Lloyd Financial Group

Happy Wednesday all!
I hope everyone had a wonderful holidays!

It has been a while since I have posted, but I figured I would reach out to everyone with a quick update on very IMPORTANT tax implications for 2022.

As of January 1, 2022 there is a new tax law in place impacting the reselling of items or receipt of money via Paypal, Venmo, Cashapp, Zelle, etc. If you sell an item (even if used) or receive money through a digital currency exchange platform you may be subject to taxes on those "earnings". The threshold is $600 TOTAL per year. This is an amount most, if not all, people hit in a year simply reselling older, unused goods.

However, there is good news! There are ways to avoid or reduce these new tax implications.

1. Track your purchase and sell prices. If the purchase price on the item was more than your selling price, the sale is not subject to tax implications. Only "profits" are subject to taxes. If no purchase price is track, the full selling price is taxable.
2. When sending money via a digital platform, receiving funds via "friends and family" is not considered a taxable exchange of funds. Please note, any money sent in this fashion is not covered under the purchasing protection features these platforms offer. Please ensure you are sending money in this format to only those you trust.
3. Lastly, cash is king! An in person cash transaction is not recorded on the aforementioned digital platforms!

Let's all have a great 2022 and stay tuned for more big news to follow this year!

Disclaimer: I am not a tax professional. The above information is readily available through the IRS website or web search platforms. Please consult your tax professional for further advice.

Happy Thursday all! What a crazy few days it has been!

What a run GME/AMC/BB/KOSS/NOK/etc had. I applaud those who despite naysayers took their profits and ran. It was, and will, always be a dangerous game running up the price of a company(ies) whom fundamentals do not support the move.

Volatility is the only guarantee in the market. If you are risk averse and want to remove some of this risk from your portfolio, feel free to reach out to me for more information!

Be smart and stay careful everyone!

GameStop's fall continues despite easing of broker restrictions, down 30% today and 80% on the week GameStop's stock is tanking again on Thursday, despite the rollback of trading limits from stock trading app Robinhood.

With uncertainty, comes volatility. Keep a close eye on these run-offs!

In savings and retirement you should always be prepared. The last thing any retiree should have to do is take on undue stress or potentially have to return to work to supplement a shortfall of income due to volatility in uncertainty.

Always have a plan! Ask me how to secure your financial well-being in uncertain times!

Here are the key dates in the Georgia U.S. Senate runoff elections Georgia voters will determine which party controls the U.S. Senate in two January runoff elections.