Week 49 ~
Prepare to be Financially Tracked
Get Your Tax information in order.
PREPARE FOR AUDITS
Starting in 2023, if you have used $CashApp, Venmo, Paypal or any other third party payment debit card, the Government will tax you on all transactions over the amount of $600. This means you will have to prove where the money came from or went to.
The way I understand it is, if I wanted to make some extra money from a side hustle by babysitting for a month and I make more then $600, the third party payment debit card companies will forward that information to the IRS and I will receive an IRS Form 1099k to file the side hustle for the tax year. Now is the time to backtrack and take a look at your accounts with the third party companies you have used in the past.
Here are videos explaining the process from Lena Petrova CPA. IRS to Monitor every Deposit and Withdrawals and IRS Warning: New $600 Paypal and Venmo Transactions. Get your tax records in order. Take note that when this takes effect, Uncle Sam will know all your personal and business transactions.
Here is your challenge.
Here is a suggested short list it is not a complete list. It is the same list as last week and will be the same for the rest of the year. Compare this list to your pantry and supplies and get what you and your family will need in the future.
1. Take inventory of what is in your pantry and add what you need.
2. Water - Make sure to have enough water for everyone in your household for drinking and sanitation. Store 2 gallons of water per day per person for at least 1 month.
3. Antibacterial Wipes - For hygiene and cleaning surfaces.
4. Canned Proteins - Canned meats and tuna. For long term storage, dehydrate or freeze-dry the products.
5. Crackers and Cereals - Most of these items have a long shelf life if you store them properly.
6. Dog Food - Don’t forget your pets and livestock when planning your preps.
7. Dried Fruits - Collect fresh fruits, dry them and stock the dried fruits to use when fruits are no longer available.
8. Eggs - If you can, purchase chickens to have fresh eggs. Eggs purchased from the store last from 3-5 weeks in the refrigerator. To store for long term, remove the egg from its shell, freeze the egg whites, freeze the yolks.
9. Face Masks - Face masks are here to stay. So stock up on cotton masks or disposable masks.
10. Flour and Other Baking Supplies - These items will be hard to find.
11. Frozen Staples - Purchase bags of your favorite vegetables to store in the freezer, dehydrate or freeze dried the veggies.
12. Fruit Juice, Coffee, Tea - Purchase your favorites.
13. Hand Sanitizer - Bottles of hand sanitizer. If you can't find it, make your own.
14. Nut Butters and Nuts - Store nuts in the fridge for extended freshness.
15. Shelf-Stable foods - Replenish your long shelf-life supplies of non-perishable foods such as rice, pasta, soup, and beans.
16. Shelf-Stable Milk - Powdered milk usually have a long expiration dates. Almond, rice, soy, or oat milk are also good to have on hand.
17. Pain Relievers - Make sure you replenish your pain relievers and other over-the-counter medications. 18. If you have prescription medications, refill them now.
19. Propane or Butane Gas - Purchase enough gas for the time you are planning.
20. Medicinal products - Here is a PDF list of medical supplies from the Bureau of Industries & Securities. Pick and choose what you need from this list.
Download and print out all invoices from the third party debit card companies you have used. Create a file for each account so that you have the information for future taxes.
Save $49 or as your budget allows. Save something. Here is a 52 Week Money Challenge Printable Spreadsheet
Please consider donating to deCamp Outdoors.
Thank you for your donation.
Disclaimer: We at deCamp Outdoors are not scientists nor doctors. We are Preppers and Survivalists who share information based on research and studies as well as experience in the field of emergency preparedness. We strive to be 100% accurate, but if you see something that doesn’t look right, please send an email to deCamp Outdoors. We participate in the Amazon Services, LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn funds by linking to Amazon.com and affiliated sites, at no cost to you. Videos, information and illustrations found on this website are for purposes based on the individual experiences of the presenter and or website/page dialog. Every situation is different and your results may differ. You should analyze the risks and research the information accordingly before proceeding to take action.