Well they gotta get that “stimulus” check back some how. This is mostly going to affect low income earners that use such services for smaller transactions. It was foolish to think the government just gave out money without expecting it to take it back somehow.
The stimulus currency not money was printed out of thin air and given to us them idiots need revenue to pay back the interest on all the dollars they borrowed to give to us its a legal ponzi scheme.
Like I been saying. Some people thought they could just opt out or return the checks. Like when it's all said and done you still gonna pay just like the rest if us. They're gonna get what they gave out plus some. So either way the working class is Lol and like they always have said the rich keeps on getting richer while the poor gets poorer.
So if I loan a friend $700 my friend is required to declare it as income?? If I send my daughter $1000 to pay towards her wedding the IRS is going to make my daughter declare it on her taxes?? This is a crock of shit!!
@@chillycharles910 This is correct. Which will cause a ton of paper work for people not prepared for this stuff. Buy stock in HR Block, they're going to get busier as taxes become more complicated.
This kills ebay for me. Im just selling stuff around my house to clean out my closet no way im going to have receipts for items purchased 5 or 10 years ago. I would rather throw the item in the trash then deal with this IRS headache. An yet the government wants us to reuse and recycle so much for that?
@@K2YA1 I'm hearing they want garage sale purchases too. Unless you go back to old school, make a sign in the yard, take cash payments, and deposit nothing. Spend it on small stuff like food toiletries etc. No big alarming purchases. Still DK how true it is.
Nontaxable you paid full price for those personal items just use basis. So if sell a toy for two dollars but it cost 29. Just put it in return and reduce it by basis which equals. So basis is lesser of cost or selling price
I made a lot more than 600 and I did my payment transactions solely thru cash app I have NOT received a 1099 form. What am I to do now? Don't I have to have that in order to file ?
This hurts small creators with high-value goods more than anything I think. To be clear, this is not for costs related to single transactions, if you make as a contractor more than 600 dollars from freelancing or contract work in a year, you're going to be taxed. That feels off.
They are going to definitely be taxing the money I send friends and family through venmo, fo splitting a meal, sharing utilities.. Shit I probably transfer $4-$5k a year for random little thing. They are going to send me a 1099-K form and then need to explain every goddam transaction and prove its not a business transaction
O but you no this was all about the Millionaires and Billionaires not paying "fair share" HA Folks believed that boloney good look with te IRS harassing average people
@@brownjewel3818 it’s not about hiding money, if your middle class which most of us are, you might have a side hustle. Say if you go to car auction and buy cars and sell 3 or 4 a year for a good profit. The irs can now tax and audit you for it which is unfair. I’m black but it’s hard not to criticize all the stuff Biden is doing. It’s one of the worst starts to a presidency ever.
Fuck the IRS I have a friend that has been paying me money I lent to him though cashapp for the convenience factor...I wonder if the IRS is going to look at it like taxable income....
@@ruthlessmofo Just have the documentation ready when they question it. If what you are saying is true you won’t have to pay taxes, that is unless you are charging interest which is income.
Yeah hell no, They want a share from everything we do. Enough is Enough! Why not go after the very rich first? $600? to the rich is like 1 penny, they always aiming at mid class or below
@@chaosclips5255 “make”, as in earn, not physically print. Sidenote...a lot of money in circulation now is digital-just numbers on a screen. It’s a dangerous ass shell game they’re playing. The government takes money from you because you have the audacity to go out and earn it, then loans it back to you by mortgaging your and future generations’ labor. None of us get to vote on how they spend this money, none of us knows where it’s going, and every year there’s a “crisis” about raising the debt limit lest the government shuts down. Doing all this earns them praise instead of scorn. If the day ever comes that we can’t bully countries to trade oil with US dollars via the military, we will instantly become Zimbabwe. The only thing the IRS is “giving” anybody is problems. This $600 threshold is dystopian.
You’re not paying taxes on the item you’re paying taxes on the profit from the item. You but an iPhone use it for 2 years and go to trade it the cell company says we’ll give you $200. You then post it online and someone offers you $1000. You are paying taxes on the $1000. If it didn’t work that way then Walmart wouldn’t pay any taxes on their profits at all. I should be clear however I think this whole plan is BS and wrong and will only hurt the middle class even more.
👨💼"Little Timmy, I think you forgot to report the earnings of your lemonade stand and small business mowing the neighbor's lawn... You also forgot to mention the $20 your grandmother gave you in that birthday card..." I thought it was supposed to be "Tax the Rich" where are the provisions for holding money offshore or utilizing a absorbent tax loopholes? I guess a little guy is taking the punch in the gut again 😒
is there a way we can fight this as a whole to make them stop? Like why aren't we marching for this and healthcare... what can we do to fight against this. I wonder if everyone in small businesses will just start using cash more often.
I stand with anonymous we are anonymous we are legion we do not forgive we do not forget this IRS should expect us so I say this to the people everywhere reading this message go get you an anonymous mask when the time is right they will not hit us with facial recognition but we will hit them as the people as one fighting against a corrupt system I say the IRS should be no more because me and my grandfather have the same name they want to pin me with back taxes I don't owe them s*** that could take the crap from my toilet IRS bastards f*** you IRS
I hear Canada has good benefits I'm thinking about moving to Canada bro establish a base and Canada for anonymous members and remember we are anonymous we are legion we do not forgive we do not forget expect us
So if I sell a guitar I bought 20 years ago on ebay for $1200 today I have to pay income tax on the transaction? I already paid income tax on the money I purchased the guitar with in the first place. This is clearly double taxation. I don't see how it's legal.
