IRS WARNING: Sending THESE in 2023! (CHECKS, Social Security, SNAP, EBT, SSI, Tax REFUNDS)

well folks I think that at this point it's pretty clear what's happening and I think that a lot of the easy money is now behind us a lot of the stimulus checks that we're going out left and right there are still stimulus checks going out from States and local governments local municipalities there's uh tax refunds but what they're doing right now this is this is this is low and we talked about this in previous videos and we're just seeing more and more evidence of this as we speak and unfortunately some big changes are going to be coming down the pipeline and this is going to affect everyone but unfortunately it's going to affect a segment of our economy a segment of our unfortunately on of our community more so than others we're talking low-income Americans middle class Americans High income earners entrepreneurs investors we're talking individuals who are on fixed income Social Security SSI SSDI Railroad Retirement folks in fact if we see this Railroad Strike mark my words guys this will be even worse for the average American especially for those who are on low income or carrying high levels of debt carrying high levels of debt especially High interest debt now if you're on Social Security if you're on SSI SSDI you may be seeing an increase in your monthly paychecks coming forward but I'm getting more and more complaints from people saying hey yeah we're getting more money on our social security benefits but now they're pulling back on the snap and EBT benefits now you guys can comment down below and let me know what you're seeing but even people who are uh starting their entrepreneurial Journey they're stepping out they're investing in themselves they're uh generating side hustle income to supplement their income additional side jobs here and there they're selling items that they're uh clear clearing out their basement with in terms of uh generating additional streams of income by listing products on Amazon they're selling products receiving payments through payment apps such as cash app venmo and PayPal even these individuals these side Hustlers these early entrepreneurs are being hit and you got to wonder what is the Fed doing why is the Fed attacking the the middle class why is the Fed attacking the lower income earners here well beyond the FED beyond what fed share Jerome Powell is doing and we've already seen what the FED is doing to the housing market the great impact it is having on the housing market I mean layoffs are already running rampant I mean we're already seeing it but unfortunately these layoffs could even take it to the next level if the Fed prevents housing from picking up in the springtime like we normally do seasonally housing sales the volume of home sales will pick up during the springtime from Spring through summer this is pretty much the peak of the season if we don't see this housing market pick up during this time it's going to be incredibly incredibly scary for a lot of Americans because the housing market you know whether you're a renter whether you're a home buyer whether you're a home seller the housing market provides so much to our economy in terms of jobs in terms of Revenue profits for businesses you name it thousands millions of jobs are generated through the housing market now the IRS just released a new warning and I'm telling you this is going to affect everyone but unfortunately the way that they have this thing the way that they've crafted this thing thanks to the IRS thanks in part to the Fed Americans with no assets Americans without a strong financial plan Americans without a a financial strategy will be hit the hardest now the IRS is warning that your next tax return may be smaller than you've seen it in the past now like I said easy money such as stimulus checks State stimulus checks some of the state stimulus checks are still coming out I'm not gonna lie to you guys but as far as a fourth stimulus check the federal fourth stimulus check coming out we haven't seen it we hadn't seen any stimulus checks from the federal government in 2022 now going into 2023 the IRS is warning that your next tax return may be even smaller okay now Americans they're already starting to see The Squeeze by inflation uh we're facing a potential recession whether we're actually in one right now at this moment or not that remains to be seen but we're already hearing from Big Banks like JP Morgan Chase uh Jamie dimon CEO of JPMorgan Chase we've heard from Brian Monahan from Bank of America CEO of Bank of America they're all warning about this 2023 uh right around the corner this recession that's going to be hitting us hard now what's even scarier though and I'm not saying this will scare you guys but we have to be prepared and so I want my community to know what's coming down the pipeline I know a lot of people they expect these big huge tax refunds you know going into 2023 um and they take these tax refunds and they typically will make large purchases with them maybe get some you know repairs done around the house maybe make an investment invest in your business maybe creating that small business getting that business off the ground maybe it's used for maybe this tax refund would be used for a down payment on a house maybe your tax refund might be used to make some car repairs maybe it's a down payment on a brand new car I don't know what you might use that down payment that uh tax refund for maybe it's the payoff credit card debt a lot of Americans right now they're looking to aggressively pay down credit card debt especially since the FED has been raising interest rates and these interest rates are increasing how much your monthly minimum payment is on these credit cards Visa Mastercard American Express it doesn't matter it's across the board now the thing is this is this is really concerning because there's actually multiple warnings that have actually come out from the IRS now the IRS warned on Tuesday that the tax refunds may be smaller because there was no stimulus payment in 2022 now in addition to that it also mentioned that the pandemic era exception in 2020 as well as 2021 that allowed those taking the standard deduction to claim a tax deduction of up to 300 for cash donations to charity has not been extended so the only way again to write off gifts to charity is to essentially itemize now itemizing or itemization has been available you know year after year after year but again it's another change so I'm just putting this out there to you guys now this can be alarming to millions of Americans who rely on these tax refunds you know like I said Americans usually make these take these tax refunds it almost seems like free money but it's really not free money when you get a tax refund from the IRS you know a thousand two thousand three thousand four thousand some people get eight thousand dollar tax refunds from the IRS I'm not sure how much your average tax refund from the IRS is but some of these tax refunds they really get up there and they take these tax refunds they shovel shovel this tax refund check into their High interest savings account maybe they make investments maybe they're paying off debt but uh this this this is going to be a huge change now the scarier part about this okay the scarier part about this is that the changes that are going to happen this year and you know we are from the Biden Administration he said that he would not be raising taxes on anyone who made I think he said less than 400 000 a year but if you look at this new tax rule people who have worked people who have part-time work they have side hustles they have you know they have uh small businesses maybe they have maybe they're selling products online or maybe they just sell occasional Goods on Etsy or eBay they're gonna have to be very very