Business Changes and Business Decisions not My Choice!
Just letting you know why I may be absent from my blog some days. I know some of you always look forward to my daily posts. Most of my customers know what’s going on. A few weeks ago, I received a huge IRS income tax bill for 2020. To make a very long story short, the IRS is now requiring all credit card companies, Paypal, Ebay, Etsy, etc. to report all payments collected as income.
What did this do to me? For me I was reported by Paypal. I set up Stampin’ Up! events, collect payments for those events through Paypal and then order the Stampin’ Up! products for those events. What Paypal reported on a 1099 has already been reported by Stampin’ Up! so it’s been reported twice on my income. I have to spend my time cleaning up this mess with my accountant. I will have to do the same for my 2021 income tax. I have since then stopped accepting any type of online payment.
And there’s more. My hubby passed away in June and because I turned 60 in November, I started drawing his social security as a widow. In doing so, I can only make so much in income until the age of 65, so I have had to change my business so I don’t go over in income. If I go over, I have to give social security back 50% of what I received. Dave worked hard for his social security and I don’t want that to happen. I’m hoping I will not have to resign as a demonstrator.
I have lost my joy for stamping because I have so much to take care of and decisions to make so you may not see me on my blog daily like I usually post. Stay tuned!