Time to turn your side hustle into a real business!
Millions of Americans run businesses, but not all of them are currently reporting their income and paying taxes on the money they’re making from their business. Many people sell jewelry on Etsy, collectibles on eBay, and photography through Venmo. Right now if you have an income of less than $20,000 and less than 200 transactions per year, none of those companies will report your income to the IRS. That is about to have a huge change!
Starting in 2022 if you receive payments of over $600 for the year for goods or services through any payment processor like Venmo, PayPal, Etsy, or Ebay you will receive a 1099K and they will report all of your income to the IRS. This means you must pay taxes on that income!
This news is scaring a lot of people who are just selling stuff for fun on the side, and many people are no longer going to sell their products and services. Why don’t you take this opportunity to start a legit biz and earn some real money?? Yes, you will have to pay taxes, but you can also create a steady source of income, a full-time job, and a new life! So don’t give up, start your business today