News for hackers. Stuff that matters.

A comment on Venmo, PayPal and Zelle must report $600 in transactions to IRS. Parent comment

Re:Venmo, PayPal and Zelle must report $600 in transactions ... by vmception on Tuesday January 18, 2022 @12:18PM (#29982326)
As someone that has to file my own 1099s to people I pay, I feel this routine nickle and dimes me more than this new thing, since its so punitive to do and wastes my time.

This new thing is just the payment processors filing their own that just gives the IRS insight into which tax filings to match up.

A single mother selling arts and crafts already had to report earnings. Reporting doesn't mean there is a tax due. The single mother likely has many tax deductions possible just like the mega corps do.

[ Parent | on HN ]
Re:Venmo, PayPal and Zelle must report $600 in transactions ... by JaakkoP on Tuesday January 18, 2022 @12:40PM (#29982708)
You might want to look into tools like Wingspan to save up some time with the 1099s. Even Gusto's contractor plan might work depending on your use-case.
[ Parent | on HN ]
Re:Venmo, PayPal and Zelle must report $600 in transactions ... by vmception on Tuesday January 18, 2022 @12:55PM (#29982937)
That looks pretty cool, I like the "invite your CPA" option on wingspan. I have a couple entities though, for now I think I can manage it. Its just 3-10 1099's a year.

Gusto Contractor plan does look good. Just the right price.

[ Parent | on HN ]