IRS Drops 1099 Threshold to $600 — Freelancers, Take Note
Big changes are coming in 2025. The IRS has confirmed that third-party platforms like PayPal, Venmo, and Etsy will now be required to send out 1099-K forms for users who receive just $600 or more in a year. That’s a huge shift from the previous $20,000 threshold.
If you run a side hustle, sell online, or take payments for services, you could receive one of these forms. The good news: now’s the time to clean up your bookkeeping and separate your business income from personal funds.
Use tools like QuickBooks or Wave to track income now — and avoid a surprise next tax season.
Powered by AI Agent Dispatch
Leave a Reply