Yes Most people remain poor only because friends and relatives discouraged and advise them against investing and trading forex while the wise ones kept investing and growing higher financially.
Kept telling folks this would happen as soon as they said everyone must pay their fair share. I hate that people actually thought the rich folks were actually going to pay for everything. The politicians that said they were going to make the rich pay are rich folks. I don’t think I know of a poor politician.
The Rich already pay way more than their fair share. In 2020, the bottom 62% of Americans paid zero federal income tax…..the wealthy footed the bill. Now they are going to force the bottom portion pay their fair share.
@Q Products I am the one that has lived a career of reality. I have prepared many tax returns for the wealthy and many for the lower income citizens. The facts are that poor people do not pay taxes. Most of the middle class pay little to no income taxes. America is financed by the wealthy. Not sure why you think Pelosi’s actions are even relevant in a tax discussion. She is a completely different topic. Corruption and insider trading by politicians should be enforced but it’s not. What Pelosi has done is 100000x worse than Martha Stewart. Pelosi should go to prison and have her illegally gained money taken away
How is it going to be differentiated? I use cash app to receive money for myself and my child. Sometimes it's loans that had to be paid back. Sometimes it's my friends and I splitting a bill. I have a had a few people pay me for products through there a couple of times too. The product sales is no where near $600 but the other funds is over $600. I have even had relatives that don't have a bank account that can't keep track of their own cashapp card that asked to have money sent to me so I can pull it out for them. This is really messed up.
Thanks Donnell. While I am not happy with this I agree to beat them you have to play there game. Start tracking your expenses and be about your business. if people set themselves up as suggested they will come out okay.
I can’t simply give my family or friends $1,000 anymore????? I’m not even in business or doing business. I’m not even a business owner! I’m just a regular person giving someone I know money. A simple personal transactions that has no business whatsoever. I don’t make money off cash app. I make it off my job and the job sends me my check through my bank. I only use cash app to give someone I know money because it was quick and not everyone has the same bank.
And recoup money from people. Know what's funny to this. I have actually been doing this yearly giving my receipts to my accountant. Now it will be on the 1099K okay. Let's see. I never get that much back anyway but I am sure going to use my deductions even more
What the people need to do is introduce legislation. Start by generating the requisite signatures needed and just as they say via grass roots process draft and articulate exactly what we want what we require what we demand of any politician elected through voting process. If they person whether male or female....the legislation "we the people" (who actually have the true real power), create if their not doing whats "right for and by the people" plain an simple they asses is removed from said seat...."by the people" period. An we seat someone in their place who is and will do exactly as they should which is right for and by the people, in the administration of their duties in such capacity. Just my thoughts an perspective on that..until we force these people to either do right for people or get em out of there no long drawn out process get em the fuck out of office an get right person in there who is an will do what the people require and actually need. We don't need any more politicians in office for purposes of achieving their own agendas and fucking over the people.
I think this is Gross. For people crafting and selling things to just get by. Or selling things they have been making for fun during the pandemic and stay at home orders…. It’s sick they should not be able to do… how does it work is it 600.00 or more a month or is it after you make 600.00 you get taxes from that point forward???????
I pay my parents and step fathers verizon bill bc we have one plan. They reimburse me every month. I know this isnt taxable but I will have to take the time to prove it. this is total BS! Typical govt crap.
Just keep your receipts to everything and you'll be able to use it as a write off if you get a form, post office receipts, gas receipts, supply receipts, etc
@@kamikazikaizer yeah man, republican all the way 👏 👌. I knew @ sometime, something was going to come after the printing of notes that was pushed in the economy..they came like a theif in the night...They want their money back...
So glad I ran into this video. I appreciate you sharing and trust and believe I'll be telling everyone I know about it. Great information and a damn greedy shame this gov. plays with their POLYTRICKS! I'm subscribed now. You have some great informative videos! Keep it up and again... THANK YOU!
There was another video I seen on RUclips where the Clear Value Tax channel explained this $600+ via cash app or other platforms includes ANY money sent to you that equals $600 or more over the course of a year. For instance, reimbursements for food, gifted money, going half on mortgage-- if the sender does not label it as a "gift"-- it will be subject to being taxed. I'm just going by that RUclips video and this one, so folks, please do your research. Great video. I've subscribed!
@@studiomaguyvertv3872 😂 what does your comment have to do with anything I said? lol I said the guy you stood in line to vote for ran on “taxing the rich” but the joke of it all is that he’s taxing everyone but the rich😂🤡 bt that’s what happens when you vote Democrat. You get high taxes and rainbows😂 better luck next time✌🏾
So what are you gaining by pointing out the obvious to people? Trying to make them feel guilty because they voted against tRump & didn't want to waste their vote on a party with no chance? I'm not happy with the current leadership situation either but I can promise you that reminding & humiliating people will not improve anything except for maybe your ego.
