Page 41 - Avoid False Claims

TAXPAYERS M AY RECEIVE

A FORM 1099-K

- What?s taxable?
- There's no change to the taxability of income. All income, including

from part-time work, side jobs or the sale of goods is still taxable.
Taxpayers must report all income on their tax return unless it's

excluded by law, whether they receive a Form 1099-K, a Form
1099-NEC, Form 1099-MISC, or any other information return or not.
- What?s not taxable?

t
- You shouldn? receive a Form 1099-K for personal payments,
including money received as a gift and for repayment of shared
expenses. That money isn? taxable. To prevent getting an inaccurate
t
Form 1099-K next filing season, note those payments as ?personal,?

if you can.
- Good recordkeeping is key

- Be sure to keep good records because it helps you when it?s time to
t
file your tax return. Don? forget to keep track of expenses, what
you?ve sold and what you?ve been paid for services throughout the
year. And it?s a good idea to keep business and personal transactions

separate to make it easier to figure out what you may owe.

TRAINBYUS: TRANSFORMING DIGITAL LEARNING