01/14/2026
Good information to make your take prepares life a little easier!!!!
Gather and organize records
Organized tax records make preparing a complete and accurate tax return easier. Some examples of tax records can include:
Forms W-2 from your employer(s)
Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
Form 1099-INT if you were paid interest
Other income documents and records of digital asset transactions
2- Understand reporting documents and requirements for
Third party settlement organizations (TPSOs) (payment apps and online marketplaces) are required to report payments on Form 1099-K when the total amount of payments you receive for goods or services through the platform exceeds $20,000 in more than 200 transactions. You may receive a Form 1099-K even when total payments or transactions are less than the reporting threshold. No matter the amount of reported payments, if you receive payments for selling goods or services, you must report all income on your tax return.
This has changed from last year, where it was $5000, regardless of number of transactions
Form 1099-K reports payments from payment apps or online marketplaces and from credit, debit or stored-value cards. Use it to help figure and report your correct income on your tax return.