@@mthw7046 lol nah I need to remind all of you😂 Black ppl and Liberals let CNN & BLM gas up Biden while pretending like Trump was the worse President in History😂 It was common sense that these Democrats were lying just to get votes bt that’s what happens when ppl don’t have control over their own mind Business owners were literally telling me “Democrats raising taxes was a great idea”😂😂😂 .. as much as I tried to educate and explain to ppl that when Dems raises taxes it’s always on the middle/ lower “economic” classes & small business owners but ppl laughed it off & called me crazy bc “anything is better than Trump”😂 Karma can taste like poison…
I am a small business owner and I normally use square up for my reports when someone pays venmo or cash app or Zelle I normally click as cash in my square up account .am i going be taxed twice or just once for the same amount. I pay dr15 every 3 months and report everything should I be doing this a different way?
Also, not sure what this will accomplish....lets say i cut grass on the side....all i have to do is get cash or checks. making up descriptions for side hustle with alot of occurance would be risky
SERIOUS QUESTION: this law doesn’t go into effect until January 1, 2022. But does that mean I would get a 1099 for the transactions I made in 2021? Or does it start counting January 1st (the new 600 rule) and so, therefor I wouldn’t get the 1099 until 2023? It seems unfair to change the law and send out 1099s for 2021 when virtually no one would have receipts for anything and no one expected the change. Apps like zelle still don’t even let you choose between personal and business, for example. Please let me know and keep up the good work on the channel!!!
A friend of mine sells on eBay. The past year she filed taxes because she went over the 20,000 mark. The IRS then audited her for the past 2 years even though her income was under the 20,000 mark for those past 2 years. She just said I will pay my taxes from now on......
So, a product I bought at a store, paid sales tax for that product on the money I earned through my paycheck which I paid payroll taxes already now I’m going to pay another income tax when I sell that product to someone else say on Marketplace? Wow!!!
I mean it makes sense. Income is income. If you built it yourself and sold it that's still income. I mean the state wants theirs. And so does the fed. The more you do the more taxable events are created. I mean that's just how the game goes from the dawn of civilization. Taxes literally make society operate with out them then what?
@@That1guyCraig what a corrupt mind you have that not how humans are that how blood 🩸 sucking thirsty low down money hungry humans are why should one pay the fed something they didn’t work to do
@@एलनजोसफ because that's how we keep civilization running. You drove on a road to get there right? It's not about being a money sucker. It's that thousands of years ago we had decided to all pitch in (albeit it wasn't always a choice) for the greater good. Capitalism takes of the people. While we have to have something else taking care of the things we all use together.
Craig is speaking theoretically to make this Blood sucker president not look so incompetent. The truth of the matter, in 2020, an estimated bottom 62% of income earners in the US paid zero federal income tax. The top 10% wealthy footed the bill for running this country. With this new law, many in that bottom group are now going to pay “their fair share” on the roads they drove on and the law will have zero effect on the Uber rich. The middle class getting screwed by the tax and spend Dems.
@@chinitopinoy1726 nah fam it wouldn't work like that. Because yard sales aren't going to charge sales taxes on each sale. Also on top of that each taxable event wouldn't be item to item it would be based on the total amount earned.
They tax everything. Imagine I buy a pair of shoes and paid tax on it. Then later I sell them as used for less money, and have to AGAIN pay tax on the money i “made” on the shoes I sold that I ALREADY paid for. . It’s idiotic. And how Democrats screw us
Definition of Zelle= Zelle is bank transfer system that doesn't meet the definition of a payment settlement entity. This means Zelle will not report income to the IRS or issue you a 1099-K. (Check out their website under frequently asked questions). Zelle is free. Zelle is a software, not a middleman with charging a price. Banks use their Zelle software to cut cost and savings. .......So my question is....... Someone can give me a Bank of America check for $600 and cash it at Bank of America that's fine. But if someone send me $600 Zelle to my Bank of America account ohh no red flag 109-K on the way?
This plan may be rescue for the government....🤫....not the people!....but I like the idea of leveling up and taking business seriously, that is the mission.
They don't differentiate between splitting a bill with selling a toy on ebay. This is a triple tax on your money. Payroll, sales tax on purchase, tax on sale. If I'm now a business for selling collectibles from my house. I will deduct 100% of my utilities and depreciate every piece of furniture, appliance, and window curtain. We need to do this on mass. This is what they mean by the Trillion dollar "infrastructure" bill is paid for.
They actually do differentiate. Is long as it's not a goods and services transaction it will not be getting on a 1099-K. There's a lot of misinformation out there about this.
@@DoRC ok cash app, zelle, and venmo dont differentiate. Which vast majority of flippers like my self have to avoid all the issues with Paypal. So you are basically stating Paypal f&f now has a monopoly on private non-commercial transactions. I have also heard they are reporting all of it and its discretionary based on volume.
@@MT-ub8qg All of the research that I have done that actually answers the question seems to point to on ly goods and services transactions being included in 1099 data. That being said I haven't actually gotten a 1099 yet so I don't know for sure. I am always hesitant to say I know something unless I've actually experienced it myself so that's why I said it the way I did.
