Beancounter
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Posts posted by Beancounter
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18 hours ago, coriolis888 said:
Please educate me; if you are sending money to a provider, is the payment not for "goods or services"?
To make the matter even more complicated, if the provider is someone you see a lot and pay throughout the year cumulatively $17,000 - you will also have to file a federal gift tax return if you do not label the money for services.
I believe the sender has the option to send funds as a “gift”or as “goods and services”. If sent as “goods and services” and the cumulative yearly amount is $600 or more, a 1099 will be generated for the recipient.
I send my regular guy funds via Zelle which is not subject to these regulations.
You’re correct on the filing of a gift tax return but it’s highly unlikely the person making the gift will have to pay any taxes unless they have exceeded their lifetime exclusion amount which is currently more than $12 million.
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MT is mutual touch
HE is happy ending
MT could also mean massage therapy.
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On 3/23/2021 at 10:12 AM, Archer said:
What store sells vodka in 8 packs?
Casey’s convenience stores here in the Midwest sell 8-pack single serve packs, both Fireball and vodka. Great for traveling.
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10 hours ago, CJK said:
This was litigated at the time. The rule, a result of the Chase litigation, is if the points or cash are given as a rebate of money spent it cannot be taxed. If the points or cash is given as an incentive for one to get or keep the card/account, it can be taxed.
The gray area is when an employee gets hotel or airline points for money an employer paid. When I traveled for work - about 200 flights and hotel nights per year - I could do three international trips per year, with friends, business class flights and separate hotel rooms, with points earned by spending my employer's money. The deal was I would cover the airfare and fights while my travel companions would cover meals. It is amazing how many points Delta and Marriott reward top tier travelers. You get base points which are doubled or more and additional points for just showing up and more if you use the company's branded Visa or Amex plus frequent promos giving buckets of points if you stay or fly so many flights or nights in a specified time period. One year we figured my redemptions were worth $40k. At present this is not taxed.
I wasn’t aware it was litigated. It didn’t bother me to pay taxes on the amount. Just surprised me.
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On 11/26/2022 at 12:52 PM, BuffaloKyle said:
I use the Wells Fargo active cash card for 2% back on everything. They also have tons of special offers on their website where you can get bonus cash back at a ton of places. I also received $200 cash back after spending $1,000 in the first 3 months. They just came out with a new card though, the Autograph that sounds even better. That one will give you $300 back after spending $1,500 in the first 3 months. Would love to hear from someone if they have that one.
I opened a Chase checking account several years ago because of their $200 incentive. Sure enough they gave me $200. Imagine my surprise in January when I got a 1099 - Misc tax form letting me know the $200 was considered taxable income. I’m sure credit card offers with similar types of incentives would have been treated similarly.
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13 hours ago, Coolwave35 said:
Interestingly enough, last year when I did my survivor weekend with 10 strippers, I had to withdraw almost 6 figures of cash from my bank. The bank manager, who I consider a friend, called me into his office and asked me a bunch of questions. He asked if I was in trouble, if my family was safe. He apologized for being pushy and said he just wanted to make sure I recognized that I’d never see this money again.
There was concern in his voice and I was curious if this unusual transaction sparked something in him that made him suspicious, or if there was training he had to follow.
Im sure the banker was sincere in looking out for your best interests. The bank manager has probably seen plenty of individuals who’ve been scammed. Ultimately it’s your money to do with as you germ fit.
Not a banker here but I seem to remember that all transactions in excess of $10,000 have to be reported to some government agency. Transactions like you’re talking about do not go unnoticed.
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I have a Chase Freedom card which earns 1.5% on all purchases (higher for dining, I think). I charge everything possible but am very disciplined in paying off all charges at the end of the month thus avoiding interest charges. On an annual basis that equates to $400 I can then use to either apply toward future purchases or have cash transferred to my savings account. If one doesn’t totally pay off the month end balance then there would be no benefit to having a cash-back card.
- handiacefailure and thomas
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2 hours ago, Qualindron said:
If you're picking up a Medicare Advantage plan this year, you might wonder which one is best for you. It will depend on your situation, medical needs, how much you can afford, and other factors. Each plan offers options to meet your medical needs. If you have a chronic illness, SNPs are designed to help reduce some long-term costs. On the other hand, a PFFS or MSA plan can be helpful if you travel and need to contact non-network service providers. If you can't decide which plane to choose, I advise you to contact http://www.thefinitygroup.com.
It is customary to initially spell out abbreviations before actually incorporating them in a written narrative. I have no idea what SNP, PFFS or MSA stands for.
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1 hour ago, ChasingGirth said:
Come on guys it has nothing to do about paying taxes or not. The face recognition tool has been put in place to protect us. We are the number one target in the planet for terrorists. It has been created to prevent attacks against our country. If a bad guy travels in we want him stopped. In statistics someone breaking the law at some levels is likely to break the law again and again.
Now most of « our guys » that travel to our country are sweet guys but they are still working illegally, doing prostitution and let’s face it, for most of them doing some sort of drugs.
So when you see it like that it doesn’t look so innocent.
Would you go to any European countries, knowing that you are going to work illegally and break the law?
Personally I wouldn’t and I’m sure most of us wouldn’t.
if you plan on taking risks, weight the pros and cons and act accordingly to protect yourself from being caught, that’s all.
If you truly believe everything you’ve posted I must ask you in all seriousness if you hire prostitutes, either foreign or domestic. If you do then you are breaking the law and contributing to an illegal activity.
I’m not trying to pick a fight here, rather, I’m trying to understand your mindset. It strikes me odd that you’re an active participant on a website that endorses escorts yet you roundly criticize escorts for engaging in prostitution and in essence accusing them of being criminals.
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Here’s a link to his website
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https://www.masseurfinder.com/massage-therapists/37362/
If you’re not limited to the 4 therapists you mentioned I’d recommend Dann in Dallas. There are a couple of threads on him in the Massage Therapist forum. He was my go-to guy when I lived in Dallas.
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Are Tyler Roberts and Jesse Santana still a couple?
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Something to follow:
https://www.thinkadvisor.com/2022/09/28/new-bill-would-raise-i-bond-purchase-cap/
Possibility of raising purchase limits of iBonds
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43 minutes ago, 30somethingsexybear said:
What is SA?
Seeking arrangement. It’s a website that matches single people looking for sugar daddies. I think the website is now seeking.com instead of seeking arrangement.com.
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I’m assuming @Unicorn was referring to a guy whose penis was too big and not referring to a person’s weight.
If that’s so, then yes! It is possible for a person’s penis to be too big.
Venmo/PayPal/Cash App Users-New IRS Regulations
in Personal Finance & Investing
Posted
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs
According to the Zelle network they do not issue 1099s