02/26/2025
🚨 Small Business Owners: Will You Get a 1099-K This Tax Season? 💰📲
If you received over $5,000 in payments through PayPal, Venmo, Cash App, or Square in 2024, be on the lookout for a 1099-K from the payment processor. This is a major change from the old $20,000 threshold!
What This Means for You:
✅ The IRS is tracking this income, so it must be reported.
✅ Not reporting it can lead to penalties or audits.
✅ Personal transactions (like paying a friend back) DO NOT count toward the $5,000 threshold.
🔹 2025: The threshold drops to $2,500.
🔹 2026: It will drop again to $600!
💡 Check your payment processor accounts and download your 1099-K before filing to avoid surprises!
☎️Call or message us today 888-660-0151