1099-Ks Explained | What the $600 Tax Law Means for You

UPDATE: The IRS has made a last-minute decision to delay implementing the 1099-K rule change till 2023.

That means that, for your 2022 transactions, you're only guaranteed to get a 1099-K if you earned at least $20,000 from your business and had at least 200 work-related transactions.

This is basically a return to the old, pre-2022 rules.

Learn more here: https://www.keepertax.com/posts/what-...

Read more about the IRS's decision here: https://www.irs.gov/newsroom/irs-anno...

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This video tells you everything you need to know about Form 1099-K, the IRS form used for income from third-party payment apps like Venmo, PayPal, Cash App, and more.

This form isn’t actually new. But some big changes are happening with 1099-Ks.

We’ll talk about the tax implications of the $600 tax law — including when they actually kick in. We’ll also clear up some misconceptions about the personal transactions you make through payment apps and go over how to avoid “double taxation.”

TIMESTAMPS

0:00 - Intro
0:58 - What is a 1099-K?
1:33 - What’s changing with 1099-Ks?
2:47 - Do you have to report the money on your 1099-K?
3:35 - What the new 1099-K rule doesn’t do
5:54 - How to legally save on your taxes

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MORE ON 1099 FORMS:

Everything You Need to Know About Form 1099-K: https://www.keepertax.com/posts/what-...
What Is a 1099 Form? https://www.keepertax.com/posts/what-...

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COMMON TAX WRITE-OFFS

For online sellers: https://www.keepertax.com/tax-write-o...
For virtual assistants: https://www.keepertax.com/tax-write-o...
For freelance developers: https://www.keepertax.com/tax-write-o...
For freelance designers: https://www.keepertax.com/tax-write-o...
For real estate agents: https://www.keepertax.com/tax-write-o...
And more: https://www.keepertax.com/freelancer-...

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FREE TAX RESOURCES

1099 Tax Calculator: https://www.keepertax.com/1099-tax-ca...
How Much Should I Set Aside for Taxes?: https://www.keepertax.com/self-employ...
Quarterly Tax Calculator: https://www.keepertax.com/quarterly-t...
Income Tax Calculator: https://www.keepertax.com/income-tax-...