Even Swifties can’t catch a break from the IRS these days. Thanks to new tax reporting rules, anyone who resells tickets — or anything else — amounting to over $600 annually will receive a 1099-K form. That’s down from the previous threshold of $20,000!
This change could have a significant impact on individuals, entrepreneurs, and businesses alike. If the IRS catches wind of your ticket reselling activity, they may take a closer look at your other financial activities, potentially triggering an audit.
That’s why it’s more important than ever to keep impeccable financial records. This means tracking your income and expenses, including any money you make from reselling tickets.
You only have two months to cut your taxes. Time is of the essence.
If you’re not sure how to get started, don’t worry. We can help. We offer various accounting and tax services that can help you stay compliant with the new 1099-K rules.
Schedule your 2023 tax savings assessment with us today to develop a customized plan that meets your specific needs.
P.S. Don’t find out the hard way that “band-aids don’t fix bullet holes” regarding your taxes.