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Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez Tax Tip, New Year, End of Year, W-2, W-2G, 1098-C, 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-B, 1099-C, 1099-K, K-1s, 1098 Ana Mendez

Happy New Year!

Happy New Year!

And get ready for the tax filing season.

Hopefully, you followed some of the suggestions outlined in Publication 552 to organize your records. If you did, great! This will make filing your tax returns a lot easier this year. It also means that you and your tax advisor can spend more time on tax and financial planning issues for 2023 vs. looking back to 2022.

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Tax Tip, Online Money, IRS, Internal Revenue Service, Side Hustle, New Law, Tax Changes, 1099-K, Tax Law, Tax Compliance Ana Mendez Tax Tip, Online Money, IRS, Internal Revenue Service, Side Hustle, New Law, Tax Changes, 1099-K, Tax Law, Tax Compliance Ana Mendez

Are You Trying to Make Money Online? Well, the IRS Would Love to Know About It.

Since the first online markets came out, people have been selling everything from sweaters to computers. It turns out Uncle Sam has been missing out on his cut and has asked the IRS to get it to him. A new law passed by congress for the 2022 tax year requires a 1099-K to be sent from these online platforms to the IRS that informs them of anyone earning more than $600, which potentially has tax implications for anyone involved in this space.

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