Remember kids, it’s tax avoidance, not tax evasion.
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When will we get the IRS megathread we all crave and deserve?
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I’m waiting for the first collector to get audited and have to explain to the auditor the difference between the Vstar they sold and the VMax they bought.
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[insert trade please card]
Seems IRS has delayed the new 1099 process again with a phase in until 2025.
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The most important part of the article is as follows:
Business payments have always been taxable and filers should still report 2023 income even if they don’t receive a Form 1099-K.
Report your hobby income, folks! Even if you don’t receive a 1099-K this year, you are still required to report the income by law.
When the US Tax Cuts and Jobs Act expires ending Tax year 2025, we can hold out hope that we can return to offsetting hobby income with hobby expenses, no strings attached and no debating whether you have a profit motive.
Which honestly, is how it should be. This new 1099 crap is just going after the little guy.
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