True, how can one little piece of paper be causing so much trouble? It's the 1099K, and it is coming. What does the 'K' stand for? Well, I'm not really sure what it stands for, but it may as well stand for a kick in the butt to get your business legit. In this video, I am going to give you some tips for getting your business affairs in order so that when you receive this form in January 2023, you know exactly what to do with it. And you have legitimate expenses to offset this income. That sounds like something you're interested in learning? I will see you after the press. Alright guys, welcome to 2022. As promised, the last video that I did, I did say that I was going to begin a video series on starting a legitimate business, whether it's in sublimation, design, or whatever. We are going to get into it, and I really think there is no better place to start than this new tax law for the 1099. If you have not yet heard, here's what's happening this year. If you make over $600 on Etsy, PayPal, Facebook, Venmo payments, Zelle payments, whatever they may be, any of those places who process payments on your behalf and then give you that money that you earned from goods and services, they are now responsible for reporting to the IRS when they give you more than $600. If you make more than $600 from all of these different platforms, you're going to receive several 1099Ks in January 2023, and there is a copy that goes to the IRS. So the IRS is going to have a record that those payments were given to you. Now, that is a big change from the previous years, which was...
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W9 Form 2023 for Maryland: What You Should Know
Maine is a member of the U.S. Federal Taxpayer Identification Number program (FINE). FINE is the online Filing System used to facilitate the filing of a self-employment return for Federal income tax purposes and is authorized under the Internal Revenue Code. Failing to comply with the filing requirements set forth under FINE may result in suspension or revocation of your account under the Federal System for Electronic Tax Payments (TAX) at . U.S. IRS Service Center 2601 South Main Street, Room 100 Ridgeland, ME 04037 Telephone: Phone: Email: IRS. Maineirs.
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