There’s a new tax form on the market and it’s looking for a piece of your side hustle. The new 1099-K tax form targets independent contractors who are underreporting on small transactions. Sales resulting in $600+ on online marketplaces, digital wallets, crowdfunding platforms & more now means there is one more form to deal with when navigating an already complex tax code. Between the increasing focus on undercompliance and a lower minimum reporting threshold, it certainly feels like the government is cracking down on the lowest rungs of society and allowing the uppermost echelons of society to get away with paying little to nothing thanks to a crack team of tax experts. Today host Jack Russo and CPA, Steve Rabin discuss earned income tax credits and the possibility of Silicon Valley wealth getting slapped by billionaire taxes.

 

Got more tax questions? Feel free to contact Steve Rabin at his website: https://www.taxservice2u.com/