Even you do use these platforms to buy a house you still have to report it because it’s over $10,000 and why would not want a house to be traced because you do get tax credits for that house every year 💁🏽♀️💁🏽♀️🤷🏽♀️🤷🏽♀️🤷🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️ please stop 🛑 just saying anything !!!!!
Title should read *New Tax Law: IRS IS taxing Cash app, Venmo & Zelle transactions (Small Business)* I'm in my 70s I had to shut down my little business because now anything extra is added to my small social security retirement. So angry
What do you suggest for those of us who received a 1099k that didn't keep proper records for this year? Also, I usually take the standard deduction, do I have to Itemize now to take an expense in order to show I didn't actually make a profit? Sorry for the long questions.
this could result in many small sellers (where it is basically like an online yard sale) to not bother. Problem is most of these people are buyers too. You see the potential problem?
I appreciate the informed insight and knowledge brotha that you have chosen to share with us all & those who really want to enhance their lives as business men and women ...
They're looking hard at people on disability and have direct deposit and have some type of credit card pay coming in . You have to keep track of business type expenses as deduction . Yes you made 3000 but you spent 3500. So show it. Also Keep it separate from personal expenses as you said . We just have to learn to roll with this
The government is like a mob boss who finds out one of there associates is making money without kicking up a percentage to them. They don’t want people financially independent they want people dependent on them.
I mean I dont think it's about keeping people dependent. Them just be the rules. And to get on the board you gotta play by em. Even if you don't agree. Just the way it goes
Great video. I agree with what you said. Maybe for those who can do cash only shall result to that. Or those who provide services can ask for minimal deposit and greater of the balance in cash.? What do you think?
Your breakdown and alternate way to look at this new law is on point. In fact, I was really upset when I read about this law, but I decided to use it to challenge myself and elevate my hustle, just as you suggest in your video. Much appreciation for the knowledge and insight, what you're dong is incredibly important! Much continued success
$600 is an absurd threshold. It just adds extra paperwork for garage-salers and hobbyists. Now, these people will have to prove the original purchase price of every item they sell.
Obviously you want to promote your Business , completely understandable., but if I can’t afford yours , what computer programs would you suggest or recommend to do what you were talk about , with book keeping/ tracking expenses too ok make it easier on me at the end of the yr when I have to file.
You said as an individual you don’t have to pay taxes on just let’s say paying your friends back but for instance in zelle there’s nothing that says it’s personal or business so how do they know if I got $1000 it came from a friend for paying me back vs I got $1000 for selling a lens on Craigslist? This makes me want to stop using these platforms. It’s going to be more work to prove these transactions are personal.
Another thing women that keep having kids taking money from us taxpayers having government assistant shouldn’t be getting tax break no one told them keep spreading there legs. It hurting us individual taxes. Women that has 1 or 2 kids I understand but 3 and more should work . They are taking advantage of the government because they are spreading there legs
How will they or we be able to differentiate what is considered income and what is not? For example, I sell hoodies for my streaming/gaming platform. So how will they know what transaction is coming in as a purchase for merch or a split from a dinner bill? I'm confused lol
Gov Money gets pushed out, rich gets richer but does not circulate it back into the economy enough. Reason why they get taxed higher is due to that specific reason. But they'll create a paper investment company to hold their cash. And pay no taxes.
The reason why they(government) have to do this is because they borrowed money from the fed which is a private bank to do capital injection into the economy. That money has to be paid back to the bankers. The only two ways to pay it back is one raise taxes and two go to war. The government doesn’t get your income tax money. That goes directly to the international bankers by way of their collection agency called the IRS. Y’all really think they gonna flood the economy with all this free money and not come collect eventually???
So I currently have venmo tru my personal checking and opened up a business checking account today do I delete my personal checking and use my business checking to get payments to go there when my lawn care customers pay me ? BTW thank you great videos tyvm
If you were an accountant, you’d know that income paid to you on Venmo from a trade or business was taxable before this new rule whatever the amount. It’s considered revenue and goes on Schedule C for form 1040. Income is taxable from whatever source derived regardless of if you were issued a 1099 or any kind-the only difference is that it wasn’t reported to the IRS. (You still owes taxes on it though).
The damage has already been done. This will be just another thing J.Biden will have to clean-up back peddle but to the "peoples" the damage has already been done.
Is there anyway we can fight back? I he a really about this several weeks ago. Whoever voted for him you should be ashamed. He does not support businesses.
Taxes are taxes. Technically even if you were cash only you supposed to pay taxes. Sure it sucks the big corps can hide their stuff overseas. But these are the rules. Its really not that crazy.
@@kwanzawagner9711 I mean taxes go back to almost as far back as civilization. Empire's, kings and queens etc. It's just comes with living in a society. I mean honestly the income tax is the most fair to ensure people can pay a contribution. If they had a random end of year tax. There's no garuntee that everyone can afford that number. So taxing in brackets on income means if you only made 10k this year you can contribute without getting an impossible tax bill. I mean I know it sounds unfair. But its literally a necessity for us to continue developing.
