You Are Safe!
The IRS has delayed
Form 1099-K again!
As of January 1, 2024, the IRS decided that implementing the 1099-K for almost everyone in 2024 was too much of a hassle, involving issues with the public, third-party processors, and their own staff.
As a result, the 1099-K requirement has been postponed again until January 2025, with the threshold set at $5,000. This is a game changer!
Get this book and discover :
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Mandatory Reporting: The 1099-K is a mandatory IRS form for individuals earning over $600 through payment processors like Cash App, Square, Venmo, PayPal, and more. This form ensures that the IRS is aware of your income from electronic payments. This threshold will go up to $5,000 in 2025.
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Wide Applicability: Even small transactions, like garage sale proceeds via payment apps, could trigger a 1099-K requirement.
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Loss Reporting Challenge: The 1099-K reports income, not losses. Proving losses for items sold significantly below their purchase price requires meticulous record-keeping.
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IRS Scrutiny: In 2023 with 80,000 new hires, the IRS is intensifying efforts to identify discrepancies and collect taxes owed due to the 1099-K.
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Your Responsibility: Regardless of receiving a 1099-K, accurately reporting all income is your responsibility; failure has consequences. This book provides tools to navigate the 1099-K landscape and ensure tax compliance.
TESTIMONIALS
Here's What People Are Saying About The eBook
This guide is a lifesaver! It has turned my tax fears about 1099's. It's an easy read and makes sense. Loving the cheat sheet! I definitely highly recommend the guide!
As a freelancer, I get numerous 1099's. The Ultimate 1099 Guide is a game-changer! Steph's relatable explanations and tips helped me understand 1099's. Just get it!
I had anxiety in January 2023 about the 1099-K's I got, but Steph's down-to-earth style makes the 1099's guide understandable. If you want control of your 1099's, this guide is a must!
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