The tax filing season has begun, and every year a few changes are made that you should know. According to the IRS, more taxpayers this year will receive Form 1099-K. This will be directed at folks who do business over third-party apps like Venmo, Zelle, and CashApp.
The new income threshold for reporting money paid on these apps is $600 a year. It used to be $20,000 a year for goods or services, or 200 transactions. But now these apps are used so frequently for business that the IRS is making sure to get the tax money, too.
Here are a few things that may affect your refund. No more stimulus checks were issued in 2022, so you can’t get that in your refund.
Some tax credits are returning to 2019 levels which means a smaller refund than you’ve been used to as of late.