If you have cash hidden they aren’t going to know anything any way…. That’s why people from the older generation don’t use bank accounts and all of this other stuff that society use to today. Old heads will bury their money in the ground or cut a whole in their mattress…. That can’t track something they don’t know anything about such as cash they can only track money is if it’s in some type of account…. If I had 10,000 dollars on me right now the irs wouldn’t know a darn thing people sell things in money form all the time with out bank accounts and other stuff 🙄 .
How they know if the money transfer is for a sale vs. a family member or friend giving you money? My mother and I transfer over $600 back and forth during the year.
@@LYFEAccounting man I have to apologize for jumping the gun. I've been doing two or three things at the same time and didn't watch all the way to the end. So please accept my apology. Great information as always! You guys are number one!!!
I mean. Y’all voted this man in. It’s not just cash app. They going into your crypto account. Yeah we got a run up but he’s definitely waiting for that mug to sell so he can collect it.
It’s not like you get a choice in America. You get to pick the guy who wanted to overthrow the government, or the guy who is half asleep all the time. We picked the one that didn’t have a white supremacist gang behind him
@@danielvought1802 Yep, the guy who was good friends with a KKK member, didn't want his kids joining up in a racial jungle and said that his former boss was the first clean, articulate, mainstream African American. Whose party constantly brings race into every argument, doesn't like voter id because it is racist even though to do anything in this country you need some form of ID, and doesn't believe that African Americans know how to do certain things just because they are African Americans which includes using the internet. By the way, BLM is the organization, black supremacists founded on living in the olden days, paranoia, and insecurity. Of course, then again we live in a world nowadays where the ok sign is a symbol of white supremacy. People love their boogie man.
Hello, I'm new to Bitcoin trade and I've been making huge losses but recently i see a lot of people earning from it Please can someone tell me what to do?
The hell with irs the expect us too balance our books every year but yet they don't do the same, they should start breaking down all the taxes paid and actually show where all them tax dollars actually go and make it public.
As a 30 year tax accountant: You may not owe “income taxes” but everyone at all levels owe “self-employment tax” at 15%. Compute that on $10,000! Don’t mislead people. This tax is paid on the income tax form due every 4/15/2x. Americans need to protest this invasion of privacy. It will lead to double reporting of income. Deposit into Venmo, xfer to checking. Oops now you have two deposits.
I’m choosing not to use Venmo or cash apps and just use a checking account. As convenient as cash apps are I want all my business income in just one account. As a tax accountant do you feel this is best?
@@Kelli5555 that would be the most conservative. That’s ok. Keeping good records of the 1st cash receipt as income and the 2nd deposit as a bank xfer should be enough to support your accounting of the one transaction. Maybe use screenshots as support so you won’t have to search late.
Any tax evasion doesn't mean an immediate go to jail card. Audits are rare and most amounts aren't big enough to trigger them. They will often inform you to expand upon an amount. They may not let you take some deductions. The IRS is understaffed and can't keep up with returns let alone coming after you.
They hired 85k new employees. Still though with these new laws 90% of people will be committing tax invasion. What are they going to do? Actually arrest that many people I don't think so.
So if you have friends pay you for dinners on split checks that they might go in the amount of over 600 using one of these apps, you have to claim it on taxes? What?
So, if the cash app is classified as a business account that's how they would know. Kind of bias for a personal account. I see a lot of audits coming. Nice information. Great Vid!
How are you going to pay more taxes on money you cash app people as a gift or loans? I send my daughter money who's out of state money using PayPal and Cash app that money comes from my job where taxes are withheld.
Yes, they have to notify you. Last month Inmissed an email that stated my Venmo account status was changing unless I gave them more identification. That '' more identification' happened to be them asking me to sent them my social security number, photos of my SSN card or tax form, and a photo of my ID/passport. I ignored the request and they froze my acocunt. When I asked why my account needed to go through these extra steps, she informed me it was now a federal law through Binden's Patriot Act, to ask for this sensitive information. Even though it's a third party app. Just because it is federal law doesn't mean the action isn't criminal. Work has been very difficult for me to secure this year. And now the measly amount I've made (far less than 10,000) is now being flagged and taxed. I feel like I'm being punished.
Paying For This New Stimulus Pkg In was in the wording, yes... Food stamps wasn't meant too Help the poor, nah really it was so People could have a job but shoulder Too Shoulders we are the ones lifting Each other up cause we all endure in Different ways. Thanks for your words They are precious and I hope you do Understand me and everyone w/LOVE.
Ny lottery does the same, any win thats over $600 u must pay taxes & other rules like if u ever had public assistance portions of that will b deducted from ur winnings...This clearly shows that the poor & middle class always pave the way for others.
Can't wait for this TikTok video: "Ok wait, so you guys, I like, literally sold all my old Chanel bags at a party in June. And like everyone sent me a venmo, which was like super easy, and I probably got like $5K for them, even though Jennifer said she'd pay me later, but anyway. Wait, so I now got this like paper form in the mail. Like who uses mail. It says I have income? seriously, are they being serious right now. So, like what do I do, is this like an accounting numbers thing. I called the IRS and waited for 2 hours, honestly, I can't."
