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InvestTalk

12-6-2022 – IRS Warns: New Rules for Side Income Could Increase Audit Risk

InvestTalk

Hosts Justin Klein & Luke Guerrero, CFA | Wealth Managers and Investment Advisors

Entrepreneurship, News, Investing, News Commentary, Business, Business News

4.41.5K Ratings

🗓️ 7 December 2022

⏱️ 46 minutes

🧾️ Download transcript

Summary

People who earn money through "side hustles" and get paid via apps including Venmo, PayPal, and Cash App should file tax form 1099-K.


Today's Stocks & Topics: JP Morgan, Metals, Buy and sell Individual Bonds, USO - U.S. Oil Fund LP, UNG - United States Natural Gas Fund L.P., Portfolio Management, TECH - Bio-Techne Corp., ISN Services, Loss and Taxes, ALLY - Ally Financial Inc., JEPI - JPMorgan Equity Premium Income ETF, COF - Capital One Financial Corp., Qualified vs. Nonqualified Dividends.

 

TRIVIA QUESTION: "What are the 9 states that have no income tax at all? AND--what are the 3 states that exempt certain forms of retirement income from taxation?"



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Transcript

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0:00.0

This is Invest Talk, independent thinking, shared success.

0:09.5

Just and client and Steve Peasley, stand ready to take your finance and investment questions

0:14.5

and share their unbiased answers.

0:18.2

Invest Talk is made possible by KPP Financial, a registered investment advisor firm, serving

0:23.6

clients throughout the United States.

0:26.4

The clarity for your path forward starts now.

0:30.8

Here is KPP Financial President, Financial Advisor, Steve Peasley.

0:36.4

Good afternoon everybody and welcome to the Tuesday edition of Invest Talk is December

0:42.4

6, 2022, and we're well into December, six days into December, and we only have a few weeks

0:49.5

left to the foretold Christmas, two and a half weeks, and then the new year, and we'll

0:54.0

be upon us and then we'll start 2023, what, 2023 be better than 2022 in the stock market?

1:02.4

Well it's hard to imagine it'd be worse because it has not been a very good year.

1:07.4

But then again last year, 2021 was a very good year, it's a way it goes.

1:14.2

I still think we, you know, it's going to be a tough beginning of 2023, but I don't

1:19.8

think it's going to end poorly for some reason.

1:22.1

I don't.

1:23.1

I think we'll have a decent year next year for the stock market.

1:27.9

But you still have to look at your portfolio, you still have to balance it, and you'll

1:31.6

certainly hope you're considering your taxes and tax law selling right now, because this

1:37.5

is the time to think about it.

1:39.5

You got until the end of the month, so I certainly would consider it, and we are considering

1:45.1

for our account, so you need to do that too.

...

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