Jim Barnes.com
Statis-Pro/Sports Illustrated Games Stardust Consultant - (1993-2004) United Features Syndication Numerous Sports Magazines
Two Options for Continuing
Changes in the financial structure of sports wagering and the expense of maintaining a website are creating stress that must disappear prior to updating this site. There could be two solutions possible, both requiring format changes. First, a review of what small circulation newsletters face. In 2019, the IRS said any online income of less than $20,000 a year would be non-taxable. This sounded fair to me, as my goal is far below $20,000. I spent a lot of time and money to get the site (and daily forecast) secure as possible, adding informational sources and developing software to include new findings. All was going well until early March when I was informed the $20,000 no-tax amount was drastically reduced to $600. This is a crushing blow to hundreds of struggling to break-even newsletters. My accountant, serving our family for four decades, and a Pay Pal tech expert both informed me it is nearly impossible for individuals in my situation to survive. Pay Pal closes my account. Like I mentioned, two options are possible. The first is to stop collecting sales tax, the most logical solution from my perspective. No exhausting hours of filing monthly reports to states having a sales tax. I would have to register with all states, fill out a monthly form and remit checks ranging from 4 to 7% of the weekly charge. Even my accountant would not do that as it would require far more of his time and result in a gigantic bill. The downside of not collecting sales tax is local governments, if they desire, your state can contact you and make you pay a “use tax,” averaging around 4% or $0.20 on a $5 newsletter. Over a period or 26 weeks, you would owe your state between $5 and $10. Most states would not spend the working hours to notify and collect this minor amount of unpaid taxes. “Use tax” is a state alternative for products purchased out of state for use within your location. This has a rate of about 4% or less than sales tax. Again, you would be responsible if your state is notified and desires to collect this tiny tax. This is one path that I found, but have not checked into “gateways” to see if this collection procedure is included in their packages. For more info, search “IRS and Use Tax.” The other option is I collect sales tax and file monthly reports to 45 states (five do not have a sales tax), a chore that creates far more time than its worth. Most gateway sites will accept credit card payments and file and pay sales tax collections, but the cost is high and would create doubling the charge for newsletters or any reports I develop. I miss doing the daily, but no income since a near fatal 2013 fall has to end. We are in a recession and an increasing number of citizens are exploring games of chance, including sports and horse racing, to gain extra income. I am in the process of testing and formatting new features that would be easy to use and very informative. Eventually you could do it on your own if you own MS Office 365. Sports wagering is more difficult than ever before. Facing a 53% line certainly became beatable, but sportsbooks now require players to beat 55%. Forty-years of researching sports has convinced me very few people are winners, and victory streaks are brief. Road teams and underdogs are not paying as much as in prior years, but might be the only way to go. Favorites still win more than underdogs, impossible to rely on because most are greatly overpriced. In baseball, offense scoring is far more important than starting pitchers. Around 94% of pitchers have their wins and losses attributed to number of runs their team scores. (Contact: jimbarnes653@yahoo.com
Jim Barnes.co m
Statis-Pro/Sports Illustrated Games Stardust Consultant - (1993-2004) United Features Syndication Numerous Sports Magazines
Two Options for Continuing
Changes in the financial structure of sports wagering and the expense of maintaining a website are creating stress that must disappear prior to updating this site. There could be two solutions possible, both requiring format changes. First, a review of what small circulation newsletters face. In 2019, the IRS said any online income of less than $20,000 a year would be non-taxable. This sounded fair to me, as my goal is far below $20,000. I spent a lot of time and money to get the site (and daily forecast) secure as possible, adding informational sources and developing software to include new findings. All was going well until early March when I was informed the $20,000 no-tax amount was drastically reduced to $600. This is a crushing blow to hundreds of struggling to break-even newsletters. My accountant, serving our family for four decades, and a Pay Pal tech expert both informed me it is nearly impossible for individuals in my situation to survive. Pay Pal closes my account. Like I mentioned, two options are possible. The first is to stop collecting sales tax, the most logical solution from my perspective. No exhausting hours of filing monthly reports to states having a sales tax. I would have to register with all states, fill out a monthly form and remit checks ranging from 4 to 7% of the weekly charge. Even my accountant would not do that as it would require far more of his time and result in a gigantic bill. The downside of not collecting sales tax is local governments, if they desire, your state can contact you and make you pay a “use tax,” averaging around 4% or $0.20 on a $5 newsletter. Over a period or 26 weeks, you would owe your state between $5 and $10. Most states would not spend the working hours to notify and