Business

You earned $700 from an online side hustle. Now the IRS will know.

Now that your 2021 taxes are done — or at least underway — it’s time to focus on an important 2022 tax change affecting millions of Americans who shop through platforms like eBay, Etsy, Airbnb, Venmo, and Make money via.

This change, which is beginning to spread in e-commerce, tightens tax reporting on income earned by people selling goods and services through online platforms. Beginning this year, platforms must submit a 1099-K to the Internal Revenue Service reporting an individual’s total earnings if the platform’s earnings exceed $600.

https://www.wsj.com/articles/you-made-700-from-an-online-side-hustle-now-the-irs-will-know-11650015000?mod=rss_markets_main You earned $700 from an online side hustle. Now the IRS will know.

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