Thank you for the video. I would like to share this on my Facebook page. My Sister lives in New Orleans and knows people who will get some use out of this video . . . Be Blessed and thank you again.
Im an immigrant who grew up in America my whole life..wtfk does the government do for YOU and your family to make sure you guys are accommodated for you to have to pay taxes out of you hard earned money..?? We don’t even need the government we’re too reliant on the government that’s why people allow this shit..
Can you imagine the document dump on the IRS and they are woefully understaffed already. They're literally going to get hundreds of millions of 1099s, lol
They don't have enough time for the regular $10k reports and regular audits that already ask for bank accounts for business. Too many higher ups making promises that the actual workers can't keep.
And how is the IRS going to know if a payment send / payment received is taxable? I borrow $500 from mom and pay her back in 4 hours. That's $1K in tax both of us pay? $200 each taxable income. Your guilty until proven innocent? I use Venmo and Zelle all the time. Every single transaction will be considered income until proven wrong to IRS. So everyone needs to walk around with a journal writing down notes 24-7? ....QUESTION..... the 1099K is sent to IRS next year. $4K on Venmo records. Mom sends me $400 a month for college expenses. Both of us screwed. Do i claim that or not claim if not income. If i claim it i have to be taxed. I don't claim it bam audit. Loose loose situation. Can't win...
So if I don’t have transaction over $600 I’m good? I only use cash app to lend people money I owe and stuff like that. My transactions never go above $150
@@jaygannon3560 More than likely if you're buying gold you have a stock. Gramps, nobody is going to measure out and cut up a bouillon for you. Are you walking around with a pocket full of Spanish Deblumes 🏴☠️ sailing the seven seas getting ready to leave them "n' yerr pirate's chest matey" 🤣
@@edd2184 20s here, so no gramps. just saying crypto is a massive bubble, the price of one bitcoin is a bubble price. Global central banks have inflated the mother of all bubbles, it is called the Everything Bubble. Just wait till global inflation is met with global central banks having no choice but to substantially raise interest rates. Everything will collapse, including Bitcoin.
Thank you for putting such great content. Question, in your example of side hustle of 10,000 dollar income, wouldn’t they have to pay self employment / FICA tax regardless of income bracket after deduction?
Yes, technically, of course. But it’s kind of been assumed that the government isn’t going to come after the ‘little guy’. 10k is small potatoes. The side hustle helps many of us stay afloat. For example: I work a full time job and pay taxes. I work a side hustle and give up most of my free time, but I don’t claim all of it.. I do it to pay my rent and afford to live in a very expensive city. But now it seems everything is going to be taxed and I need to work even more to survive.
One thing I don't understand is, if we wouldn't owe taxes on amounts under $12,550 anyway, why not make the limit $12,550 instead of $600? Just seems like extra paperwork for nothing.
Its not so.....Zelle IS NOT included in it.....They have said it that they ARE NOT included in this law.....because, they DO NOT handle those transactions!......This is only for CashApp, Venmo, Paypal.
LLC, how will taxes work with a furnishing and interior design business contracts, in the USA , but also do business form England, UK, use cash app to pay subcontractors?? 1ooK to 300K??
I thought that Yellen said the banks had to report any bank accounts over $600 as well. Did that pass and if so how does that combined totals at or over $600 going to be taxed vs say your paycheck or someone helping you pay your bills? Thanks 👍
If I use these sources to transfer money to my kids or give my buddy my cut for last nights dinner, will these transfer be subject to the 600.00 requirement and the 1099K?
How does the IRS classify it as “profit income”? I live with a relative and I pay a portion of the bills, the payment method I use is Cash App? Now my relative that’s the receiver may receive $150 a month from me via Cash App? That’s technically not a sell. If it was a brick and mortar bank it’s basically a wire, I believe. Like it’s not profit so it’s basically getting taxed for the 2nd time. Let’s think about it. I’m using my wages from my w2 job (so it’s already been taxed), to pay a portion of utilities to a relative. The relative receives the funds, withdraw if need be and pay the bill. The relative receives a 1099-k basically saying you receive more than $600 in “sells” and have to pay taxes. But my relative didn’t sell anything.
I'm not sure if you made a correction/edit for this video already (I apologize if you have), but I was under the impression that this doesn't apply to Zelle? Payments between friends and family, and eligible small businesses sent through the Zelle Network are not subject to this law because Zelle facilitates messaging between financial institutions, but does not hold accounts or handle settlement of funds. All love:)
"Despite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year." Forbes magazine, 18 February 2019. But at least it's good to know our current and past friends in the White House and Congress have also been looking out for us little guys. This latest move to make sure we are subject to taxes on transactions totaling $600 during the year is one more great example. At any rate, thanks for the video; I gave it a "Like." Well done; complete, concise, clear. I then watched parts of a couple of your other videos, and I will watch a lot more. I just discovered your channel today, and now you have one more subscriber. Keep up the outstanding work!
This is big government. Keep voting democrat and this will continue and get worse. This is their agenda, more government, more restriction, more taxes.
I’m a nail tech: I get tip money on Venmo & cash app. That doesn’t affect me b/c this new law is only on business, right? Do people who work on tips doesn’t apply 2 this 1099k correct?
