yego.me
💡 Stop wasting time. Read Youtube instead of watch. Download Chrome Extension

NEW IRS TAX FOR VENMO AND PAYPAL USERS! #shorts


less than 1m read
·Nov 7, 2024

So there's a lot of confusion about a new IRS tax code that requires you to report your Venmo and PayPal transactions to the IRS if you receive more than $600 a year beginning on January 1st.

But here's what most people are not telling you: even though this is a real requirement, this only applies to payments received for goods and services transactions.

Anytime now that you send a Venmo, it asks whether or not it's a purchase. If you check yes, that applies to the other person's $600 threshold, and as long as you select no, then it's considered a personal transaction that's exempt from the reporting requirement.

So, no, if you and your friends split dinner, and you receive $30 back for that lobster mac and cheese, you're not gonna have to worry about paying tax on that—unless, of course, your friend's a butthole who checks that box.

But if you run a business and you receive more than $600 a year, you'll need to pay your taxes because the IRS is always watching.

And if you want more money-saving tips just like this, make sure to subscribe, because you're gonna want to see what happens next.

More Articles

View All
Types of studies | AP Statistics | Khan Academy
In this video, we’re going to get our bearings on the different types of studies you might statistically analyze or statistical studies. So, first of all, it’s worth differentiating between an experiment and an observational study. I encourage you to pau…
How I sell private jets to billionaires!
My name is Steve Varsano and I have a company called The Jet Business, and we’re involved with the buying and selling of corporate jets. I live in the UK; I work in the UK. I set up my business in the UK, but my business is global. The final purchase pric…
The Drill we sent to Mars - Smarter Every Day 143
Hey, it’s me Destin, welcome back to Smarter Every Day. This is my drill press. Out of all things that humans could send up to Mars on a nuclear-powered robot, a drill was one of the most important things we sent. And the reason we did this, well think ab…
The Gay Rights Playbook Is a Model for Change in America | Evan Wolfson | Big Think
Gay people have been seeking the freedom to marry in the United States since what we talk about as the dawn of the modern gay rights movement. We usually date that movement’s beginning a little erroneously to Stonewall and the pushback against police hara…
"The SECRET To Business Success In 2021 IS THIS!.." | Kevin O'Leary & Gary Vee
So in this crazy outcome that I could have never foreseen, 80% of the portfolio, even though revenues are down, are actually ahead of free cash flow forecasts. You cannot, people, you can’t lie to them. You have to be totally transparent, whether that’s g…
Newton's second law calculations | Physics | Khan Academy
Let’s solve a couple of problems on Newton’s Second Law. Here’s the first one: we have an elevator which is moving up, and let’s say the mass of the elevator, including the passenger inside, is 1,000 kg. Now, if the force, the tension force of the cable,…