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Tax Information

New Form 1099-K Reporting Requirements

April 7, 2021 by Todd Renner

If you sell items through Etsy or eBay, you may be surprised to find out that your transactions will be reported to the IRS beginning on 1 January 2022. Form 1099-K is currently issued for all credit card transactions by Third-Party Settlement Organizations (credit card processors) if the total processed is at least $20,000 and […]

Filed Under: Tax Information

Substantiating Charitable Donations for Tax Purposes

January 20, 2021 by Todd Renner

To claim a deduction for a charitable donation, you must have certain documentation. The current tax law requirements are summarized in the table below. Contribution Type Amount Contributed Records Required Monetary (cash, credit card, check) Less than $250 Bank record or written receipt: Name of organization Amount of contribution Date of contribution Monetary (cash, credit […]

Filed Under: Tax Information

New Form 1099-NEC

January 6, 2021 by Todd Renner

The IRS issued a new 1099-series form this filing season called Form 1099-NEC. It replaces Form 1099-MISC for reporting nonemployee, or subcontractor, compensation. The amounts previously reported in box 7 of Form 1099-MISC are now reported in box 1 of Form 1099-NEC. This may seem like a small change, but a number of payors and […]

Filed Under: Tax Information

Social Security: Note the Key Changes for 2020

December 9, 2020 by Todd Renner

The Social Security Administration has released new numbers for those paying Social Security and those collecting it. Check out the new maximum taxable earnings amount as well as COLA and other key adjustments. Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 […]

Filed Under: Tax Information

The Ins and Outs of Form 1099

October 28, 2020 by Todd Renner

A 1099 tax form is a record that someone was paid non-salary income. It comes in multiple versions, and there’s a good chance you’ll be dealing with one or more of them each tax season. Here’s a rundown of how they work. You’ve probably received a 1099-INT tax form from your bank. It signifies it […]

Filed Under: Tax Information

Gig Economy and Taxes

September 30, 2020 by Todd Renner

The so-called gig economy may be the wave of the future for a substantial number of workers. There are lots of implications – especially regarding taxes. The word “gig” has broadened from its original usage by musicians for an engagement for a performance to now include any type of job that’s temporary or flexible, where […]

Filed Under: Tax Information

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