💡 IRS Update for Freelancers & Side Hustlers 💼 Starting now, if you earn $5,000+ through apps like PayPal, Venmo, or CashApp for business purposes, you’ll need to file a 1099-K form to report your income. ✅ What’s Changing? • New threshold: $5,000+ from commercial activity (up from $600). • Personal transactions (like splitting dinner) won’t be taxed. 📄 What to Do: 1️⃣ Track your earnings. 2️⃣ File a 1099-K by April 2025. 3️⃣ Consult a tax pro if needed. 💡 Stay compliant to avoid penalties. Questions? Drop them below or DM us! 👇 #TaxTips #FreelancerLife #SideHustle