NEW YORK—Taxpayers who have filed their 2022 taxes by Tuesday’s deadline may be sighing with relief. But there’s always next year.
If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2023 tax year. The law will not affect the amount of taxes owed, but it will change how you report income with 1099-K forms.
Right now, freelancers and small business owners need only report payments totaling $20,000 or any number of payments above a threshold of 200 with the forms. Beginning next year, that threshold will be just $600, and every income transaction will need to be reported….