If you have already bought my book, you may decide if you want to keep it and look up 2023 information or buy the updated version. I have updated the resource section, some specific data for mileage, contributions, limitations, precents, etc. and updated the 1099-K information (below). Everything else has stayed the same
Form 1099-K Update:
Form 1099-K is used to report payments and transactions over $600 from any one online platform, apps or payment card processor. These third-party payment networks are required to file Form 1099-K with the IRS and also provide you with a copy.
What this means to you is if you use a merchant account or a third-party network to receive payments over $600 from your customers or clients, you will receive a Form 1099-K at the end of the calendar year instead of a Form 1099-NEC. The difference between these two forms is that Form 1099-NEC reports net income after all fees and adjustments are deducted from the income. However, Form 1099-K reports gross income and all fees and adjustments are included in the income stated on the form. So, you will need to keep track of these and deduct them from your income on your tax return.
Tax updates will go here.