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  1. #1
    bcr229's Avatar
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    USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

    The COVID relief bill that passed in the US reduced the reporting threshold for the IRS 1099K from $20,000 and 200 transactions per year to $600 per year if you use an electronic payment system like PayPal. Even if you are just keeping and breeding as a hobby SAVE YOUR RECEIPTS so you can offset that 1099K with your expenses.

    https://www.twrblog.com/2021/03/amer...mis-threshold/

    https://www.ecommercebytes.com/C/abb...615153514.html

  2. The Following 4 Users Say Thank You to bcr229 For This Useful Post:

    Bogertophis (03-13-2021),dakski (12-27-2021),KMG (06-03-2021),nikkubus (12-26-2021)

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