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Don't be surprised in January 2023

IRS has reminded taxpayers who earn income and receive payment by credit card will be receiving a 1099-K if the transactions are over $600.


The definition of what is taxable hasn't changed; however, depending on your intention with your business or hobby, you may get a tax surprise. The best policy is to be proactive and talk with your consultant now.


Do not just throw these 1099-Ks to the side. Take them along to your tax appointment with your tax consultant next spring.


https://www.irs.gov/newsroom/reminder-service-providers-others-may-receive-1099-ks-for-sales-over-600-in-early-2023


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