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Did you hear about the IRS rule forcing you to reconcile a 1099 if you’ve gotten more than $600 in payments via an app such as CashApp or Venmo? Later in this email, you’ll be glad to find out you don’t have to worry about that this year. |
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💵 Today’s Top Stories |
| | Clark picked up this brilliant credit card rewards trick by talking to a shopper at Costco. Read our story to decide if you want to start using it too. Read more. |
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| | If you’re searching for the lowest price, “Amazon ain’t it most of the time,” Clark says. But it’s so convenient. Here’s a bushel of tricks to bend Amazon’s prices toward something more reasonable. Read more. |
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| | Tello Mobile upgraded all their phone plans with more data & lower prices. For all customers, new & existing. From now on. | The Unlimited Data plan is now $25/month, offering 35 GB of high-speed data & increased throttling speed. | Enjoy MAX Flexibility like nowhere else with: | No contract | No hidden fees | No bulk buying FREE Plan Upgrade/Downgrade 4G LTE/5G nationwide coverage
| Shop Now! |
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| | A Clark listener and his wife make $300,000 a year and list off various insurance policies they pay for including a $1 million life insurance policy for each person. Clark thinks they need more, not less. Read more. |
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| | If you have gift cards on your holiday shopping list, you might want to reconsider. Clark thinks cash is better. Plus, find out how gift card money is vulnerable to theft. Read more. |
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| | This prepaid cell phone service provider lets you bring your own phone and choose from all the major cell phone networks for as little as $10 a month. Read more. |
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💵 An Early Christmas Present: One Less Tax Return Headache |
The American Rescue Plan passed in March 2021 and required payment app users who made more than $600 in a year to report those transactions to the IRS. |
If the Clark audience is any indication, the law created mass confusion and a healthy side of consternation. |
“We had question after question from people who had heard online that they were going to have a big tax problem if they received casual payments on Venmo, CashApp, PayPal, Zelle, anything like that, that exceeded $600,” Clark says. |
“This was a lame, stupid thing that Congress passed a few years ago that was designed to catch people who were running a side business and just pocketing the cash and not reporting the income.” |
Clark has continued to field questions about this rule. The IRS now has postponed the onset of the rule for a second straight year, giving us “an early Christmas present” according to Clark. |
So you don’t need to worry about getting 1099s from payment apps for your 2023 tax return. For now, the threshold is more than $20,000 in payments received on more than 200 transactions selling goods or services. (If you’ve received more than $600 in business income via a payment app, you do owe taxes on that money.) |
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📊 Stat of the Day |
💸 49.5 million: Page views on Wikipedia for ChatGPT in 2023. That’s the most of any page ahead of deaths in 2023 (42.7 million), 2023 Cricket World Cup (38.2 million), Indian Premier League (32.0 million) and Oppenheimer the film (28.3 million). Expect AI to continue to dominate headlines in 2024. |
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💰️ Deal Alert: Today’s Top Deals |
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🎙️ Podcast |
 | Full Show: Health Care Costs and New Retirement College Savings Rules |
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Many Americans have health insurance coverage. But the increase in our deductibles prevents many of us from getting care. Clark explains the true cause and effect, and what we can do to save money. Also, there’s a new rule involving your 401(k) and saving for education. If your child is planning to go to college, you really need to know this! |
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☎️ Need Money Help? |
The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information. |
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Did You Enjoy Today’s Newsletter?Let us know what you think so we can better serve you! | |
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