Win $100! Side gigs & the 1099-K

[ErickaY]

This sweepstakes has ended

Thank you so much to everyone that participated! It was so great to hear all of your goals and find the different ways we can all connect when it comes to our finances.  A winner was randomly selected and has been contacted to claim their prize.

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Hello community members!

Welcome back to our returning members! For first-time visitors, welcome to the TurboTax + Mint Community. We’re so glad to have you here!

In the last few years Americans have started many side hustles or gig jobs to either supplement income, save for their future or even get an idea off the ground. It could be a dream of yours to start a food truck or even get a pet grooming business off the ground. Now companies such as Uber, Doordash, and Instacart have provided people with ways to make quick cash on the side. As magical as it can be to start your side hustle you should also be prepared for any and all tax situations that come with a side business. Many people don’t know the ins and outs of taxes right off the bat, including tracking your income for your 1099-K. We want to hear from you!

Tell us about your side gig! Reply to this post telling us something you know now that will change your 1099-K next year. Sharing this with the Community could earn you a gift card!

Simply reply to this post with something you know now that will change your 1099-K next year. On August 31st, 2022, a winner will be randomly selected from this thread. 

**If you have questions about your 1099K you can also refer to this form for information: Form 1099-K Decoded for the Self-Employed 

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We will be hosting the What I Wish I Knew About Starting a Side Business sweepstakes to give you, and others, the opportunity to share your plans. One lucky winner will be chosen randomly to receive a $100 gift card.

• WHAT: Sweepstakes for a $100 gift card
• WHEN: Entries will be accepted from August 17th, 2022 through August 31st, 2022 at 5:00 pm Pacific Time
• HOW: Enter by adding a comment to this post telling us something you know now that will change your 1099K next year. If you are the winner, we will send you a private message. The winner will be selected at random on August 31st, 2022.

Refer to the attached document for the complete rules.

[Lnk747]

What I wish I had know about my 1099-K. Is how that driving for uber and lyft can actually make an impact of income and is actually considered for such. Now that I know this I will use the knowledge I've gained to better my taxes for next year. No way I wouldn't make a positive impact of my taxes, it's a for sure thing. Ps. But more of a side note. Remember that taxes taken out for employment isn't done for self employed so to keep a record to help you better kept track of it.

[AdriCarballo71]

I wish I knew it was best to create my LLC and S-Corp before starting. 

[concernmom]

what I wish to know is how crypto currency affect my tax. Will I receive a 1099k even though I did not sell it ? what shall I pay attention ? 

[csomers]

I didn't know that clients should include the expenses they pay on my behalf on my 1099-K. That's great to know for next year to include in considering what deductions I might have!

[LadyElectra225]

I sell a few things on Ebay for two reasons: to get rid of household items we don't need anymore (consolidated 2 houses into 1) and to resell extra crafting items I won't use for a very small profit (helps fund purchases of more crafting items). I didn't know about the $600 threshold until recently. Now I'm not sure what to do with the 1099-K as I don't have receipts for the household golds and I'm now at $3000 in total sales. I wish I knew about this earlier and I would have just donated all the stuff instead of selling it.

[Tax103]

Where can I find more information on LLC?

[Ssellers0130]

I now know that i have to claim my sales from Poshmark, Mercari, etc.. on my taxes next year. I sell these items for less than their original cost and definitely don't mark up items. However, I clearly have met the threshold of $600 and am now wondering if this is even worth it anymore. Most of my items I sell are my family's outgrown items so the date of the original purchases are not necessarily in this current year.  I am super confused and don't want to do things wrong to cause a financial strain on my household when I was just trying to save up money for a family vacation and my daughter's education! 🙂

[Username6373737]

If I'm understanding correctly, I now know to only include the total profits on 1099-K on taxable sales, minus the original value depreciation and cost of shipping.

[Bre151]

I wish I knew about all of the low-cost tools available to me as a new business owner. 

[MartinR59]

I wish I had known more about the tax changes regarding 1099 K and the side hustle/business sooner! I currently re-sell my kids' old clothes for fun money and bills. Love the opportunity to have this side hustle to help the family. Thank you! 🙂

[Cloudpicture]

I know that I make more in a year than $600 so I will automatically get a tax form from Etsy this coming year.

[Brianmadray]

I’ve been making over $600 a year doing my handyman jobs. I have been saving  that money for my son’s college tuition. Now I gotta pay taxes on it. OMG