@@That1guyCraig Big corps hide it overseas but as soon as they bring it into America to pay the stockholders, the corporation pays income taxes on it and then the stock owner pays income tax on it again.
You've might want to do a little bit of research before you make a video. This is not a new tax. This is just closing a loophole that has been allowing people to avoid paying taxes that have been around for a long time.
Great info. How can the IRS tell what are business payout transactions versus personal transactions? Because I know a lot of people who are roommates who pay their roommates their portion of the utility bills and rent etc. through Venmo and Cashapp. Those transactions go well over $600 by the end of the year. So how can the government tell what is what?
Aiiight help me out here. I currently rent 2 out of the 3 bedrooms in my house out & it's my only property. I use the rent money to help pay my mortgage. Is this something I have to claim on my taxes as income?
@@IsraelIvanCastro last I heard, the $600 is off the table. And they are still trying to push through the $10,000. They are trying push it through in a larger Congressional bill. Slimy president.
My bro its like with them knowing how many small bizs there are on books the rest is off and trying to make a way without doing it right all is lost especially those who arent educated but know how to work i appreciate what you bless the nation with bless up
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Yes Most people remain poor only because friends and relatives discouraged and advise them against investing and trading forex while the wise ones kept investing and growing higher financially.
I agree $600 is ridiculous that’s like a garage sale away from a audit lol
Kept telling folks this would happen as soon as they said everyone must pay their fair share. I hate that people actually thought the rich folks were actually going to pay for everything. The politicians that said they were going to make the rich pay are rich folks. I don’t think I know of a poor politician.
The Rich already pay way more than their fair share. In 2020, the bottom 62% of Americans paid zero federal income tax…..the wealthy footed the bill. Now they are going to force the bottom portion pay their fair share.
@Q Products I am the one that has lived a career of reality. I have prepared many tax returns for the wealthy and many for the lower income citizens. The facts are that poor people do not pay taxes. Most of the middle class pay little to no income taxes. America is financed by the wealthy.
Not sure why you think Pelosi’s actions are even relevant in a tax discussion. She is a completely different topic. Corruption and insider trading by politicians should be enforced but it’s not. What Pelosi has done is 100000x worse than Martha Stewart. Pelosi should go to prison and have her illegally gained money taken away
How is it going to be differentiated? I use cash app to receive money for myself and my child. Sometimes it's loans that had to be paid back. Sometimes it's my friends and I splitting a bill. I have a had a few people pay me for products through there a couple of times too. The product sales is no where near $600 but the other funds is over $600. I have even had relatives that don't have a bank account that can't keep track of their own cashapp card that asked to have money sent to me so I can pull it out for them. This is really messed up.
Get a personal account and a business account problem solved
This is really going to hurt people just trying to make ends meet when things are tough enough as it is.
They voted this administration in. We tried to warn them, but they WOULDN’T LISTEN.
Thanks Donnell. While I am not happy with this I agree to beat them you have to play there game. Start tracking your expenses and be about your business. if people set themselves up as suggested they will come out okay.
Impeach biden
I can’t simply give my family or friends $1,000 anymore????? I’m not even in business or doing business. I’m not even a business owner! I’m just a regular person giving someone I know money. A simple personal transactions that has no business whatsoever. I don’t make money off cash app. I make it off my job and the job sends me my check through my bank.
I only use cash app to give someone I know money because it was quick and not everyone has the same bank.
Smh, this is just going to make people get more creative to find loop holes
Im going back to collecting my rent in cash.
Thanks for sharing this , Don!! Ridiculous. They’re always doing whatever they can to take the hard-earned money from the working class.
Yep! And nobody else!
I wanted them to tax the billionaires who pay little to no taxes. Not people that are barely getting by!
This is what Democrats do to lie to you ! Funny under Donald Trump this didn't happen. Although he did make mean Tweets !!!
I love how they call it the rescue plan. 😂😂 it's really just tax the crap out of everyone and everything to get us out of this hole.
And recoup money from people. Know what's funny to this. I have actually been doing this yearly giving my receipts to my accountant. Now it will be on the 1099K okay. Let's see. I never get that much back anyway but I am sure going to use my deductions even more
This is what lying Democrats do to make your life miserable !
He has to be voted out!!!!!!! Thanks for speaking to the mindset to start handling business like business anyway!
Agree but He was never"voted" in
But that money has already been taxed twice. Is that how we're going to make up the trillions of dollars? By triple and quadruple taxation?
