For my USA friends…
A friendly PSA that January 1, 2022, you’ll be taxed on your CashApp, Venmo, PayPal and Zelle for transactions totaling up to and over $600. ONE $600 or SIX hundred $1 transactions. If you have a side hustle, you will want to factor in if you can afford those taxes.
I purchase a washing machine for $700 January 1, of 2022 and decide to sell it on November 2nd of 2022 for $600 through one of those apps. I will be paying taxes on the $700 purchase and I’ll get a 1099K from the IRS in 2023 to pay taxes on the $600 I made off the washing machine.
If you can’t write off the taxes for the washing machine on the initial purchase, should you have to pay taxes again?
Tax the rich right?!? 🙄 If this is for the people by the people, we are an ignorant people. 🤦♀️
I’m sure they just want to make sure we handle our finances properly. It’s not as if they were recently telling us it was our duty to cover their spending. As if.
Tax the taxes to tax the tax. Got it 🙂.
I am not addressing the Trumps’, Bidens’, Rockefellers’, Fauccis’ or other “public servants” but if you care about your friends that are struggling and their side hustle is what puts food on their table, then sharing is caring. ❤️☀️💃
I am hoping someone is going to tell me I’m wrong and misunderstood this change…🥺