• 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. This underscores the importance of diligently monitoring your ShiftKey revenue, regardless of its magnitude.

Recent IRS Update: 1099 Reporting Guidelines

While discussions about potential changes in 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 postponed until the 2024 tax year. Keeping abreast of these changes is essential for effective management of your ShiftKey taxes.

Understanding ShiftKey Taxes

Before delving into specifics, it's crucial to comprehend the concept of ShiftKey taxes. The platform serves as a marketplace connecting healthcare professionals with flexible opportunities, leading to tax responsibilities for those generating income through the platform.

Who Needs to Pay ShiftKey Taxes?

Healthcare professionals earning income through ShiftKey are responsible for ShiftKey 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 emphasizes the importance of diligently monitoring earnings.

How Will ShiftKey Deliver Your 1099s?

Once you reach the $600 earnings threshold on ShiftKey, the platform will send a 1099-K form. Typically, these forms are sent electronically through your ShiftKey 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 outlines your gross revenue from ShiftKey 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 ShiftKey, filing Schedule C is essential to report self-employment income and deductions.

How Can You Minimize ShiftKey Taxes?

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

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

When Do You File Your ShiftKey 1099 Taxes?

• January 31: ShiftKey typically sends 1099-K forms by this date. Ensure your contact information on your ShiftKey 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 healthcare professionals with substantial earnings, consider making quarterly estimated tax payments to prevent a large tax bill at year-end.

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.