0:00 thank you [Music] do you guys still use venmo at Cash app for everything I still use them all here in there do you remember when they said that we'd have to pay taxes on the ship did you change anything no yeah I did actually I changed the uh uh amount and then I made every post private not saying it for sure works but I'll never send anything it's like over 600 bucks as well I'd rather break it up uh and then even when uh somebody has to pay you something that is a loan I have to make sure that they write that that is in there yeah in the memo and same with like if they're gifting you something they have to write the real thing now they can't just ████ something that is like within whatever the parameters of that ████ is because because I get it but at the same time I'm trying to avoid it hey repeat after me government by the people for the people
0:50 that's why the IRS now wants to know about every single one of your cash app or venmo payments that are above six hundred dollars what about Zell did they say Zell was kind of like a but depending on dark money what was that again Bart something trillion trillion how many trillion yeah I don't know above three yeah but I can't account for I don't know I don't know what they'll they can only count for 30 of it but uh but above three trillion dollars it was what eight six so wait does that mean that you have the responsibility to report your transactions yourself and they're not able to see it you're supposed to tell them if you move more than 60 but they can see it too right I think you'll flag I think actually anything over 600 will flag and ping them immediately okay so it's like that thing where like hey how much do you owe you tell us oh you're wrong that kind of thing but just with this now or it's probably like you know when you go to the bank you can't
1:40 deposit more than 10 G's or else they'll like have to yeah yeah and deposit but they won't tell you that they're pinging the IRS yeah yeah damn we're just up to yeah we're just claiming at the end of the year but dude no your government represents you ████ they're not they're not against you but they they want to help you hey everyone needs to pay their fair share right of course and that's mainly to stop people from like using venmo and stuff for like employment payment right or is that just to I don't even know what the ████ like what do they say the reason is like well I mean they they got a what 40 000 more agents over covid during that time because I think um one crypto and digital currencies and all that they needed to like hurry up and be updated on that space because the government wants a piece of every transaction that
2:31 goes down and if you break it up does that loophole that yeah but it red flags your account so like like there since um so there's something called The Wire act back in the 80s right if you uh it was supposed to be for drug dealers because in the 80s like all the Cocaine Cowboys and all them they were dumping like hella cash into different bank accounts moving it so the wire Act is any anything over ten ten thousand dollars cash it gets uh like reported so then the IRS is like oh you've been making a lot of cash deposits like that's weird you know so what some people will do is to avoid that they'll come in and they'll be like 3 000 here 5 000 here it'll add up to ten thousand but you still can't do that because then it's they'll still track
3:21 how much you know you're putting in Cash Wise and then they'll be like that's awkward so like all these things it's to it's to basically inform the government like hey you're you're having all these weird cash transactions and you're doing something Shady okay it says here the new rule only applies to payments received for goods and services transactions meaning that using venmo or PayPal to send a loved one a gift like we were talking about pay rent or reimburse a friend for dinner as excluded so like you were saying about putting the memos that does help but also um it's also excluded if you uh sell a personal item at a loss that make sense so there's no capital gains on it yeah yeah yeah yeah so like if you bought a couch for 300 and sold it for 250 like ultimately the main thing that they want
4:11 to do is tax employable income and so a lot of contractors have been using things like PayPal Zell venmo and stuff like that in order to like bypass the normal and traditional ways of documenting taxable income yeah that's basically what it comes down to but it's also just like the way people send money now just so easy and accessible it's so easy yeah it just you don't have to because before to accept payments for your card for a while it would only be through like like apps like striper the square or something it's also include a convenience or service fee or charge or something like that exactly yeah no they're just making it honestly more creative for people to do other creative things like frankly because it's like oh cool well now I know you're doing this so I'll do that so it's like oh like Millionaires and billionaires they all know like oh well I could just borrow against my own money
5:02 and then I'll take you know that that's what they mostly do yeah they just live off of loans that they got from their own collateral so like okay cool well you know instead of you pay me through this way now we'll just figure it out a different way happens every ████ time yep yeah it says straight up that for the 2022 tax year the IRS is going to be able to cross-reference both our report and yours so it's that same thing like taxes where they already know how much you're supposed to pay but let's see what you say yeah so they know what you did on vimo but let's see what you say yeah I only get haircuts on venmo so go ahead which is because those ████ they ain't trying to get taxed on their income yeah what's the most you've paid or received through Ved mowers though less than 200 bucks really for a service not something like rent coverage or something like that yeah for me it's just in history