Any money coming in we typically subtract a percentage for tax purposes including money through CashApp, Square, etc. Would we have to pay additional taxes?
Hi Leah, I believe you are talking about sales tax? This video is referring to federal taxes. However, if you're talking about estimated tax payments, then great, you are doing it right! But some other businesses have gotten away with no reporting income from CashApp.
When we already paid taxes on things we sell (paid our income taxes on our jobs, and paid sales tax on a new good) and then resell it, it shouldn't be taxed twice. The government keeps creating new jobs that need tax dollars to fund. We are at an point of too much Government.
Who the hell asked for this? Congress is supposed to act according to the will of the people. Who was clamoring for this?? Nobody. What a joke. We need to channel our inner French revolutionaries.
![Everyday Tax Write Offs for Small Businesses! [24 hr Challenge]](/img/n.gif)
AND the IRS wants to Monitor Your Bank Account! [Biden's Tax Plan], watch more here: th-cam.com/video/86-HTzDE-1I/w-d-xo.html
yes that's what's trying to pass next so watch for that
Yes agree irs shouldn’t monitor out account that stupid..
@CuriouSteve in very aware of that
If you have nothing to hide, you have nothing to fear…
👆👆Have total confidence in adrian lamo ,he is the best at what he does
Well they gotta get that “stimulus” check back some how. This is mostly going to affect low income earners that use such services for smaller transactions. It was foolish to think the government just gave out money without expecting it to take it back somehow.
I already knew this! Nothing is a gift or just to help you out, their gonna get it back out of you!
Only when it goes to other countries, then it's actually a give away. Not for Americans though.
@@diannebell8622 Don't forget the corporate welfare that they love to hand out. But only to the largest, more profitable corporations, of course.
The stimulus currency not money was printed out of thin air and given to us them idiots need revenue to pay back the interest on all the dollars they borrowed to give to us its a legal ponzi scheme.
Like I been saying. Some people thought they could just opt out or return the checks. Like when it's all said and done you still gonna pay just like the rest if us. They're gonna get what they gave out plus some. So either way the working class is Lol and like they always have said the rich keeps on getting richer while the poor gets poorer.
So if I loan a friend $700 my friend is required to declare it as income?? If I send my daughter $1000 to pay towards her wedding the IRS is going to make my daughter declare it on her taxes?? This is a crock of shit!!
You can always give cash or send a check.
@@kaylaEA_ They are doing the same with bank accounts. Withdraws or deposits over $600 are reported.
@@kaylaEA_ 🤦
You probably don't have to claim it on taxes but you would need to be able to show receipts or proof if audited.
@@chillycharles910 This is correct. Which will cause a ton of paper work for people not prepared for this stuff. Buy stock in HR Block, they're going to get busier as taxes become more complicated.
This kills ebay for me. Im just selling stuff around my house to clean out my closet no way im going to have receipts for items purchased 5 or 10 years ago. I would rather throw the item in the trash then deal with this IRS headache. An yet the government wants us to reuse and recycle so much for that?
There is somewhere on Ebay that says you don't have to pay for taxes if it's like a garage sale. I would look it up!
@@K2YA1 I'm hearing they want garage sale purchases too. Unless you go back to old school, make a sign in the yard, take cash payments, and deposit nothing. Spend it on small stuff like food toiletries etc. No big alarming purchases. Still DK how true it is.
Nontaxable you paid full price for those personal items just use basis. So if sell a toy for two dollars but it cost 29. Just put it in return and reduce it by basis which equals. So basis is lesser of cost or selling price
I made a lot more than 600 and I did my payment transactions solely thru cash app I have NOT received a 1099 form. What am I to do now? Don't I have to have that in order to file ?
This hurts small creators with high-value goods more than anything I think.
To be clear, this is not for costs related to single transactions, if you make as a contractor more than 600 dollars from freelancing or contract work in a year, you're going to be taxed. That feels off.
They are going to definitely be taxing the money I send friends and family through venmo, fo splitting a meal, sharing utilities.. Shit I probably transfer $4-$5k a year for random little thing. They are going to send me a 1099-K form and then need to explain every goddam transaction and prove its not a business transaction
@@VitaminStudios I think this is more about businesses rather than personal stuff
@@theetruth4267 make no mistake, this was included to appease corporatist on both sides.
@@theetruth4267 Worshiping any politician will not work out in our collective interest. Your position is literally the shill position, not mine.
O but you no this was all about the Millionaires and Billionaires not paying "fair share" HA Folks believed that boloney good look with te IRS harassing average people
Well, those who voted for Biden this is what y’all wanted, I just hate all of us got to suffer smh.
This is why I vote Independant or not at all.
If you don't have money to hide anyways so what's the problem? I guess Trump did a excellent job! Ignorance or opinions!
@@brownjewel3818 it’s not about hiding money, if your middle class which most of us are, you might have a side hustle. Say if you go to car auction and buy cars and sell 3 or 4 a year for a good profit. The irs can now tax and audit you for it which is unfair. I’m black but it’s hard not to criticize all the stuff Biden is doing. It’s one of the worst starts to a presidency ever.
2022 will be the year Republicans strike back
He was even telling us everybody would have higher taxes with him. Remember that?
Sounds like a trick so the IRS can tax the smallest of small businesses.
