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GeoPulse : Learn how to take control of your money with smart personal finance strategies, simple investing tips, and daily money hacks. In this video, we break down today’s financial news and give you practical steps to grow wealth, save smarter, and invest wisely.

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News
Transcript
00:00So there's a lot of confusion about a new IRS tax code that requires you to report your Venmo
00:05and PayPal transactions to the IRS if you receive more than $600 a year beginning on January 1st.
00:11But here's what most people are not telling you. Even though this is a real requirement,
00:15this only applies to payments received for goods and services transactions. Anytime now that you
00:20send a Venmo, it asks whether or not it's a purchase. If you check yes, that applies to the
00:25other person's $600 threshold. And as long as you select no, then it's considered a personal
00:30transaction that's exempt from the reporting requirement. So no, if you and your friend
00:34split dinner and you receive $30 back for that lobster mac and cheese, you're not going to have
00:39to worry about paying tax on that. Unless, of course, your friend's a butthole who checks that box.
00:43But if you run a business and you receive more than $600 a year, you'll need to pay your taxes
00:48because the IRS is always watching. And if you want more money-saving tips just like this,
00:52make sure to subscribe because you're going to want to see what happens next.
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