• Increased Reporting Threshold: The IRS has increased the threshold for issuing a 1099-K to $600. If you earn a minimum of $600 across any number of transactions on CareRev, you will receive a 1099-K. This marks a shift in reporting guidelines, affecting more individuals who might not have received a 1099-K in previous years.

Recent IRS Update: 1099 Reporting Guidelines

Amid discussions about potential changes in the 1099-K reporting guidelines for 2023, the IRS has officially confirmed that the reporting threshold will remain at $20,000. The proposed reduction to $600 has been postponed until the 2024 tax year. Staying informed about these changes is vital for effectively managing your CareRev taxes.

Understanding CareRev Taxes

Before delving into specifics, it's crucial to comprehend the concept of CareRev taxes. The platform serves as a bridge between healthcare professionals and facilities, allowing for flexible work arrangements. However, it also entails tax responsibilities for those earning income through the platform.

Who Needs to Pay CareRev Taxes?

The responsibility for CareRev taxes lies with healthcare professionals earning income through the platform. With the updated threshold, anyone earning a minimum of $600 across any number of transactions is required to receive a 1099-K. This includes a broader spectrum of users, making it essential to monitor earnings diligently.

How Will CareRev Deliver Your 1099s?

Once you reach the $600 earnings threshold on CareRev, the platform will send you a 1099-K form. Typically, these forms are sent electronically through your CareRev account. Ensuring your contact and tax information is up-to-date on the platform is crucial to receive your 1099-K promptly.

Which Tax Forms Are Necessary?

• 1099-K: This form details your gross revenue from CareRev transactions.
• 1099-MISC: Additional income, such as referral bonuses, may be reported on this form.
• Schedule C: If you operate as an independent contractor or business on CareRev, you may need to file Schedule C to report self-employment income and deductions.

How Can You Minimize CareRev Taxes?

• Deductions: Identify eligible business expenses related to your CareRev activities, such as transportation costs, medical equipment, and necessary supplies.
• Quarterly Payments: For substantial CareRev revenue, consider making anticipated tax payments quarterly to avoid penalties at year-end.
• Retirement Contributions: Contribute to a retirement account to reduce your taxable income.
• Tax Credits: Explore potential credits to minimize your overall tax obligation.

What Write-Offs Can You Claim for CareRev?

• Equipment Costs: Deduct costs for any equipment essential to your CareRev activities.
• Uniforms and Work Apparel: Write off expenses for any required uniforms or work apparel.
• Professional Memberships: Deduct expenses related to professional memberships necessary for your work on CareRev.
• License and Certification Fees: Write off fees associated with maintaining necessary licenses and certifications.

When Should You File Your CareRev 1099 Taxes?

• April 15: File all income reported on the 1099-K by this date on your federal income tax return.
• Quarterly Estimated Taxes: For substantial income, pay estimated taxes on April 15, June 15, September 15, and January 15 (for the prior year's income).

How Can FlyFin Assist You with Filing Your CareRev 1099s?

• Tax Preparation: FlyFin's expert CPA team ensures the accurate filing of your tax return, encompassing your CareRev 1099 taxes. Comprehensive audit insurance is also included.
• Tax Planning: Receive tax planning guidance, including precise self-employment tax calculations and individual tax planning sessions, aimed at minimizing your taxes.
• Expert Guidance: Address all your tax-related queries with FlyFin's tax professionals and receive advice on optimizing credits and deductions.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.