Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business?
In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss the changes in e-filing, covering the difference between 1099-NECs and 1099-MISCs, their uses, and their dues. The conversation revolves around the importance of adhering to tax rules to avoid penalties and the implications of the new 1099k rule for transactions made using cards or payment apps. They also cover the future outlook of this threshold for tax year 2024.
Tune in to learn more about the impact of newly-imposed e-filing changes and the recommended practices in choosing provisions for e-file providers!
[00:00 - 04:22] Understanding 1099s and Their Importance
[04:22 - 11:22] Understanding 1099-k and Its Implications
[11:22 - 18:05] E-filing Changes for 2023 Returns
[18:05 - 19:59] Conclusion and Final Thoughts
Quotes:
"The e-file threshold has been reduced from 250 forms to 10 forms... It's a huge change, it's a big reduction and it's going to affect a lot of businesses, even the smallest businesses." - Christina Wright
"E-filing... makes everything easier and it's cost-effective. It's not something that's going to break the bank."- Mike Jesowshek, CPA
Connect with Christina Wright!
Email: christina@spanenterprises.com
TaxBandits: https://www.taxbandits.com
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group:
Foreign Income Mastery for Entrepreneurs: Your Ultimate Guide
Listener Q&A with Mike Jesowshek CPA
Unlock Hidden Tax Benefits: Post-Year-End Tactics for Entrepreneurs
Sales Tax Simplified: 3 Key Questions to Unravel Your Small Business Tax Obligations
Decoding The Tax Puzzle: Understanding Married Filing Separately
Planning Ahead: The Undeniable Importance of Tax Planning Over Preparation for Business Owners
Conquer Tax Season 2024: Your Essential Prep Guide for 2023 Returns & Crucial Deadlines Every Business Owner Must Know
Master Your Future Retirement: With Guest from Retirement Revealed Podcast
Planting the Retirement Seed: With Guest from Retirement Tax Podcast
Listener Q&A with Mike Jesowshek CPA (12/13/2023)
Year-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business Owners
Year-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business Owners
Expert Tips on Year-End Tax Strategies for Small Business Owners
The ABCs of Business Tax: Understanding How Your Entity is Taxed and How to Pay Yourself
The Untold Benefits of Hiring Your Kids in Your Business
Small Business Tax Savings Podcast - 5 Years in Review
Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!
Listener Q&A with Mike: S-Corp Nuances, Home-Based Tax Strategies, Navigating Complex Deductions and More!
Mastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money