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  • Beginning with tax year 2023, individuals who receive $600 or more through a third party network transaction will receive Form 1099-K (this was intended to be 2022 but IRS has delayed to tax year 2023)

  • This includes apps such as Venmo, Uber, Lyft, Cash App, Zelle, PayPal, E-bay, etc.

  • Taxpayers must report Form 1099-K on their tax return as income if the funds were received for the sale of goods and services

  • If amounts on Form 1099-K are incorrect the taxpayer should contact the issuer

  • If taxpayer receives an incorrect 1099-K, they must contact the issuer, not the IRS

Standard Business Mileage

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Rate

  • 65.5 cents per mile

Standard Deductions Adjusted For Inflation

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