Made money online this year? You could owe more in taxes

  • by:
  • Source: CBS News
  • 12/06/2022
Made money online this year? You could owe more in taxes
Coding by Christopher Gower is licensed under Unsplash unsplash.com
With 2022 drawing to a close, the IRS is alerting Americans so they can avoid a potentially nasty surprise when they pay taxes next year. 

Starting in 2023, more people who made money on eBay, Etsy, Poshmark, Uber or other digital platforms will have their income reported to the Internal Revenue Service. Anyone who made more than $600 via a gig platform or who was paid that much on Venmo will receive a 1099-K form, meaning that those funds will be reported to the IRS, the agency said. 

Americans already receive 1099 forms if they make money as an independent contractor, if they earn interest on a bank savings account or if they make a significant sum by selling things online. What's new is the $600 threshold. 
Coding by Christopher Gower is licensed under Unsplash unsplash.com

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