposed to charge sales tax on top of my asking price and keep that money aside to give the government come tax time? Do I have to be conscious of capital gains if I can sell the guitar for more than I bought it for if I bought the guitar in the last two years?
How does this work? I'm a private citizen that it seems I now have to act like a business and report all this stuff... help?
I used to buy and sell, but now that the law has been passed that I will have to show on my taxes income from sales, what does that actually mean? The new law has made me not want to sell anything, even if I think I might want to sell to move up into a more expensive guitar.
Can someone help me understand? Do the taxes come out of the money I get for the product I sell or am I supposed to charge sales tax on top of my asking price and keep that money aside to give the government come tax time? Do I have to be conscious of capital gains if I can sell the guitar for more than I bought it for if I bought the guitar in the last two years?
How does this work? I'm a private citizen that it seems I now have to act like a business and report all this stuff... help?