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
How to Make a Friction Fire | Live Free or Die: DIY
[Music] I want to talk to you a little bit about friction fire. The tools that you need are: you need your hearth board, you need a spindle, and you also need a nest. With the nest, I like to start out with my longer fibers, and I’ll just twist those arou…
Writing inequalities to represent real-world problems | Grade 8 (TX) | Khan Academy
We’re told at the beginning of summer the city pool advertises a special offer. Swimmers can pay an initial fee of $20, and then the daily admission will be $4 per day. Without the special offer, the standard price is $8 per day. Irene wants to know after…
Feedback
So now I want to talk a little bit about the concept of feedback. This is a really important concept. It was developed in the 1920s, the idea of using feedback, and it was done at Bell Labs, Bell Telephone Laboratories. Remember we talked about this on th…
My 2024 Financial Position and Investing Goals Explained.
So I’ve been battling with something over the past year. Part of my content from a year or two ago used to be periodic updates on my own financial goals, my personal finances, and the different ways that I’m trying to make money. Generally, those videos w…
How Far Can We Go? Limits of Humanity (Old Version – Watch the New One)
Is there a border we will never cross? Are there places we will never reach, no matter how hard we try? Turns out there are. Even with science fiction technology, we are trapped in our pocket of the universe. How can that be? And how far can we go? We li…
Trump More Likely To Win The Election?
I’m just getting a feeling like I had in 2016 that this is Trump’s to lose. Now, what’s your feeling telling you? Well, you know, there’s—and I get this data pretty well every morning—there’s 43 counties in seven states. 45% of the population hates Trump…