@@racheleaurelio5051 stop lying
What the people need to do is introduce legislation. Start by generating the requisite signatures needed and just as they say via grass roots process draft and articulate exactly what we want what we require what we demand of any politician elected through voting process. If they person whether male or female....the legislation "we the people" (who actually have the true real power), create if their not doing whats "right for and by the people" plain an simple they asses is removed from said seat...."by the people" period. An we seat someone in their place who is and will do exactly as they should which is right for and by the people, in the administration of their duties in such capacity. Just my thoughts an perspective on that..until we force these people to either do right for people or get em out of there no long drawn out process get em the fuck out of office an get right person in there who is an will do what the people require and actually need. We don't need any more politicians in office for purposes of achieving their own agendas and fucking over the people.
The Mexicans will vote for him after they get the bag (450k). They don't need us nergos anymore
I think this is Gross. For people crafting and selling things to just get by. Or selling things they have been making for fun during the pandemic and stay at home orders….
It’s sick they should not be able to do… how does it work is it 600.00 or more a month or is it after you make 600.00 you get taxes from that point forward???????
I pay my parents and step fathers verizon bill bc we have one plan. They reimburse me every month. I know this isnt taxable but I will have to take the time to prove it. this is total BS! Typical govt crap.
Just keep your receipts to everything and you'll be able to use it as a write off if you get a form, post office receipts, gas receipts, supply receipts, etc
So how will the government know the difference when you are just sharing money with family and passing rent over
That is a very good question
They don't. Vote republican next time
@@kamikazikaizer yeah man, republican all the way 👏 👌. I knew @ sometime, something was going to come after the printing of notes that was pushed in the economy..they came like a theif in the night...They want their money back...
So glad I ran into this video. I appreciate you sharing and trust and believe I'll be telling everyone I know about it. Great information and a damn greedy shame this gov. plays with their POLYTRICKS! I'm subscribed now. You have some great informative videos! Keep it up and again... THANK YOU!
Wonder how the platforms feel cuz people could stop using them now….
Yep!
How does the IRS know if something was personal money received or business money (small or side hussle) wise received?
They don't and that makes it a nightmare for honest citizens.
Just work under the table start using cash only, start a business where you can take physical cash 💰
I'll by using money orders. I hate banks
There was another video I seen on RUclips where the Clear Value Tax channel explained this $600+ via cash app or other platforms includes ANY money sent to you that equals $600 or more over the course of a year. For instance, reimbursements for food, gifted money, going half on mortgage-- if the sender does not label it as a "gift"-- it will be subject to being taxed. I'm just going by that RUclips video and this one, so folks, please do your research.
Great video. I've subscribed!
The IRS wants to tax everyone but who needs to be taxed which are the millionaires and billionaires.
Thanks Biden voters.. you did it. Remember Democrats said “tax the rich”😂.. Trust if 45 was in office this wouldn’t be an issue🤷🏾♂️
All politicians are trash. None of them can be trusted. Gtfoh
@@studiomaguyvertv3872 😂 what does your comment have to do with anything I said? lol I said the guy you stood in line to vote for ran on “taxing the rich” but the joke of it all is that he’s taxing everyone but the rich😂🤡 bt that’s what happens when you vote Democrat. You get high taxes and rainbows😂 better luck next time✌🏾
So what are you gaining by pointing out the obvious to people? Trying to make them feel guilty because they voted against tRump & didn't want to waste their vote on a party with no chance? I'm not happy with the current leadership situation either but I can promise you that reminding & humiliating people will not improve anything except for maybe your ego.
@@mthw7046 lol nah I need to remind all of you😂 Black ppl and Liberals let CNN & BLM gas up Biden while pretending like Trump was the worse President in History😂
It was common sense that these Democrats were lying just to get votes bt that’s what happens when ppl don’t have control over their own mind
Business owners were literally telling me “Democrats raising taxes was a great idea”😂😂😂 .. as much as I tried to educate and explain to ppl that when Dems raises taxes it’s always on the middle/ lower “economic” classes & small business owners but ppl laughed it off & called me crazy bc “anything is better than Trump”😂
Karma can taste like poison…
@@jshad1074 I stopped reading at remind you black people. You're a sad little person so you can be right.
I am a small business owner and I normally use square up for my reports when someone pays venmo or cash app or Zelle I normally click as cash in my square up account .am i going be taxed twice or just once for the same amount. I pay dr15 every 3 months and report everything should I be doing this a different way?
It was just a matter of time. I already knew this was coming. The gov’t loves any money they can get anyway they can get it.
Like our regular income ain’t enough. Watch people stop putting money in banks, they’ll try to tax that too
Also, not sure what this will accomplish....lets say i cut grass on the side....all i have to do is get cash or checks. making up descriptions for side hustle with alot of occurance would be risky
How is the IRS going to determine to difference between a Gift or spliting the bill venus additional income for a personal account?
SERIOUS QUESTION: this law doesn’t go into effect until January 1, 2022. But does that mean I would get a 1099 for the transactions I made in 2021? Or does it start counting January 1st (the new 600 rule) and so, therefor I wouldn’t get the 1099 until 2023? It seems unfair to change the law and send out 1099s for 2021 when virtually no one would have receipts for anything and no one expected the change. Apps like zelle still don’t even let you choose between personal and business, for example. Please let me know and keep up the good work on the channel!!!
