I don't know how many of you have been watching the news lately, but it seems as if tax season is set to hit us in the balls this year. I have yet to file my taxes, but from what I've been hearing people have been actually paying the government rather then getting money back. For some people like us who use their tax returns for a little enjoyment in life this can hit us hard to the point where we might not have that extra money for fun, so I figure we get ahead of that.
The Internal Revenue Service (IRS) has once again deferred the implementation of the $600 rule for 1099-K reporting, extending the delay to cover the 2023 federal tax returns. Originally, this rule required individuals transacting at least $600 for goods and services through third-party networks to receive a Form 1099-K in the present month or early February.
Despite the postponement, people may still expect to receive a 2023 1099-K in the coming weeks, potentially from any provider facilitating online transactions. In case of receiving a 1099-K, it is advisable to verify its accuracy against personal records. If shit arise, you should contact the relevant third-party payment network responsible for issuing the form.
Regardless of whether a 1099-K is received, it's crucial to note that the IRS mandates the disclosure of all taxable income in the federal income tax return.
For those eligible, the IRS Free File program offers free federal income tax filing for individuals with an adjusted gross income (AGI) of $79,000 or less. Launched on January 12, the program provides various eligibility rules and products, accessible through the IRS Free File site.
Taxpayers will find potentially more favorable outcomes in the 2023 and 2024 federal income tax brackets, as these have been adjusted for inflation. Additional details on tax brackets and income tax rates can be found in Kiplinger’s guide.
In the current tax season, the IRS is piloting the Direct File program, allowing eligible taxpayers from select states to file federal returns directly with the IRS at no charge. Interested participants are advised to await the results of the pilot program.
People receiving state tax rebates, inflation relief checks, or other special payments in 2023 should consider the tax implications on their federal income tax return. While the IRS generally does not contest the taxability of most special state payments, specific state-specific payments may be deemed taxable income. To clarify the tax status of received state payments, consulting a tax professional before filing the federal return is recommended.
Lastly, the IRS is raising their interest rates from 7% to 8%. Those only falls under a certain bracket of people and if you file your taxes at a specific time. Best to look up where the sweet spot is so you aren't giving the IRS more of your hard earned money.
Hope this helped some of you pervs who use your taxes for fun. Tell you the truth, half of this is gerbrish to me and I had to look up most of it. But, I got all of the information from this guy here and he seems to know what he's talking about. Hope this helps Pervs!
The Internal Revenue Service (IRS) has once again deferred the implementation of the $600 rule for 1099-K reporting, extending the delay to cover the 2023 federal tax returns. Originally, this rule required individuals transacting at least $600 for goods and services through third-party networks to receive a Form 1099-K in the present month or early February.
Despite the postponement, people may still expect to receive a 2023 1099-K in the coming weeks, potentially from any provider facilitating online transactions. In case of receiving a 1099-K, it is advisable to verify its accuracy against personal records. If shit arise, you should contact the relevant third-party payment network responsible for issuing the form.
Regardless of whether a 1099-K is received, it's crucial to note that the IRS mandates the disclosure of all taxable income in the federal income tax return.
For those eligible, the IRS Free File program offers free federal income tax filing for individuals with an adjusted gross income (AGI) of $79,000 or less. Launched on January 12, the program provides various eligibility rules and products, accessible through the IRS Free File site.
Taxpayers will find potentially more favorable outcomes in the 2023 and 2024 federal income tax brackets, as these have been adjusted for inflation. Additional details on tax brackets and income tax rates can be found in Kiplinger’s guide.
In the current tax season, the IRS is piloting the Direct File program, allowing eligible taxpayers from select states to file federal returns directly with the IRS at no charge. Interested participants are advised to await the results of the pilot program.
People receiving state tax rebates, inflation relief checks, or other special payments in 2023 should consider the tax implications on their federal income tax return. While the IRS generally does not contest the taxability of most special state payments, specific state-specific payments may be deemed taxable income. To clarify the tax status of received state payments, consulting a tax professional before filing the federal return is recommended.
Lastly, the IRS is raising their interest rates from 7% to 8%. Those only falls under a certain bracket of people and if you file your taxes at a specific time. Best to look up where the sweet spot is so you aren't giving the IRS more of your hard earned money.
Hope this helped some of you pervs who use your taxes for fun. Tell you the truth, half of this is gerbrish to me and I had to look up most of it. But, I got all of the information from this guy here and he seems to know what he's talking about. Hope this helps Pervs!
