If you hire a household employee to provide services in or around your home, you probably have a tax liability that you don’t know about. Or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and …
Form 1099-K
Be On The Outlook For Tax Reporting Forms
With tax season upon us, your 2022 tax reporting forms should have already arrived, or will be arriving soon. These documents report income, sales and other items needed for your 2022 tax return. Be on the lookout for them and be careful not to accidently throw them out. Here are some of the common tax …
If You Have A Side Hustle, Be Advised: The IRS Is Cracking Down
If you have income coming in from a side hustle, be aware that reporting requirements have changed. For several years now, the IRS has required payments made to merchants through various marketplaces, payment processors (credit & debit cards), and third-party settlement organizations (TPSOs) to be reported on Form 1099-K. The purpose being to uncover merchants …
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