Why are you receiving a 1099-K?

Do you have a side hustle going on? Is it making enough money that excites you to continue with it and see just how far you grow? Do you accept payment online or with an app? Well here is the thing, according to the Internal Revenue Service (IRS) - ALL INCOME - is taxable. Whether you made $1.00, $10,000.00 or one million dollars, Uncle Sam (is he your uncle?) want his piece of your pie.

The IRS has issued Publication 5731-B (Rev. 2-2024) an informational poster about the new 1099-K. Essentially, if you make $600.00 or more, it will trigger the 3rd party company to issue you a 1099-K. But maintaining good records, we can help you reduce any revenue and resulting profits to identify how much of your hard-earned money is Taxable Income (TI).

Here are two links with more information:

Poster (1099-K): https://www.irs.gov/pub/irs-pdf/p5731b.pdf

IRS Website (1099-K): https://www.irs.gov/businesses/understanding-your-form-1099-k

If you have questions, send an e-mail to: sallcnj19@gmail.com or text/call: 862.275.9984.