I would love this answer as well!! Please
That starts 2022 for that year to file in 2023, this year 2021 doesn't count,
No, unless your in a specific state for 2021 calander yr
@@brokegirl1452 what states though?
A friend of mine sells on eBay. The past year she filed taxes because she went over the 20,000 mark. The IRS then audited her for the past 2 years even though her income was under the 20,000 mark for those past 2 years. She just said I will pay my taxes from now on......
Whats gone happen is small business will put money on a prepaid card..
They didn't do it.
They took that out. Now they're saying 10,000.00 dollars is the limit they're seeking
Not true.. it passed in February.. it was in with the stimulus bill that passed.. the IRS banking bill Did Not Pass.. and is Off the table for now..
@@troyambeauambeau4529 Either way is good.
So they're not passing 600 nor 10,000 dollars either.
So, a product I bought at a store, paid sales tax for that product on the money I earned through my paycheck which I paid payroll taxes already now I’m going to pay another income tax when I sell that product to someone else say on Marketplace? Wow!!!
Yeah..thanks to the Biden money grab administration.
I mean it makes sense. Income is income. If you built it yourself and sold it that's still income. I mean the state wants theirs. And so does the fed. The more you do the more taxable events are created. I mean that's just how the game goes from the dawn of civilization. Taxes literally make society operate with out them then what?
@@That1guyCraig what a corrupt mind you have that not how humans are that how blood 🩸 sucking thirsty low down money hungry humans are why should one pay the fed something they didn’t work to do
@@एलनजोसफ because that's how we keep civilization running. You drove on a road to get there right? It's not about being a money sucker. It's that thousands of years ago we had decided to all pitch in (albeit it wasn't always a choice) for the greater good. Capitalism takes of the people. While we have to have something else taking care of the things we all use together.
Craig is speaking theoretically to make this Blood sucker president not look so incompetent.
The truth of the matter, in 2020, an estimated bottom 62% of income earners in the US paid zero federal income tax. The top 10% wealthy footed the bill for running this country. With this new law, many in that bottom group are now going to pay “their fair share” on the roads they drove on and the law will have zero effect on the Uber rich. The middle class getting screwed by the tax and spend Dems.
So they going to tax someone that had a yard sale. 🤦🏽♀️
Well that is technically income..... 🤷🏾♂️ better go cash only
@@That1guyCraig Not necessarily. If they sell it for less than what they paid for, it's not income.
@@chinitopinoy1726 nah fam it wouldn't work like that. Because yard sales aren't going to charge sales taxes on each sale. Also on top of that each taxable event wouldn't be item to item it would be based on the total amount earned.
They tax everything. Imagine I buy a pair of shoes and paid tax on it. Then later I sell them as used for less money, and have to AGAIN pay tax on the money i “made” on the shoes I sold that I ALREADY paid for. . It’s idiotic. And how Democrats screw us
This guy in office is NOT the President for America 🇺🇸 who loves America and wants to see it succeed . NOT AT ALL
#4 It Disincentivizes Entrepreneurship
Next Joe Biden is gonna be looking for children’s lemonade stands to shake then down. Crazy 😜
Definition of Zelle= Zelle is bank transfer system that doesn't meet the definition of a payment settlement entity. This means Zelle will not report income to the IRS or issue you a 1099-K. (Check out their website under frequently asked questions). Zelle is free. Zelle is a software, not a middleman with charging a price. Banks use their Zelle software to cut cost and savings.
.......So my question is....... Someone can give me a Bank of America check for $600 and cash it at Bank of America that's fine. But if someone send me $600 Zelle to my Bank of America account ohh no red flag 109-K on the way?
This plan may be rescue for the government....🤫....not the people!....but I like the idea of leveling up and taking business seriously, that is the mission.
this just ends up benefitting large companies and foreign sellers.
How do they distinguish business vs personal transactions? To know its income
What about a parent that just uses Venmo to remit child support payments to an ex spouse?
Democrat at work again
BLESSINGS BROTHER FOR KEEPING US EDUCATED, INFORMED. GOD BLESS YOU!🙏🏾👑🌹👏🏾🦅
They don't differentiate between splitting a bill with selling a toy on ebay. This is a triple tax on your money. Payroll, sales tax on purchase, tax on sale.
If I'm now a business for selling collectibles from my house. I will deduct 100% of my utilities and depreciate every piece of furniture, appliance, and window curtain. We need to do this on mass.
This is what they mean by the Trillion dollar "infrastructure" bill is paid for.
They actually do differentiate. Is long as it's not a goods and services transaction it will not be getting on a 1099-K. There's a lot of misinformation out there about this.
@@DoRC ok cash app, zelle, and venmo dont differentiate. Which vast majority of flippers like my self have to avoid all the issues with Paypal. So you are basically stating Paypal f&f now has a monopoly on private non-commercial transactions. I have also heard they are reporting all of it and its discretionary based on volume.
