Did you get Paid Online last year? You may Owe taxes on those payments. We can help sort that out for you.
Congratulations on getting those online payments first. It could be that those payments were part of the new small business or the side hustle you started or for money your friend owed you.
It could be that not all of it is income for you. We, RCS Tax Solutions, are here to help you sort those out for you. Cash Apps and platforms such as Venmo, eBay, Etsy, and Airbnb send tax forms to users if they received more than $20,000 in revenue and had more than 200 transactions.
You are still on the hook to pay taxes on revenue below that limit in most cases. This $ amount is being revised to $600 next year by IRS. You are to report any earned income, whether you receive a 1099 or not, using the form Schedule C or Schedule E in case of rental income. In some cases, you may have duplicate or erroneous forms requiring corrections via Schedule 1. We are here to assist you to sort those forms and its impact on your tax return so that you can focus on what you do best and getting paid for those.
We, at RCS Tax Solutions, strive to give you the best tax services ranging from preparing your returns to planning for future taxes. Reach out to us at https://www.rcstax.com/