Fuck the IRS
I have a friend that has been paying me money I lent to him though cashapp for the convenience factor...I wonder if the IRS is going to look at it like taxable income....
If you make money for goods or services then you need to pay your fair share just like the majority of us that are employees and pay our taxes weekly.
@@ruthlessmofo
Just have the documentation ready when they question it. If what you are saying is true you won’t have to pay taxes, that is unless you are charging interest which is income.
Yeah hell no, They want a share from everything we do. Enough is Enough!
Why not go after the very rich first?
$600? to the rich is like 1 penny, they always aiming at mid class or below
Bidens gotta hurry up n leave...
I DISCOVERED YOU A WEEK AGO AND I HAVE TO SAY YOU ARE PRODUCING THE BEST SERVICE OUT THERE. KEEP UP THE GREAT WORK.
The irs was like look y’all we gave you all this free money it’s time to pay up.
Exactly! No more “cash app only” signs 😂💯
The IRS “gave” people money? Do full grown adult Americans actually think the IRS makes money and “gives” it to people?
@@duketogo25 printing via federal bureau against future money.
@@duketogo25 well money is actually physically printed everyday
@@chaosclips5255 “make”, as in earn, not physically print. Sidenote...a lot of money in circulation now is digital-just numbers on a screen. It’s a dangerous ass shell game they’re playing.
The government takes money from you because you have the audacity to go out and earn it, then loans it back to you by mortgaging your and future generations’ labor. None of us get to vote on how they spend this money, none of us knows where it’s going, and every year there’s a “crisis” about raising the debt limit lest the government shuts down. Doing all this earns them praise instead of scorn. If the day ever comes that we can’t bully countries to trade oil with US dollars via the military, we will instantly become Zimbabwe.
The only thing the IRS is “giving” anybody is problems. This $600 threshold is dystopian.
So frustrating! $20K to $600 is HUGE! How can they tell if the Cash/Venmo/Zelle wasn't just a friend paying you back from dinner or something?
@Dracula Tepes … and knowing them that means they’ll assume you owe taxes on it.
This is unconscionable
Taxes on things you have already bought and paid taxes on!!
Exactly!!
not to forget the fees
You’re not paying taxes on the item you’re paying taxes on the profit from the item. You but an iPhone use it for 2 years and go to trade it the cell company says we’ll give you $200. You then post it online and someone offers you $1000. You are paying taxes on the $1000. If it didn’t work that way then Walmart wouldn’t pay any taxes on their profits at all. I should be clear however I think this whole plan is BS and wrong and will only hurt the middle class even more.
@@A-Thomas I voted for Biden and I don't agree with this. Not at all
Damn. 💯 The Government is the biggest gangster in history.
Take cash and don't put it in the bank get you a fire proof safe!!
Sounds like a good investment because you don't really earn any interest anymore on savings.
👨💼"Little Timmy, I think you forgot to report the earnings of your lemonade stand and small business mowing the neighbor's lawn... You also forgot to mention the $20 your grandmother gave you in that birthday card..."
I thought it was supposed to be "Tax the Rich" where are the provisions for holding money offshore or utilizing a absorbent tax loopholes? I guess a little guy is taking the punch in the gut again 😒
@@bkabystepperr6537 I agree, this is directly targeted at the little guy.
Amazing video as always… horrible IRS news as always.
You mean Joe Biden news. Him and Warren wrote and passed this.
@@borat8351 I thought Yellen had a hand in this.
Just means to create your business, LLC it under a holding company. Structure your business correct.
Yep... elections have consequences!!!!!! How's that vote workin out now???
Hated trump when in office… now I’d give my left testable to have him back.
@@SteveBwondering yes sir
@@SteveBwondering elections have consequences
I don't see anymore post saying g that they're "Ridin with Biden".
#Trump2024 #FJB
@@toriw2879 and the Church said amen to that!!!!!!!!!!! Not one
The debt ceiling is raised and we the taxpayer will cover the tab. Keep asking "Where's my stimulus check?".
Don't forget the trillions we spent in Iraq and Afghanistan.
is there a way we can fight this as a whole to make them stop?
Like why aren't we marching for this and healthcare...
what can we do to fight against this. I wonder if everyone in small businesses will just start using cash more often.
Move to another country
To late now! Blame who ever voted for Biden.
I stand with anonymous we are anonymous we are legion we do not forgive we do not forget this IRS should expect us so I say this to the people everywhere reading this message go get you an anonymous mask when the time is right they will not hit us with facial recognition but we will hit them as the people as one fighting against a corrupt system I say the IRS should be no more because me and my grandfather have the same name they want to pin me with back taxes I don't owe them s*** that could take the crap from my toilet IRS bastards f*** you IRS
I hear Canada has good benefits I'm thinking about moving to Canada bro establish a base and Canada for anonymous members and remember we are anonymous we are legion we do not forgive we do not forget expect us
So if I sell a guitar I bought 20 years ago on ebay for $1200 today I have to pay income tax on the transaction? I already paid income tax on the money I purchased the guitar with in the first place. This is clearly double taxation. I don't see how it's legal.
3rd Party companies about to loss all their consumers
They are fighting back heavily. Not only do they not want lose their customers, but it will increase their overhead costs.
Cash only!
They can still track cash, so careful careful
The IRS will see that cash enter your bank account. Then they will start asking questions. Good time to buy a vault..
