In this video, I wanted to clear up some confusion with the new 1099K forms, specifically the new $600 reporting requirements and what it means for you and for your side hustle. If you’re an entrepreneur, freelancer, gig economy worker, or independent contractor, then you’ll want to pay close attention.

Later in the video, I’ll answer a question I received on what to do if you received a form 1099K in your name and social security number, but it actually belongs to someone else.

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Do you have questions about How to File New Taxes for Side Hustle | New 1099K $600 Reporting? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.

Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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