The Ultimate 1099 Guide: For Entrepreneurs Who Give and Receive 1099s

The tax year 2023 (when you file in 2024) is expected to be challenging for tax filers due to the re-introduction of the 1099-K, which will be issued by most third-party processors like Paypal, Venmo, Square, Etsy, Cash App, Ebay, Shopify, Uber, Lyft, Door Dash, and others for earnings over $600.

While Zelle won't issue a 1099-K, it doesn't mean you're exempt (safe). Even if you hold a garage sale and use a payment app instead of cash, you'll receive a 1099-K if you earn over $600. This might come as a surprise, especially if you've already paid sales tax on the item you sold. Let's say you paid $1,200 for the couch, the IRS won't know if you sold it for less, and you'll have to prove your loss.

As a result, almost everyone is likely to be impacted by the 1099-K, prompting the IRS to hire over 80,000 representatives to collect money from taxpayers. To avoid being caught off guard by a hefty IRS bill, it's recommended to read The Ultimate 1099 Guide.

Author: Steph Wynne
Publisher: Independently Published
Published: 02/21/2023
Pages: 34
Binding Type: Paperback
Weight: 0.13lbs
Size: 9.00h x 6.00w x 0.07d
ISBN13: 9798377957027
ISBN10: 8377957027
BISAC Categories:
- Business & Economics | Taxation | General

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