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| Welcome back, Daily Money readers! We hope you enjoyed the holiday time (rain, blizzard or for the very lucky ones out there, warm sunshine). |
| If you made money through selling goods on Etsy, eBay or collected funds through PayPal, Venmo or CashApp, here's some good news: |
| The IRS reversed a rule that was set to go into effect in 2023 requiring anyone who made at least $600 from an e-commerce platform to file a 1099-K, an income tax form. But to avoid confusion and smooth the transition the IRS said it would extend the rule's effective date by a year. This means that the 2021 threshold of $20,000 in earnings from 200 transactions will carry over to 2022 for taxes filed in 2023. |
The way to escape a recession isn't pretty |
| Have you ever found yourself in a really ugly dilemma where both options seem equally as bad? Well then you can relate to what the U.S. economy is experiencing right now. It may be able to avert a recession but that could mean stagnant wage growth. |
| Already wages are starting to cool down. Average annual wage gains dipped to 5.2% in the third quarter from 5.7% early this year, according to the Labor Department's Employment Cost Index. But that's still well above the average of 3.3% before the pandemic and about 2% in the decade before the health crisis. |
| Slowing wage growth is good if your chief concern is a recession because it signifies that the Federal Reserve has a greater grasp on inflation where employers don't need to keep increasing workers' pay to keep up with inflation. The more wage growth slows the less likely the Fed will be to raise interest rates. Downside: good luck getting a raise if you're struggling to make ends meet. |
📰 More stories you shouldn't miss 📰 |
| Blood pressure tablets: Many were recalled over potential cancer risk, FDA announces |
| Adidas scrambling: The company is stuck with $530 million in Yeezys after cutting ties with Ye |
| Not just for the wealthy: Prenuptial agreements and what couples need to know about them. |
About The Daily Money |
| Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. |
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