Brad HartI help 7-8 figure entrepreneurs scale faster with AI, masterminds, and results-driven systems | Founder of Optimus & Repurposefully

SCARED OF IRS? #wealth #money #finance #lifeinsurance # #financialfreedom #shorts

Name: SCARED OF IRS? #wealth #money #finance #lifeinsurance # #financialfreedom #shorts
Uploaded: 2023-02-21T17:03:09+00:00
Duration: 50 s
Channel: Brad Hart
Description: This content was created by Brad Hart. This content was uploaded by Brad Hart. This is a YouTube short titled "SCARED OF IRS? #wealth #money #finance…

21 Feb 2023 · 1 min

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This content was created by Brad Hart. This content was uploaded by Brad Hart. This is a YouTube short titled "SCARED OF IRS? #wealth #money #finance #lifeinsurance # #financialfreedom #shorts" (posted 2023-02-21) featuring a solo monologue by Brad Hart. He discusses U.S. IRS reporting rules for payments through Venmo/PayPal, explains that the 1099-K threshold was $20,000 in 2023 (and may be lowered to $600 later), reminds business owners that payments over $600 are already reportable via 1099 forms, and urges viewers to properly pay their taxes.

Questions this video answers

$20,000 total payments.

$600.

More than $600 paid to an individual in a calendar year.

Chapters

Are you scared the IRS is going to start to worry about how much money you're sending through Venmo or PayPal and you're worried about the $600 limit? Well, you can breathe easy for at least another year. They're not going to send you a Form 1099K until you reach at least a $20,000 for threshold in 2023. Next year it'll probably be a little bit different. They'll probably lower it down to 600. But here's the reality that most business owners know. They already make you report with a 1099 income that you pay to somebody more than $600. So if you have an affiliate, a contractor, an employee, anybody you've paid more than $600 to in a calendar year, you have to report it anyway. So this is nothing new, guys. So all the hype and hoopla that they've made about PayPal and Venmo, it's really not that big a deal. Just pay your damn taxes and get over with it. I'm not saying you have to leave a tip, but definitely pay your fair share more like this on the next video.