5:53 yeah I don't think I've ever paid more than 200 bucks on anything no way I get a lot I get people pay me through like packages sometimes right like yeah people pay like a month worth of training yeah so I'll I'll log it though like it's just not I thought that could be a couple Grand yeah exactly you print it out and you have to show your accountant and then your friends like troll you with the ████ they've got eggplant with the spark with the calm and then there's like a sushi with the Chopstick we used to put all kinds of dumb ████ in those memos yeah but then even we we did a story a while back that people who were messing around saying like something about Syria got their whole like thing flagged and couldn't move any of their money their account was frozen dude the early ages have been well I remember like if I like somebody had to pay me or I would request it and I'll name things like butt sex yeah but now it's like butt sex is it it's income so I gotta protect it
6:44 you have to be like oh is that prostitution yeah income somebody got something from it so yeah it doesn't say so far Zell is not included in this article see that's what everyone keeps saying venmo and PayPal maybe because Zell is attached to a bank yeah because it's bank to bank so it's already been documented yeah right Sophia on-ramp and the banks are run by I'm just kidding but that's why I kind of like Zell sometimes because it's just easy I just put the person's number in and then Zell is really cool yeah it's but again that's already you can't really lie about that later right because it all goes in the same place anyway it's all in your ████ your uh statements at the end of the month straight up even though I'm seeing this on camera it doesn't matter what I've been with somebody for I'm always writing things like food I like I will never even if it really
7:34 was first even even at the barber shop or whatever the ████ I don't I don't venmons do like haircut really I'll just put things like like an ice cream Emoji if I put food and if I want to deduct later it's way easier but that's the problem though even like for example like the barber shop right um because they're taking venbo they're not giving you an invoice for it so you can't deduct off of your expenses and back it up I mean you can you can say that but if you get audited then like there's issues because it's only from one side yeah if they're not paying the taxes on as an employer you can't use it as a tax write-off you know what I'm saying my thought that they're doing it like 100 100 but like I said if you got audited you don't have the invoice to back that particular transaction sure I've been doing like ████ services but you're in Nevada so you're okay
8:25 that's true it's free to give people you have to get out of Clark County yeah I'm in Clark County it's illegal in Clark oh yeah blow jobs are taxed double there is it legal in the county you're in Pahrump we're all in Clark County all of like all of the Vegas that we know of and where people live is generally it's really really tough for blow job services legal in Clark County I was okay there I heard that I put monk I put monkey band wardrobe one time I was like that'll be pretty funny thanks for providing my monkey band wardrobe but then like you know I I really I really would have mind paying taxes if like I felt more trust in the people handling our money like for example like I see other countries and when you go visit I'm like dude like they just have better everything like roads and cities
9:15 and everything it just looks like it's operating nicely and the dollars are being used yeah and then here I just I'm like where's the money going and you hear so many instances of like politicians like mismanaging the fund and then like I don't know like it's always like hey they promised to build this ████ Railway and those billions of dollars and it just disappeared or like there's always ████ ████ that's like that so I'm like well I feel like it's a it's a bad teenager that keeps spending money on stupid ████ why do I have to like trust them still that's how a lot of people from like UK look at America huh they go like they should look at your ████ road bro they should yeah it's it's no different than moving to Nevada because when when you're when you live in L.A and you are in your home and you go down the stairs
10:05 or whatever you look around your place where the ████ is the money I'm like my place is worth how much money my place worth 600 G's where the ████ is the money I live in like conjoined closets no I I live in that funny dude well you're still living it it's funny to us now I live in Nevada with this ████ and we look I everywhere I look I see the money I'm like I see the money I see the money I see the money because I live in a big space I'm like holy ████ I can't believe how big my ceilings are in ████ it's because my mom just recently is staying with us and then she was even on the 215 whatever Anthony's yawning she was like she's like I see why you guys moved here like just like clear like that that's I saw the two down there yeah he just saw it she was like I see so dude I do traveler friend told her that I just had myself I just had my
10:55 sister and my brother-in-law for the first time and they came to my house it was the same ████ they couldn't believe it and then the whole time I'm just like yeah well you should have married me Jen you should have married [Music]
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