• New Reporting Threshold: The IRS has introduced a new threshold for 2023. If you've earned a minimum of $600 across any number of transactions by the time you file your taxes, you'll receive a 1099-K. Ensure accurate tracking of your Jiffy earnings, regardless of the amount.

Recent IRS Update: 1099 Reporting Guidelines

Despite ongoing discussions about potential changes to 1099-K reporting, the IRS has maintained the reporting threshold at $20,000 for 2023. Any proposed reduction to $600 has been deferred until the 2024 tax year. Stay informed to manage your Jiffy taxes effectively.

Understanding Jiffy Taxes

Before delving into specifics, it's essential to understand the concept of Jiffy taxes. As a freelance professional earning income through Jiffy, you bear tax responsibilities related to the income you generate.

Who Needs to Pay Jiffy Taxes?

Professionals earning income through Jiffy are responsible for Jiffy taxes. The new threshold of $600 across any number of transactions emphasizes the importance of tracking earnings for accurate tax reporting.

How Will Jiffy Deliver Your 1099s?

Once you reach the $600 earnings threshold on Jiffy, the platform will issue a 1099-K form. Typically, these forms are sent electronically through your Jiffy account. Ensure your contact and tax information are up-to-date for prompt receipt.

Which Tax Forms Are Necessary?

• 1099-K: Outlines your gross revenue from Jiffy transactions.
• 1099-MISC: Additional income, such as bonuses, may be reported on this form.
• Schedule C: If you operate as an independent contractor, filing Schedule C is essential for reporting self-employment income and deductions.

How Can You Minimize Jiffy Taxes?

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

• Business Expenses: Deduct the cost of any necessary business-related expenses, including equipment and software.
• Home Office Deduction: If you work from home, you may be eligible for a home office deduction.
• Professional Development: Expenses related to improving your skills for your work on Jiffy may be deductible.

When Do You File Your Jiffy 1099 Taxes?

• January 31: Jiffy typically sends 1099-K forms by this date. Ensure your contact information on your Jiffy account is accurate for swift receipt.
• April 15: File all necessary tax forms by this date to meet IRS deadlines. Consider seeking professional assistance to ensure accurate filing.
• Quarterly Estimated Taxes: For freelance professionals with substantial earnings, consider making quarterly estimated tax payments to prevent a large tax bill at year-end.

How Can FlyFin Support Your Jiffy Taxes?

• 1099 Tax Support: Ensure accurate filing with FlyFin's expert guidance on 1099 tax requirements for Jiffy professionals.
• Tax Planning: Strategize for the future with personalized tax planning to optimize your financial well-being.
• Deduction Assistance: Maximize your deductions with FlyFin's support in identifying eligible business expenses and write-offs.

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.