@@MT-ub8qg venmo and cash app do differentiate. I don't think you'll get a 1099 from zelle since they are expressly not for business transactions
@@DoRC don't think or you know. Circles back to that misinformation bit. Hard to get clear answers from anyone on this. I even asked our accountant.
@@MT-ub8qg All of the research that I have done that actually answers the question seems to point to on ly goods and services transactions being included in 1099 data. That being said I haven't actually gotten a 1099 yet so I don't know for sure. I am always hesitant to say I know something unless I've actually experienced it myself so that's why I said it the way I did.
This will make it tough to purchase a home with funds that can't be traced.
Even you do use these platforms to buy a house you still have to report it because it’s over $10,000 and why would not want a house to be traced because you do get tax credits for that house every year 💁🏽♀️💁🏽♀️🤷🏽♀️🤷🏽♀️🤷🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️🤦🏽♀️ please stop 🛑 just saying anything !!!!!
I paid cash for a home thats what Im talking about.
They’re trying to track everyone who got them loans,and who all got zelled the piece of the pie
That part ☝
Title should read
*New Tax Law: IRS IS taxing Cash app, Venmo & Zelle transactions (Small Business)* I'm in my 70s I had to shut down my little business because now anything extra is added to my small social security retirement. So angry
What do you suggest for those of us who received a 1099k that didn't keep proper records for this year? Also, I usually take the standard deduction, do I have to Itemize now to take an expense in order to show I didn't actually make a profit? Sorry for the long questions.
this could result in many small sellers (where it is basically like an online yard sale) to not bother. Problem is most of these people are buyers too. You see the potential problem?
Thank you brother for speakin on this cuz it’s absolutely ridiculous for all the business owners that’s already tryin to just maintain!! 🙌🏽🙌🏽
Thank you for calling out who enacted this. Ya'll thought voting Democrat was a good idea?... play stupid games win stupid prizes
Democrat or Republican You are screwed
Go go, Brandon!
Time to do cash only payment
I appreciate the informed insight and knowledge brotha that you have chosen to share with us all & those who really want to enhance their lives as business men and women ...
They're looking hard at people on disability and have direct deposit and have some type of credit card pay coming in . You have to keep track of business type expenses as deduction . Yes you made 3000 but you spent 3500. So show it. Also Keep it separate from personal expenses as you said . We just have to learn to roll with this
Let’s go Brandon
The government is like a mob boss who finds out one of there associates is making money without kicking up a percentage to them. They don’t want people financially independent they want people dependent on them.
For the people… taken from the people.
Enjoy less of its envy and more of it’s face value. 💫🤲🏻🤔🤠
I mean I dont think it's about keeping people dependent. Them just be the rules. And to get on the board you gotta play by em. Even if you don't agree. Just the way it goes
Do you mean 600 deposit or say 10 gift pay of 60 bucks from. A basketball game bet lost ? Hypothetically
Great video. I agree with what you said. Maybe for those who can do cash only shall result to that. Or those who provide services can ask for minimal deposit and greater of the balance in cash.? What do you think?
Your breakdown and alternate way to look at this new law is on point. In fact, I was really upset when I read about this law, but I decided to use it to challenge myself and elevate my hustle, just as you suggest in your video. Much appreciation for the knowledge and insight, what you're dong is incredibly important! Much continued success
Next time dont “vote blue no matter what” and you wouldn’t have to worry about it
Bitcoin for me starting Jan 1 2022. Its like they want you to go "off grid"
$600 is an absurd threshold. It just adds extra paperwork for garage-salers and hobbyists. Now, these people will have to prove the original purchase price of every item they sell.
^^as are gains from the sale of personal property taxable (if you sell something for $100 you paid $80 for, you have a $20 taxable gain).
Obviously you want to promote your Business , completely understandable., but if I can’t afford yours , what computer programs would you suggest or recommend to do what you were talk about , with book keeping/ tracking expenses too ok make it easier on me at the end of the yr when I have to file.
You said as an individual you don’t have to pay taxes on just let’s say paying your friends back but for instance in zelle there’s nothing that says it’s personal or business so how do they know if I got $1000 it came from a friend for paying me back vs I got $1000 for selling a lens on Craigslist? This makes me want to stop using these platforms. It’s going to be more work to prove these transactions are personal.
Another thing women that keep having kids taking money from us taxpayers having government assistant shouldn’t be getting tax break no one told them keep spreading there legs. It hurting us individual taxes. Women that has 1 or 2 kids I understand but 3 and more should work . They are taking advantage of the government because they are spreading there legs
How will they or we be able to differentiate what is considered income and what is not? For example, I sell hoodies for my streaming/gaming platform. So how will they know what transaction is coming in as a purchase for merch or a split from a dinner bill? I'm confused lol
I use cash app for my lotto pool. People send me money to buy our tickets. With this ne rule...Will I be taxed on the profits of our winnings?🤔
Gov Money gets pushed out, rich gets richer but does not circulate it back into the economy enough. Reason why they get taxed higher is due to that specific reason. But they'll create a paper investment company to hold their cash. And pay no taxes.
