Form 1099-K & Your Tax Benefits for This Year

Are you self-employed, or work as a freelancer or gig worker, and use third-party payment apps (like PayPal and Venmo) to receive payments? There’s a chance you’ll receive a 1099-K form. In this informative video, Mark Steber (Jackson Hewitt’s Chief Tax Information Officer) breaks down what that form is, what to do with it, what it means for your tax return, and what to do if you earned money but didn’t receive a 1099-K form.

Here's what we cover in this video:
00:25 What is the 1099-K Form?
00:41 Changes to who receives the 1099-K Form
2:41 Who gets a 1099-K?
3:08 Who will send the 1099-K form?
3:50 How much do you have to sell to get a 1099-K form?
4:21 If you earned less than the threshold, does money need to be reported to the IRS?
5:27 Tips to keeping good records
6:07 Is the income total on the 1099-K taxable?
6:34 Business-related tax deductions
7:46 Common self-employed tax deductions
8:15 More tax benefits for self-employed taxpayers

Don’t get overwhelmed, watch this video, and you’ll gain the knowledge and strategies you need to help, before you file your tax return this year.

Read more about Form 1099K here: https://www.jacksonhewitt.com/tax-hel...

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