If you have cash hidden they aren’t going to know anything any way…. That’s why people from the older generation don’t use bank accounts and all of this other stuff that society use to today. Old heads will bury their money in the ground or cut a whole in their mattress…. That can’t track something they don’t know anything about such as cash they can only track money is if it’s in some type of account…. If I had 10,000 dollars on me right now the irs wouldn’t know a darn thing people sell things in money form all the time with out bank accounts and other stuff 🙄 .
Irs is getting out of hand they need to be overthrown NOW
How they know if the money transfer is for a sale vs. a family member or friend giving you money? My mother and I transfer over $600 back and forth during the year.
The IRS is empowered to snitch!!!! Empowered by the United States Congress!!!
I covered this part towards the end of the video
@@LYFEAccounting man I have to apologize for jumping the gun. I've been doing two or three things at the same time and didn't watch all the way to the end. So please accept my apology. Great information as always! You guys are number one!!!
All good, I get it 100% 💯
@@LYFEAccounting thnx bro
The government will do ANYTHING but tax billionaires 🤦🏾♀️🤦🏾♀️🤦🏾♀️🤦🏾♀️
That's because they contribute to their political funds and aspirations!!
nope its because tax loop holes. become self employed and invest you will see
It's not a billionaire thing,it's knowing the information
@Touch Blampied he the messiah
I mean. Y’all voted this man in.
It’s not just cash app. They going into your crypto account. Yeah we got a run up but he’s definitely waiting for that mug to sell so he can collect it.
It’s not like you get a choice in America. You get to pick the guy who wanted to overthrow the government, or the guy who is half asleep all the time. We picked the one that didn’t have a white supremacist gang behind him
@@danielvought1802 Yep, the guy who was good friends with a KKK member, didn't want his kids joining up in a racial jungle and said that his former boss was the first clean, articulate, mainstream African American. Whose party constantly brings race into every argument, doesn't like voter id because it is racist even though to do anything in this country you need some form of ID, and doesn't believe that African Americans know how to do certain things just because they are African Americans which includes using the internet. By the way, BLM is the organization, black supremacists founded on living in the olden days, paranoia, and insecurity. Of course, then again we live in a world nowadays where the ok sign is a symbol of white supremacy. People love their boogie man.
It's outrageous. I do not agree with this at all.
They need those funds to help pay for that giant bill they are trying to pass. You know the one that won’t cost you a thing.
My trading journey was a matriculation of highs and lows, literally just like the market. you up, you down. Now I'm constantly up.
Hello, I'm new to Bitcoin trade and I've been making huge losses but recently i see a lot of people earning from it Please can someone tell me what to do?
The new digital gold has created a new trillion-dollar's opportunity around the world! Where do you think your country is headed for
All you need now is a professional trader else you will continue making losses
That is true, you need an expert broker and account manager to make good profit from Bitcoin trade.
Trading on your own is very risky, many people have lost a lot trading for themselves
I won't be selling nothing on these sites!
The hell with irs the expect us too balance our books every year but yet they don't do the same, they should start breaking down all the taxes paid and actually show where all them tax dollars actually go and make it public.
Land of the free
Lol right
As a 30 year tax accountant: You may not owe “income taxes” but everyone at all levels owe “self-employment tax” at 15%. Compute that on $10,000! Don’t mislead people. This tax is paid on the income tax form due every 4/15/2x. Americans need to protest this invasion of privacy. It will lead to double reporting of income. Deposit into Venmo, xfer to checking. Oops now you have two deposits.
I’m choosing not to use Venmo or cash apps and just use a checking account. As convenient as cash apps are I want all my business income in just one account. As a tax accountant do you feel this is best?
@@Kelli5555 that would be the most conservative. That’s ok. Keeping good records of the 1st cash receipt as income and the 2nd deposit as a bank xfer should be enough to support your accounting of the one transaction. Maybe use screenshots as support so you won’t have to search late.
If I made over 600 dollars on paypal during 2021, do I need to do a tax form?
@@proplayz408 no, it starts in 2022
@@siblis20 oof 🙏🏼
Any tax evasion doesn't mean an immediate go to jail card. Audits are rare and most amounts aren't big enough to trigger them. They will often inform you to expand upon an amount. They may not let you take some deductions. The IRS is understaffed and can't keep up with returns let alone coming after you.
They hired 85k new employees. Still though with these new laws 90% of people will be committing tax invasion. What are they going to do? Actually arrest that many people I don't think so.
So if you have friends pay you for dinners on split checks that they might go in the amount of over 600 using one of these apps, you have to claim it on taxes? What?
Somewhere along the line, the IRS has lost revenue somehow? Or more millionaires are being made thru self employment? I wonder what gives?
They don't like Bitcoin.
Thank you for the information even though it’s not the best news! It’s very much appreciated!
I appreciate it, I just hope that this saves someone from a bad 2022 tax year
So, if the cash app is classified as a business account that's how they would know. Kind of bias for a personal account. I see a lot of audits coming. Nice information. Great Vid!
That's the plan from the beginning.
Honestly if its like that, i see a big influx in cash to cash transactions
The problem with that is the plan to stop printing money and push people to the FedCoin.
@@jcombs5495 we don't have to use Fedcoin though. Bitcoin only has value because people perceive it as valuable. They already hate btc and monero.
