• New Reporting Threshold: The IRS has set a new threshold for 2023. If your freelance work income on WorkingNotWorking reaches or exceeds $600 across any number of transactions by tax filing time, you will receive a 1099. It is crucial to accurately track your WorkingNotWorking earnings, regardless of the amount.

Recent IRS Update: Reporting Guidelines

Despite ongoing discussions about potential changes to 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. Staying informed is paramount for effective WorkingNotWorking tax management.

Understanding WorkingNotWorking Taxes

Before delving into specifics, it's essential to grasp the concept of WorkingNotWorking taxes. As a freelancer earning income through WorkingNotWorking, you bear tax responsibilities related to the income you generate.

Who Needs to Pay WorkingNotWorking Taxes?

Freelancers earning income through WorkingNotWorking are responsible for WorkingNotWorking taxes. The new $600 earnings threshold underscores the need for accurate tracking for tax reporting.

How Will WorkingNotWorking Deliver Your 1099s?

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

Which Tax Forms Are Necessary?

• 1099: Outlines your gross revenue from WorkingNotWorking transactions.
• 1099-MISC: Additional income, such as bonuses or extra freelance work services, may be reported on this form.
• Schedule C: If you operate as a freelance contractor, filing Schedule C is essential for reporting self-employment income and deductions.

How Can You Minimize WorkingNotWorking Taxes?

• Deductions: Identify eligible business expenses related to your freelance work activities on WorkingNotWorking, such as software subscriptions or equipment costs. This helps reduce your taxable income.
• Quarterly Payments: For substantial freelance work income on WorkingNotWorking, consider making anticipated tax payments quarterly to avoid penalties at year-end.
• Education Expenses: If you incur costs for improving your freelance work skills, explore potential deductions to minimize your overall tax obligation.

What Write-Offs Can You Claim for WorkingNotWorking Income?

• Software and Tools: You can write off expenses for any subscriptions, software, and tools needed to provide your freelance work services on WorkingNotWorking.
• Business Supplies: Deduct the cost of any supplies you need to perform your freelance work on WorkingNotWorking.
• Marketing and Advertising: You can also deduct the cost of advertising your freelance work services on WorkingNotWorking.

When Do You File Your WorkingNotWorking Taxes?

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

FlyFin Support: Your Partner in Tax Season

• Stay Informed, Maximize Deductions, and Meet Deadlines: FlyFin ensures a smooth WorkingNotWorking tax season in 2023. For personalized advice, consult a tax professional.

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.