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
4.4 • 1.5K 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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