How are you going to pay more taxes on money you cash app people as a gift or loans? I send my daughter money who's out of state money using PayPal and Cash app that money comes from my job where taxes are withheld.
Doesn't Cashapp or any other pay service have to notify you first about this going into effect? And if yes, how will they notify you?
Yes, they have to notify you. Last month Inmissed an email that stated my Venmo account status was changing unless I gave them more identification. That '' more identification' happened to be them asking me to sent them my social security number, photos of my SSN card or tax form, and a photo of my ID/passport.
I ignored the request and they froze my acocunt. When I asked why my account needed to go through these extra steps, she informed me it was now a federal law through Binden's Patriot Act, to ask for this sensitive information. Even though it's a third party app.
Just because it is federal law doesn't mean the action isn't criminal. Work has been very difficult for me to secure this year. And now the measly amount I've made (far less than 10,000) is now being flagged and taxed. I feel like I'm being punished.
Paying For This New Stimulus Pkg
In was in the wording, yes...
Food stamps wasn't meant too
Help the poor, nah really it was so
People could have a job but shoulder
Too Shoulders we are the ones lifting
Each other up cause we all endure in
Different ways. Thanks for your words
They are precious and I hope you do
Understand me and everyone w/LOVE.
This is similar to tactics when they were pushing the Patriot Act.
That's exactly what came to mind when I was listening
Ny lottery does the same, any win thats over $600 u must pay taxes & other rules like if u ever had public assistance portions of that will b deducted from ur winnings...This clearly shows that the poor & middle class always pave the way for others.
Good video & very informative. FYI...Question #3 had a type o....the word cash.
Can't wait for this TikTok video: "Ok wait, so you guys, I like, literally sold all my old Chanel bags at a party in June. And like everyone sent me a venmo, which was like super easy, and I probably got like $5K for them, even though Jennifer said she'd pay me later, but anyway. Wait, so I now got this like paper form in the mail. Like who uses mail. It says I have income? seriously, are they being serious right now. So, like what do I do, is this like an accounting numbers thing. I called the IRS and waited for 2 hours, honestly, I can't."
What if your filing for bankruptcy do you have to report it to the bankruptcy when you file chapter 7 to clear owed debt being paid through cash app
Time to pay back that stimulus money.
Thank you for the video. I would like to share this on my Facebook page. My Sister lives in New Orleans and knows people who will get some use out of this video . . . Be Blessed and thank you again.
That’s messed up man... sell a mower for 750$ and your screwed.
We. Are. Not. Free.
Im an immigrant who grew up in America my whole life..wtfk does the government do for YOU and your family to make sure you guys are accommodated for you to have to pay taxes out of you hard earned money..?? We don’t even need the government we’re too reliant on the government that’s why people allow this shit..
Can you imagine the document dump on the IRS and they are woefully understaffed already. They're literally going to get hundreds of millions of 1099s, lol
What if people ditch these services?
That’s what needs to be done
Makes no sense, me and my wife send thousands back and forth for rent etc not income
They don't have enough time for the regular $10k reports and regular audits that already ask for bank accounts for business. Too many higher ups making promises that the actual workers can't keep.
It stupid.
And how is the IRS going to know if a payment send / payment received is taxable? I borrow $500 from mom and pay her back in 4 hours. That's $1K in tax both of us pay? $200 each taxable income. Your guilty until proven innocent? I use Venmo and Zelle all the time. Every single transaction will be considered income until proven wrong to IRS. So everyone needs to walk around with a journal writing down notes 24-7?
....QUESTION..... the 1099K is sent to IRS next year. $4K on Venmo records. Mom sends me $400 a month for college expenses. Both of us screwed. Do i claim that or not claim if not income. If i claim it i have to be taxed. I don't claim it bam audit. Loose loose situation. Can't win...
Cash is king baby can’t trace that
So if I don’t have transaction over $600 I’m good? I only use cash app to lend people money I owe and stuff like that. My transactions never go above $150
O.K. So which one of you geniuses is going to crate a new form of blockchain currency that they can't control?
that's XMR
There's so many out there, especially after the Pandora Papers leaked, The legacy financial system is corrupt down to its core.
lol or you can just buy gold, which has a 5000 year history. stupid gen z'er
@@jaygannon3560 More than likely if you're buying gold you have a stock. Gramps, nobody is going to measure out and cut up a bouillon for you. Are you walking around with a pocket full of Spanish Deblumes 🏴☠️ sailing the seven seas getting ready to leave them "n' yerr pirate's chest matey" 🤣
@@edd2184 20s here, so no gramps. just saying crypto is a massive bubble, the price of one bitcoin is a bubble price. Global central banks have inflated the mother of all bubbles, it is called the Everything Bubble. Just wait till global inflation is met with global central banks having no choice but to substantially raise interest rates. Everything will collapse, including Bitcoin.
Thanks for keeping us updated
Thank you for watching
Can you update this information the bill is out and has been removed.
Thank you for putting such great content. Question, in your example of side hustle of 10,000 dollar income, wouldn’t they have to pay self employment / FICA tax regardless of income bracket after deduction?
Yes, technically, of course. But it’s kind of been assumed that the government isn’t going to come after the ‘little guy’. 10k is small potatoes. The side hustle helps many of us stay afloat. For example: I work a full time job and pay taxes. I work a side hustle and give up most of my free time, but I don’t claim all of it.. I do it to pay my rent and afford to live in a very expensive city. But now it seems everything is going to be taxed and I need to work even more to survive.
