Are you making extra cash selling stuff or providing a service?

Are you making extra cash selling stuff or providing a service?

If you get paid electronically for a side 
hustle, small business or selling things online,   You may need to pay taxes. Payment apps and 
online marketplaces might issue a Form 1099-K,   Informing you and the IRS of how much money you 
got for selling things or providing a service.  If you make a profit through these 
activities, it’s considered taxable   Income. You can use the Form 1099-K, along with 
other records, to determine how much tax you owe.  Remember that all income, no matter the 
amount, is taxable unless the law says   Otherwise – even if you don’t get a Form 1099-K.
If you get money from someone as a gift,   Reimbursement or repayment of other personal 
expenses, that money is not taxable. When   Possible, note these transactions 
as personal on apps and websites.  Good recordkeeping throughout the year will help 
you when it comes time to file your tax return.  For more information – including what 
to do if you get a Form 1099-K in error   Or the information on your form is 
incorrect — visit irs.gov/1099K.

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