Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, I think that maybe it's a good idea to go in and see if you want to adjust your withholding or your estimated taxes, because the pandemic and other
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things have caused so many snafus and and refund delays and things like that and so maybe the smartest thing to do is to lower your withholding or your estimated payment so that you really aren't expecting a big refund because when you don't get it for months and months and months if something happens that can be extremely frustrating you know a lot of people have side hustles these days for someone doing gig work or maybe selling items on an online marketplace how should they prepare for next year
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Oh, this is so important.
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People who are business owners, and that would include side hustles and gig work, they have to pay estimated quarterly taxes.
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But in the past, a lot of people have sort of ignored these taxes, especially if they were for fairly small amounts.
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Now, under the prior law, you could earn $20,000 from some of these side gigs or selling on eBay or something before anything got reported to the IRS.
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However, in 2021, Congress changed the law and it said that the threshold
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for the companies, the platforms and the gig companies reporting those payments to the IRS would go from $20,000 to $600.
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That's a huge difference.
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As things stand right now, if you were selling more than say $600 worth of items on eBay, that will be reported to the IRS in January and you'll have to figure out how to incorporate that into your tax returns.
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So you need to gather your records and make sure you have good records.
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It's possible that Congress will change this law.
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It's also possible the IRS will delay the new law and the reporting for a year because I'm not sure the country is ready for an extra 50 million tax forms going to people who've worked on platforms.
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But you need to get your records together.
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Yeah.
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It is true that losses on assets held in taxable accounts, this is not assets in IRAs and 401ks and things like that, but if they're actually held in taxable accounts, then if you sell at a loss, you can take the loss and you can use it to offset future investment gains.
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Also, $3,000 of ordinary income like wages every year.
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So that's valuable.
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And those losses don't expire until you do.
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And so at least it's something.
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Showing 921–940 of 5,937 · page 47 of 297
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