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SmitdoggAdministrator
Reged: 09/18/03
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DU Update: No good deed goes unpunished
01/29/13 11:38 PM


Well, I am hosed. Personal payments were supposed to be excluded from the new IRS mafia paypal form, but they were included anyway and that made me go over some IRS threshold for 2012 where my info gets sent automatically. I called them and they said the IRS requires them to add up everything going into the account even though their website clearly states personal payments aren't supposed to be included.

I met with my tax person today and everything coming into my paypal account is basically treated like income and now I have a nightmare of having to calculate what I paid for everything spanning years, shipping receipts for all of 2012 and resales and then an assload of taxes to pay when I'm done. There is some hobby option I am going to attempt but it's unclear how much it will help. The value recycling system I set up in 2009 worked beautifully for 4 years and now has crashed and burned in a day because of the IRS strongarming of paypal. I'm not ever going to go through this again so as of now I can no longer accept paypal donations for boards, but feel free to send some now to help me pay the taxes involved in DU activities but I don't know how much they will be yet. I'm trying to sell off all the DU boards to help too along with some from my own collection but that can take forever.

The way the system worked was say I got $500 in a donation drive and bought a game and dumped it and resold it for $350. Then I dumped and resold that for $200, dumped and resold that for $100. That's now $1150 of "income" I have to account for in this crap when I never saw 1 penny of actual profit. When taxes weren't involved it was no problem. Now it's shit. That's an extreme example and what usually happens is they simply make things happen. If you look on the donations page and see names by games, most of the time those donations only paid for maybe 40-80% and available recycle funds covered the rest. Recycle funds have gone into virtually every game I've bought. That's one of the reasons it worked so well. Other times I just get stuck with the pcb in a box because nobody will pay anywhere near what it cost us or I bought something broken that nobody else would ever buy so we could dump the roms.

I can figure out another way to do drives in the future like having money sent to people in Japan or whatever but that is not my top priority at the moment obviously. People can buy boards and ship them to me to dump too if they want but I can't get donations for them or resell for recycle funds anymore and I can't keep up with donator names, amounts or credits anymore if the money doesn't come to me. If you can help me with this tax nightmare click below and I'll credit you on the boards I still have coming in. If for some reason there is any left over after the taxes are paid I'll buy undumped boards with it but there won't be and I couldn't resell them for recycle money. Thanks for your support over the past 4 years.




Thanks for help so far from:
Tormod
dfrance
letoram
krick
N.Francfort
gregf
M. Ponweiser
Rockman
J. Walsh







Entire thread
Subject Posted by Posted on
* DU Update: No good deed goes unpunished SmitdoggAdministrator 01/29/13 11:38 PM
. * Re: DU Update: No good deed goes unpunished Pascal666  02/05/13 07:50 PM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  02/05/13 07:59 PM
. * Re: DU Update: No good deed goes unpunished TknoMncr  02/06/13 04:38 AM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  02/06/13 04:44 AM
. * Re: DU Update: No good deed goes unpunished Anonymous  01/30/13 02:03 PM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 02:50 PM
. * Re: DU Update: No, bizimonki should not go unbanished.. Tingoes  01/30/13 03:32 PM
. * Re: DU Update: No, bizimonki should not go unbanished.. metalhdltherface666  02/12/13 12:33 AM
. * For once, I have to agree. Firehawke  01/30/13 11:30 PM
. * Re: DU Update: No good deed goes unpunished Sacrilego  01/30/13 09:02 AM
. * Re: DU Update: No good deed goes unpunished krick  01/30/13 07:09 AM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 07:30 AM
. * Re: DU Update: No good deed goes unpunished ranger_lennier  01/30/13 09:11 AM
. * Re: DU Update: No good deed goes unpunished DMala  01/30/13 06:59 PM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 02:52 PM
. * Re: DU Update: No good deed goes unpunished Jdurgi  01/30/13 10:58 AM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 02:56 PM
. * Re: DU Update: No good deed goes unpunished Traso  01/31/13 06:58 PM
. * Re: DU Update: No good deed goes unpunished Kitsune Sniper  02/05/13 08:26 PM
. * Re: DU Update: No good deed goes unpunished letoram  01/30/13 04:16 AM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 04:31 AM
. * Re: DU Update: No good deed goes unpunished vitaflo  01/30/13 01:09 AM
. * Re: DU Update: No good deed goes unpunished HowardC  01/30/13 01:20 AM
. * Re: DU Update: No good deed goes unpunished SmitdoggAdministrator  01/30/13 01:41 AM
. * Re: DU Update: No good deed goes unpunished Nightvoice  01/30/13 12:44 AM

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