Be mindful of your taxes! The IRS sent out another reminder and notice for independent workers. Expatriate Tax Returns has the information you need for filing your taxes.
Taxpayers who sold goods or provided services that received over $600 from digital transactions will receive a Form 1099-K. This is a significant change in amount compared to previous reporting threshold requirements and is required to be reported on your tax return.
Taxpayers must make estimated tax payments if the following applies:
- Generally, if a taxpayer earns income throughout the year
- If the withheld income tax from one’s salary or pension is not sufficient
- If other forms of income such as dividends, interest, alimony, capital gains, awards, and/or income from self-employment are received
- If the taxpayer is in business for themselves
Taxable income qualifications remain the same. Taxpayers who earn income from jobs (full-time and part-time) and sales are still required to file for those amounts. Money from relatives, friends or other personal expenses is not usually taxable.
If you have more questions about tax filing your taxes visit www.expatriatetaxreturns.com.