In this Dr. Friday Tax Tips – One Minute Moment episode, Dr. Friday addresses the widely discussed changes to the 2023 Form 1099-K, focusing on its impact on small business owners and individual sellers. Amidst the flurry of inquiries, Dr. Friday clarifies the evolution of the 1099-K threshold, which was initially slated for adjustment in 2022 but is now rescheduled to shift in 2024 to a $5,000 threshold. This significant change is crucial for those with side businesses, particularly those selling on platforms like Amazon or disposing of personal items. Dr. Friday emphasizes the importance of early preparation and awareness of potential tax exclusions to navigate these changes effectively. For more in-depth insights, Dr. Friday invites listeners to explore her website and tune into the weekly live call-in show every Saturday on 99.7 WTN.
Transcript
G’day. I’m Dr. Friday president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
The 2023 Form 1099-K, we are getting tons of phone calls on this because we all know back in 2020, initially they were going to bring it out in 2022, then in 2023, the threshold was 600, and then now it’s gonna be, guess what? $5,000, that’s right. Starting in 2024, they’re phasing in a $5,000 1099-K. So that means if you are of a little side business and maybe you’re selling things on Amazon or you’re selling your personal items, you need to start prepping now. There are tax exclusions that you can qualify. Check us out on the web.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.