[Sung to the tune of Ernie’s Rubber Duckie…]
Prosper Lending, you’re the one
You make tax-time lots of fun…
This past Friday, I was having lunch with the author of the RateLadder peer-to-peer lending blog and the talk got on taxes. (What? You don’t talk about taxes at lunch with your friends? How strange!) We discussed taxes due to our side business until Kevin off-handedly mentioned Prosper taxes. Being as Lazy as I am, I haven’t looked at my taxes in great detail yet. I hadn’t thought about taxes from my Prosper earnings.
Dealing with Prosper taxes can be described in one word – pain. I pity the fool who must go through this process. As RateLadder started to explain it to me, I said something like, “Whoa, whoa, whoa… there’s no way I can remember this with a face full of BBQ sauce… write this up in a blog post and send me a link.” Less than 24 hours later, I found a link in my e-mail in-box… check out this quick run-down of Prosper taxes. Now RateLadder is not a tax-professional, so check with your own expert.
When I read that run-down, I was ready a frontal-lobotomy. Prosper, I realize that taxes are out of your control. Please realize that this is a huge risk to your business. One of the first rules of business should be, “Do not cause your customers harm.” I feel harmed. Can’t you give us with simplified forms?