Savvy year-end tax planning can maximize tax benefits and minimize tax bills.
Monday, Oct. 16 is the deadline to file federal income taxes for taxpayers who received an extension from the Internal Revenue Service.
“Taxpayers in general are just not dealing with the fact that this is coming,” said Cynthia Leachmoore, owner of Soquel Tax Service in Soquel, Calif. and president of the National Association of Enrolled Agents. She’s pushing through her own final stack of client returns. The tax documentation from these platforms used to kick in once a person took in at least $20,000 and had at least 200 transactions. The threshold to receive a Form 1099-K lowered to $600 and one transaction after a law change in a pandemic relief package passed in March 2021.
So an appliance purchased for $1,200 and sold for $600 would show up on a Form 1099, but it’s not a gain, Leachmore said. “People have to brace themselves and they have to do the research on how to report it, but they have to report it,” she said. To tap the credit this year, buyers had to file tax paperwork after the purchase. Starting in January, the credit can be transferred from the buyer to eligible dealers at the point of sale.
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