Vigilant paying attention and keeping an eye out in their mailbox for a form 1099-k now pay attention to this form 1099k guys because if you get this form and you don't take appropriate action you could automatically have an IRS audit triggered and the last thing you want is one of these 87 000 brand new IRS agents armed banging on your door asking you why you didn't file your 1099-k form now I'm pretty sure they're not going to actually knock on your door but you know here's the thing anybody who sells 600 or more in a calendar year of services or goods and accepts payment through third-party networks and you know these are e-commerce networks such as venmo PayPal or debit or credit cards they will receive a 1099k form with these transactions and you must report the income or risk in automatic automated IRS notice or even an audit from the IRS now this comes from some of the higher ups um in in a very reputable CPA firm So I myself I'm not a CPA you know none of this is tax advice but this is just you know a friend to a friend sharing this information because it's getting real out here it's getting real now the only thing I can suggest at this point is to get organized start building a plan uh start trying to figure out okay how much could you possibly be owing figuring out what kind of tax deductions you can qualify for obviously you want to speak with a qualified uh certified public accountant a CPA a well-informed tax preparer now keep in mind that a tax preparer and attack strategies these are two completely different uh professions well not really two different professions but they're two different types of skill sets and they're not the same so make sure you're working with the appropriate party now but you know at the end of the day the key is to get organized you know you don't have to be super organized with a file cabinet and all that but you need a basic simple method uh or maybe a shoe box or envelope that way you can kind of consolidate all of your end of the year tax documents that are going to start coming in the mail any day now I'm talking about your your 1099 forms your uh your 1099k forms separately I'm talking about your your your dividend interest forms that you might get from your savings bank maybe your investment brokerage account uh anywhere you may have received any form of interest uh if you pay taxes for example if you paid uh property taxes you may have spent thousands of dollars on property taxes save those forms save those documents do you have any tax deductible interest that you may have paid for your mortgage definitely hold on to that as well this can certainly offset and potentially increase how much your tax refund could be and at this point we definitely need any and all advantages that we can get to potentially increase the amount of tax refund that we could possibly get and hopefully if you owe taxes hopefully you can reduce the amount of taxes that will be due now we talked about small businesses many many times in previous videos now one of the benefits of one of the many benefits of being a business owner and and even more importantly being a home-based business owner is the incredible amount of tax advantages that are opened up to you by being a business owner now you know without getting into all the different complexities you can just start off you know being a a sole proprietor however I would probably take it a step further and just go a little bit beyond just being a sole proprietor I would probably incorporate with an LLC possibly even an S corp if your revenues are high enough but businesses qualify for an an assortment of additional tax deductions tax advantages that a standard employee a standard W-2 employee won't have so I just want to make sure that you guys are aware of this certainly you know speak with your Tax Advisor for more information on this but I wanted to make sure that the community is aware of what is coming down the pipeline so you know even if you've got that side hustle you know and you're generating income it used to be it used to be so that um you could generate up to twenty thousand dollars in transactions without triggering any type of um automation or automated uh 1099k form but this change came about from a passage of the American Rescue plan act back in 2021 y'all remember where the third stimulus check came about well before that the reporting threshold was for taxpayers with more than 200 transactions worth a total amount of above twenty thousand dollars but now they have since lowered this threshold to only 600 so think about this for a second if they lower their threshold from twenty thousand dollars to six hundred dollars who do you think they're coming after I mean it's not the billionaires and multi-millionaires that are um that that are going to be affected by this no it's the middle income it's the middle class it's the lower income Americans that are going to be hit by this massive change and it actually may force a lot of people who don't normally even have to file a tax return to all of a sudden have to file a tax return I mean I know a lot of viewers you know contacted me letting me know hey you know I didn't get my stimulus check or or whatnot and they happen to mention that I don't normally file a tax return so there's a lot of Americans who are not normally obligated to file a tax return that may all of a sudden have to do so so make sure to share this video with anyone who you know with a friend a loved one who needs to know this information anybody who you know uh who normally doesn't file a tax return they may want to pay attention to these changes that are coming down the pipeline and you know props to all of the new entrepreneurs that are getting their small businesses up and off the ground uh even if you're you know just selling products that you already own that you know you're cleaning out your basement you're cleaning out your garage your listing products on Craigslist Amazon you can sell used products on Amazon too uh Amazon FBA fulfilled but fulfillment by Amazon you can sell products on let go um there's Facebook Marketplace and of course there's eBay but of course while generating these revenues through the sales of old items or maybe items that you flipped maybe it's Retail Arbitrage whatever the case may be these are going to likely cause transactions or cash or Revenue to be coming into your business by way of venmo PayPal uh and you know many of these are Cash Out many of these other popular electronic payment gateways so just a quick heads up to the community and also I want you guys to be aware that uh you should check the eligibility for the clean vehicle credit now again check with your Tax Advisor check with your your CPA but certain Vehicles may be eligible to to benefit from the federal tax credit of 7 500 so just FYI run that by your CPA run that by your tax person perhaps you can increase how much of a tax refund check you can get coming in 2023. but let me know what you guys are thinking drop me some comments drop me some thoughts uh let me know what you're thinking uh we're expecting some big changes coming down the pipeline from the fed the next fed meeting is going to be I believe it is February 1st of 2023 big update coming on uh leading up to that point and some big changes coming down the pipeline if you guys are brand new to the channel make sure to drop a like for the video totally appreciate the support and if you like updates like this as well as what is going on in Washington DC federal and state level tax credits stimulus checks uh business grants business uh small business grants government grants as well as everything that's going on in our economy in terms of Investments as well as side hustle opportunities make sure to subscribe to the channel appreciate you guys being here and I'll see you guys on the next one