Tax expert Lisa Niser told Insider that the "worst case" for people who don't declare earnings to the IRS is that "they are audited" and could be subjected to penalties and accrue interest. It used to be for earnings over $20,000 through more than 200 transactions, but it's now it's any payment over $600. The threshold of how much workers earn before they need to make a tax filing has dropped significantly since last year. Failure to do so could trigger an audit from the tax collection agency. People who are earning income in addition to their full-time job, as well as gig workers, should file the tax form 1099-K to declare earnings, the IRS said. The Internal Revenue Service (IRS) warned this week that side hustlers and part-time workers should declare payment they've received from apps including Venmo, PayPal, and Cash App over the $600 threshold. People who earn money through side hustles could be at risk of a tax audit if they don't report earnings over $600.
Account icon An icon in the shape of a person's head and shoulders.
0 kommentar(er)
