• New Reporting Threshold: A noteworthy change for 2023 is the implementation of a new threshold. Earning a minimum of $600 across any number of transactions triggers the issuance of a 1099-K. This emphasizes the importance of vigilantly tracking your Guru revenue, regardless of its scale.

Recent IRS Update: 1099 Reporting Guidelines

While discussions regarding potential changes in the 1099-K reporting guidelines were ongoing, the IRS has confirmed that the reporting threshold will remain at $20,000 for 2023. The proposed reduction to $600 has been deferred until the 2024 tax year. Staying abreast of these changes is crucial for effectively managing your Guru taxes.

Understanding Guru Taxes

Before delving into specific details, it's essential to grasp the concept of Guru taxes. Guru provides a platform for freelancers to offer their services and earn income, leading to tax responsibilities for those generating revenue through the platform.

Who Needs to Pay Guru Taxes?

Freelancers earning income through Guru are responsible for Guru taxes. With the updated threshold, anyone earning a minimum of $600 across any number of transactions is required to receive a 1099-K. This broader scope underscores the importance of diligently monitoring earnings.

How Will Guru Deliver Your 1099s?

Upon reaching the $600 earnings threshold on Guru, the platform will send a 1099-K form. Typically, these forms are sent electronically through your Guru account. Ensuring your contact and tax information are up-to-date is crucial for receiving your 1099-K promptly.

Which Tax Forms Are Necessary?

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

How Can You Minimize Guru Taxes?

• Deductions: Identify eligible business expenses related to your Guru activities, such as software subscriptions, home office expenses, and necessary equipment. This helps reduce your taxable income.
• Quarterly Payments: For substantial Guru 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 Guru?

• Business Expenses: Deduct the cost of any necessary business-related expenses, including software, subscriptions, and necessary equipment.
• Home Office Expenses: If you use a dedicated space for Guru work, you may be eligible to claim home office expenses.

When Do You File Your Guru 1099 Taxes?

• January 31: Guru typically sends 1099-K forms by this date. Ensure your contact information on your Guru account is accurate for a swift receipt.
• 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 Guru 1099s?

• Tax Preparation: FlyFin's expert CPA team ensures the accurate filing of your tax return, encompassing your Guru 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.