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What You Need to Know About the 1099-K Updates

As Congress has lowered the threshold for receiving a Form 1099-K, more individuals will receive this form for the 2023 tax year. Understanding how to report your 1099-K income correctly is crucial to remain compliant with tax regulations. Whether you sell goods or services, it's essential to determine if you have made a gain on the sales and report accordingly on your tax return.
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