Hey ,
As your trusted IRS Enrolled Agent, I'm here to sprinkle a bit of tax wisdom on your day.
Are you hustling on the side, selling goods, or offering services? That's fantastic! But let's talk about the tax side of things. Whether you're swiping, typing, or app-tapping your way to extra cash, Uncle Sam is interested in your success.
Here's the deal: Payment apps and online marketplaces are pretty savvy these days. They might send you (and the IRS) a Form 1099-K detailing your digital dollars. If you're turning a profit, that's taxable income, my friends.
But wait, there's more! Every penny counts when it comes to taxes. Even if that 1099-K doesn't show up in your
mailbox, your earnings are still part of the tax party unless they're specifically excluded by law.
Gifts, reimbursements,
or repayments? Those are your tax-free.
Now, for the golden rule: Keep those records tidy!
Good recordkeeping is like having a GPS for your tax journey—it'll guide you smoothly to Tax Day without any detours.
Got a 1099-K that's playing tricks on you? Incorrect info got you in a twist? Don't sweat it; I've got your back. For more tips and tricks (or if you need to set that 1099-K straight), hit reply, and let's chat!
Remember, I'm here to help you navigate the tax seas with ease. So, let's make sure your side hustle is tax-trouble-free!
Hurry before tax season ends. Wishing you prosperity and happy hustling.
Your favorite accountant and tax professional,
Folasade,
(202) 618-1295
[email protected]
