New IRS $600 Reporting Rule | More Taxes on Small Business & Side Hustles?Vote
There still seems to be a lot of confusion around the new IRS tax reporting threshold of $600 starting in 2022. No, the actual IRS tax law has not changed, only the IRS reporting requirements for online payment platforms. Anyone who generated a profit from selling anything online is expected to report income and pay income taxes regardless of whether or not they received a 1099-K. This includes popular online third-party payment processors Etsy, eBay, PayPal, Venmo, Facebook Marketplace, and Cash App. Prior to this year, the old threshold was $20,000 per year and at least 200 transactions.
According to Zelle, this platform is actually exempt from the IRS reporting law
Joining me in this episode is Mark Tew, CPA - known as @Not Your Dad's CPA to clarify some of these items, answer questions, and help you tackle small business finances.
Disclaimer: This conversation is for educational
& entertainment purposes only.
This does not constitute accounting, financial,
legal or business advice / expertise.
Please consult a qualified professional to
help you with your specific situation.
Connect with Mark - Not Your Dad's CPA online!
Accounting for Online Sellers free Facebook group:
Reseller Tax Academy: https://www.resellertaxacademy.com/
Mark's website: https://notyourdadscpa.com/
The IRS Is Cracking Down on Small-Time eBay and Etsy Sellers
It’s going to become harder to avoid telling the IRS about income from selling stuff online. Here’s what to know
Etsy Shop - Ready to sew beginner kits + curated supplies
DISCLAIMER: This video and description contains affiliate links for several different programs. As an Amazon Associate I earn from qualifying purchases.
Get $10 off coupon for your first order at Fabric Wholesale Direct
Subscribe to the Sewing Report if you want to join in and learn! https://goo.gl/WxA2s4
If you enjoy these videos and find value in what I'm doing, you're welcome to add to the digital Tip Jar: https://www.paypal.com/paypalme/jentalks
Support via Patreon https://www.patreon.com/sewingreport?fan_landing=true
Beginner Sewing Supplies
How to Use a Sewing Machine ✔️ Basics + Overview | Brother CS7000i
How to Sew Basic Straight Stitches on a Sewing Machine | Beginner Lesson
MY SEWING MACHINES:
Brother CS7000i Computerized 70 Stitch Sewing Machine
Brother PE800 Embroidery Machine
Brother 1034D Serger - http://amzn.to/1FNpsxo
Janome MemoryCraft 7700 Sewing Machine
Shop Sulky Thread & Embroidery products:
Join in on Instagram with #sewingreportsquad! #sewing
📱 Talk to me: @sewingreport
SEWING REPORT FILMING GEAR:
NEED CUSTOM BUSINESS CARDS, STICKERS, PAPER PRODUCTS?
You'll love MOO! They've got awesome print products and cool design finishes. Get 25% off your first order!
ABOUT SEWING REPORT:
Sewing, Crafts + DIY projects - let's make it fun! 💗 Here you'll find beginner to intermediate sewing tips + tutorials, sewing machine & product reviews / how-to's + documenting my creation process - anything from quilting, sewing clothes, machine embroidery, building dollhouses, home decor, easy art, to paper crafts.
Free products ≠ guaranteed coverage, companies/brands don't get editorial input on content. I don't do paid product/service reviews.
https://wp.me/P7ePxp-F (Please read my business policies before reaching out)
All content provided on Sewing Report channel/social media platforms is for informational/entertainment purposes only. The owner of Sewing Report makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
The owner of Sewing Report will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
About Sewing Report
Sewing, Crafts + DIY projects - let's make it fun! 💗 Beginner to intermediate sewing tips + tutorials, sewing machine & product reviews / how-to's - anything from quilting, sewing clothes, machine embroidery, building dollhouses, home decor, easy art.