If you add cash onto your cash app card just to use it like a credit card, talking at least $1k - $2k, would you have to report that to the IRS?
The reason why they(government) have to do this is because they borrowed money from the fed which is a private bank to do capital injection into the economy. That money has to be paid back to the bankers. The only two ways to pay it back is one raise taxes and two go to war. The government doesn’t get your income tax money. That goes directly to the international bankers by way of their collection agency called the IRS. Y’all really think they gonna flood the economy with all this free money and not come collect eventually???
So I currently have venmo tru my personal checking and opened up a business checking account today do I delete my personal checking and use my business checking to get payments to go there when my lawn care customers pay me ? BTW thank you great videos tyvm
If you were an accountant, you’d know that income paid to you on Venmo from a trade or business was taxable before this new rule whatever the amount. It’s considered revenue and goes on Schedule C for form 1040. Income is taxable from whatever source derived regardless of if you were issued a 1099 or any kind-the only difference is that it wasn’t reported to the IRS. (You still owes taxes on it though).
Some states require you to report if the amounts received is $600 or more already
I heard they are changing this to a higher amount.
The damage has already been done. This will be just another thing J.Biden will have to clean-up back peddle but to the "peoples" the damage has already been done.
Is there anyway we can fight back? I he a really about this several weeks ago. Whoever voted for him you should be ashamed. He does not support businesses.
Taxes are taxes. Technically even if you were cash only you supposed to pay taxes. Sure it sucks the big corps can hide their stuff overseas. But these are the rules. Its really not that crazy.
I get it but, the IRS is an illegal entity. It goes against the constitution. No one should have thir income taxed.
@@kwanzawagner9711 I mean taxes go back to almost as far back as civilization. Empire's, kings and queens etc. It's just comes with living in a society. I mean honestly the income tax is the most fair to ensure people can pay a contribution. If they had a random end of year tax. There's no garuntee that everyone can afford that number. So taxing in brackets on income means if you only made 10k this year you can contribute without getting an impossible tax bill. I mean I know it sounds unfair. But its literally a necessity for us to continue developing.
@@That1guyCraig Big corps hide it overseas but as soon as they bring it into America to pay the stockholders, the corporation pays income taxes on it and then the stock owner pays income tax on it again.
What about if u pay your tithes and offerings via zelle and PayPal
I was hearing about this, I did not think it would happen. Thank you for the information.
Thank you for the important information!
When sent my daughter 100 dollars every week will that count ?
You've might want to do a little bit of research before you make a video. This is not a new tax. This is just closing a loophole that has been allowing people to avoid paying taxes that have been around for a long time.
New subscriber, great information.🌹
I believe it's every $600. So if you go in 20s and it at up to 600 they will text you on those 600.
All my brothas, go get your licenses and certifications.
Great info. How can the IRS tell what are business payout transactions versus personal transactions? Because I know a lot of people who are roommates who pay their roommates their portion of the utility bills and rent etc. through Venmo and Cashapp. Those transactions go well over $600 by the end of the year. So how can the government tell what is what?
And how can they tell its not money laundering as well?🤔
How are you suppose to prove that the money you received on venmo is not income? That's the thing.
Aiiight help me out here. I currently rent 2 out of the 3 bedrooms in my house out & it's my only property. I use the rent money to help pay my mortgage. Is this something I have to claim on my taxes as income?
Yes
Also, how can they tell if it’s income vs getting money from a dinner being split ect?
Bro I was telling people before they voted for him, that it will be worst the your emotional feelings at the time!!
The law of $600 did not pass. They are looking at $10,000.
I think the cash apps are different. The bank reporting changed to 10,000. But this is required reporting by the cash apps.
Yeah because the Republicans are not allowing it. NEVER ever vote democrat.
Did it pass or not??
@@IsraelIvanCastro last I heard, the $600 is off the table. And they are still trying to push through the $10,000. They are trying push it through in a larger Congressional bill. Slimy president.
@@angelalaskodi3459 hey, thank you for the reply. Yeah, gotta keep a more watchful eye on these people's plans and actions
Thank you as always for lookin out for the small business owners and giving great tips!! 🙏🏼🙌🏽
I just heard yesterday that Zelle is not included in the cash app reporting. The CPA she verified this with Zelle. What do you know about this?
Would u need an LLC to implement the method u suggested.
Brother
Question
How does this new tax law affect those
Who'sweekly pay is direct deposited into one of these
cash apps
Let's go Brandon!
I’m going back to the shoebox stash 🤣
Are this $600 Per transaction or $600 a year?
I’ve read that zelle is not required to report.
Do you have to file CashApp income from 2021? Or does this new law start in 2022?
My bro its like with them knowing how many small bizs there are on books the rest is off and trying to make a way without doing it right all is lost especially those who arent educated but know how to work i appreciate what you bless the nation with bless up