IRS ‘Cash Grab’ on $600 Transactions Starts with 2022 Taxes

Thursday – February 2, 2023

Welcome to today’s edition of the Dumbass Newsletter! This is day 6 of my attempt to send a daily email newsletter. I’m still making progress and getting my systems in place to keep it going…

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The Content

IRS ‘Cash Grab’ on $600 Transactions Starts with 2022 Taxes

I hate to be the one to break it to ya, but this is a big deal! The IRS is taking a hard look at online payment systems like PayPal and Venmo and it’s not just a routine check. They’re investigating the tax compliance of these companies and their users, and they’re targeting transactions that total $600 or more.

For example… say you regularly send money to your child who is away at college (for rent, food, etc) via Venmo. Surely, those transactions will amount to more than $600 for the year. The IRS now wants to count that money as income for your child (if I’m reading this correctly)!

Here is the shorter version of this news on Newsmax Finance

Here is the longer version of this news on New York Post
 

The Quote

“The real measure of your wealth is how much you’d be worth if you lost all your money.”  ~ Bernard Meltzer

See more inspirational quotes like this on the Dumb Passive Income Facebook Page

The Humanity

How a TikTok food reviewer helped make $30K for a struggling food truck in 24 hours

It’s all about making food trucks great again, and this is a prime example! This food truck was really struggling, just parked on a lonely street in Las Vegas. But then, BAM! Keith Lee, one of the most popular TikTok food reviewers, posts a video and it goes VIRAL! Just like that, the life of Gary Shanks, the owner and chef of Southern Taste Seafood, changes for the better. That’s the power of social media and the beauty of America. (Read the full story here)

The History

On this day, in 1887…

Groundhog Day originated from an ancient Christian holiday, Candlemas Day, in which it was believed that if the sun made an appearance on February 2nd, spring would arrive early. The modern tradition of Groundhog Day began in 1887 in Punxsutawney, Pennsylvania, where a groundhog named Punxsutawney Phil is pulled out of his burrow and his shadow is used to predict the arrival of spring. (Read the full story here)

The Opportunity

HyreCar

Share your car on HyreCar whenever you’re not using it and earn an average of $720 per month!

YouTube TV

I “cut the cable” and switched to YouTube TV recently. I’m loving it! You can try it for $15 OFF if you use my referral link here.

The Participation

Let’s get social!

Feel free to join on the platform of your choice…

• Facebook – follow for daily inspiration and motivation
• Twitter – Matt’s sporadic updates
• Reddit – subReddit for discussions

Do you have any interesting thoughts, ideas, articles, resources, or anything else you think would be appealing for this audience? I’d love to hear about it. Hit Reply to this email or fill out the contact form on the blog.

Thank You for reading today’s newsletter!

Matthew Allen

Matthew Allen is a full-time trucker, part-time blogger, and imaginary entrepreneur. He's probably not the only trucker who calls himself a dumbass. But, he is the only known trucker who is blogging about passive income."Might be crazy, but I ain't dumb!" ~ Crazy Cooter (also Matt's CB handle) 

Matthew Allen

Matthew Allen is a full-time trucker, part-time blogger, and imaginary entrepreneur. He's probably not the only trucker who calls himself a dumbass. But, he is the only known trucker who is blogging about passive income."Might be crazy, but I ain't dumb!" ~ Crazy Cooter (also Matt's CB handle)