“Always it's spring and everyone's in love and flowers pick themselves.”
– E.E. Cummings
Reporting Cash Payments
Expecting a little extra cash from a gift, sale, or trade? The IRS wants to know. Individuals, corporations, and partnerships to report cash transactions of more than $10,000.
These cash payments can include jewelry sales, a gift from a family member, an overseas purchase, or any other cash transaction. You also need to report cash payments that were received in one lump sum, in two or more related payments within 24 hours, and as part of a single transaction or two or more transactions in the last year.
Luckily, reporting cash payments is simple. All you have to do is file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. The form requires information about both the giver and the receiver of the cash, a description of the transaction, and information about any other parties involved.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov1
The Health Benefits of a Meat-Free Day
There’s no denying the overwhelming health benefits of a plant-based diet. But going completely vegetarian or vegan isn’t realistic for everyone. Luckily, you can still enjoy the many health benefits by going “meat free” for just one day a week. Here are some of the main benefits of this healthy lifestyle swap:
These are just a few of the many benefits of going plant-free for a day. Want more inspiration? Just google “Meatless Monday” for recipe suggestions.
Tip adapted from MindFood.com2
Christine likes grapes but not potatoes. She likes squash but not lettuce, and peas but not onions. Following the same rule, will she like pumpkins or apples?
Last week’s riddle: I have no heart or mind, but I do have two legs. Yet they only touch the ground when I am not carrying things around. What am I? Answer: A wheelbarrow.
Golden Gate Bridge from Marshall Beach, San Francisco, California.
We hope you enjoyed this Good Life Report. If you have any questions or comments, we would love to hear from you. You can call us at 612-492-0212, or email us at firstname.lastname@example.org. If you want to talk to a financial advisor, you can make an appointment online at https://bookwithsfg.timetap.com/. We are always happy to help in any way that we can!
1. IRS.gov, September 19, 2020
2. MindFood.com, September 23, 2020