One thing I don't understand is, if we wouldn't owe taxes on amounts under $12,550 anyway, why not make the limit $12,550 instead of $600? Just seems like extra paperwork for nothing.
Its not so.....Zelle IS NOT included in it.....They have said it that they ARE NOT included in this law.....because, they DO NOT handle those transactions!......This is only for CashApp, Venmo, Paypal.
Thanks for Voting Biden 😒🤢
Good info, thanks. New sub! I completely disagree with this new change. Hopefully it ends up not going through. Just incredibly wrong!
Thanks for the sub! Welcome to the family.
LLC, how will taxes work with a furnishing and interior design business contracts, in the USA , but also do business form England, UK, use cash app to pay subcontractors?? 1ooK to 300K??
that suit go crazy
Man thanks! 💯
Just click your heels together 3 times and repeat... ORANGE MAN BAD..... ORANGE MAN BAD..... ORANGE MAN BAD.....
This is your gift to all those who voted for Biden. Now start paying those taxes.
Not through Zelle. It's a bank transfer app.
Just deleted all those app.
Cash app & vemo ..
Use PayPal only..
I thought that Yellen said the banks had to report any bank accounts over $600 as well. Did that pass and if so how does that combined totals at or over $600 going to be taxed vs say your paycheck or someone helping you pay your bills? Thanks 👍
He made a video last week covering that topic regarding transactions over $600. No, it hasn't passed yet to answer your question though.
Yeah. Is it $600.00 over a one year period, one month period? Biden is sneaky!
The banks are now $10,000.00. Cash apps, Paypal etc, are $600.00.
So what does this mean for rent?? Do we have to start paying tax on rent payments?
This is BS
Who voted these people in and are you surprised 😮 😳 🤔
Great video BM 👍🏾 ✊🏾
If I use these sources to transfer money to my kids or give my buddy my cut for last nights dinner, will these transfer be subject to the 600.00 requirement and the 1099K?
WORDS ARE NOT ENOUGH TO EXPRESS MY GRATITUDE TOWARDS YOUR KINDNESS TO OUR FAMILY WE ALL SAY THANK YOU VERY MUCH
How does the IRS classify it as “profit income”? I live with a relative and I pay a portion of the bills, the payment method I use is Cash App?
Now my relative that’s the receiver may receive $150 a month from me via Cash App? That’s technically not a sell. If it was a brick and mortar bank it’s basically a wire, I believe.
Like it’s not profit so it’s basically getting taxed for the 2nd time. Let’s think about it. I’m using my wages from my w2 job (so it’s already been taxed), to pay a portion of utilities to a relative. The relative receives the funds, withdraw if need be and pay the bill. The relative receives a 1099-k basically saying you receive more than $600 in “sells” and have to pay taxes.
But my relative didn’t sell anything.
IRS is done for just watch the movie...
What movie?
I'm not sure if you made a correction/edit for this video already (I apologize if you have), but I was under the impression that this doesn't apply to Zelle? Payments between friends and family, and eligible small businesses sent through the Zelle Network are not subject to this law because Zelle facilitates messaging between financial institutions, but does not hold accounts or handle settlement of funds. All love:)
That's why you do cash
"Despite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year." Forbes magazine, 18 February 2019. But at least it's good to know our current and past friends in the White House and Congress have also been looking out for us little guys. This latest move to make sure we are subject to taxes on transactions totaling $600 during the year is one more great example.
At any rate, thanks for the video; I gave it a "Like." Well done; complete, concise, clear. I then watched parts of a couple of your other videos, and I will watch a lot more. I just discovered your channel today, and now you have one more subscriber. Keep up the outstanding work!
This is big government. Keep voting democrat and this will continue and get worse. This is their agenda, more government, more restriction, more taxes.
Very important thank you 🙏
I only come to this channel for accurate news
I’m a nail tech: I get tip money on Venmo & cash app. That doesn’t affect me b/c this new law is only on business, right? Do people who work on tips doesn’t apply 2 this 1099k correct?
Build back better right.
What about money we already send it that count for taxes? Or start Jan 2021
Cash is king
cash is king
Wait didn't you just say inflation was bad, why would you want cash?
@@LYFEAccounting cant be traced.
I Pay My Weed Man Through Cash App
😂😂😂😂
Lol
Any money coming in we typically subtract a percentage for tax purposes including money through CashApp, Square, etc. Would we have to pay additional taxes?
Hi Leah, I believe you are talking about sales tax? This video is referring to federal taxes.
However, if you're talking about estimated tax payments, then great, you are doing it right! But some other businesses have gotten away with no reporting income from CashApp.
From 20,000 too 600… damn they got us bad wit this one
This is only for business, if you do friends and family, you will be fine
Taxes on taxes on taxes.
When we already paid taxes on things we sell (paid our income taxes on our jobs, and paid sales tax on a new good) and then resell it, it shouldn't be taxed twice. The government keeps creating new jobs that need tax dollars to fund. We are at an point of too much Government.
Who the hell asked for this? Congress is supposed to act according to the will of the people. Who was clamoring for this?? Nobody. What a joke. We need to channel our inner French revolutionaries.