What This New Law REALLY Means for Gig Workers (AVOID OWING MONEY!)

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Time Stamps Below:

00:00 - Intro
What's up you guys, today we are going to be breaking down the new tax law that went into effect this year. So, we will be talking about what this law is, concerns, what this law is vs. what it is not, and of course how you can prepare.

00:55 - What is This New Law?
So, first and foremost what is this law - basically what is this law changes the way that 3rd party payment processors like Venmo, Cashapp, and Paypal are required to report earnings to the IRS. Typically you have been required to sell $20k worth of products and have 200 transactions in order to have those earnings reported to the IRS. Now, the threshold has been lowered to $600.

03:22 - What You Should Know
Let's first dive into some of the things you should know as there is a lot of misinformation circulating online about what this law is, who it affects and what money will actually be taxed.

04:49 - Concerns
But, there are a few legitimate concerns that gig workers have been expressing, and these concerns include the fact that this new law may deter new gig workers from dipping their toes into the world of gig work. If someone knows that they may have tax implications for $600 worth of products sold or more they may just deem this industry not worth it. Additionally is the issue of being double taxed, though I do believe that this is avoidable with proper bookkeeping and organization.

06:20 - How You Can Prepare
Now, whenever it comes to how you can prepare, there are a few things you can do to make sure you are setting yourself up for success when it comes to all things 3rd party payment processes.

11:34 - Closing
I hope you guys enjoyed this video, make sure to hit the like, subscribe, and the notification bell and I will see you guys in the next video.
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Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them – Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.

#SideHustles #2022 #Taxes

Видео What This New Law REALLY Means for Gig Workers (AVOID OWING MONEY!) канала Aubrey Janik