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https://www.cnbc.com/2022/12/21/trump-income-tax-returns-detailed-in-new-report-.html

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New IRS rules for business accounts.

If you have a Cash App for Business account, we want to make sure you know about new IRS requirements for business accounts on payment apps like Cash App.

Business accounts receiving $600 or more will now get a tax form called a 1099-K. This amount was previously $20,000 and 200 transactions, so more small businesses and sellers will be affected this year.

What you need to know:

• You may get a 1099-K

As of November 12, you received less than $600 through your business account in 2022. They will only send you a 1099-K if you reach $600 or more by the end of 2022.

• Keep things separate

Remember not to accept personal payments through your business account, since these are reported as taxable income.

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Families in Puerto Rico Can Benefit from the Child Tax Credit: Here is a video tax tip from the IRS.

Families in Puerto Rico Can Benefit from the Child Tax Credit English | Spanish

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

www.youtube.com/irsvideos

www.youtube.com/irsvideosmultilingua

www.youtube.com/irsvideosASL

https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjA2MTcuNTk1MzY2MzEiLCJ1cmwiOiJodHRwczovL3d3dy55b3V0dWJlLmNvbS93YXRjaD92PWFhdXkzZERMaHdNIn0.P5xRX6MJTEhDHwXMTCPrX5UU7YUC79rG_Jy_wJ55DmI/s/1127753154/br/133232784186-l

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Need help filing back federal or state income tax returns? InBox me today, I can help you get them filed.

👉 @BossedTaxPrep

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Most individuals are not educated on tax law. Individuals who partner with a tax planner from the onset are in a much better spot to navigate and predict how much they pay in taxes yearly as opposed to those who don't. It's my job to help you avoid these losses, and prepare you to maximize your wealth.

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Some individuals have the benefit of the new bonus depreciation law, where a business can make a large purchase, such as a fleet of vehicles or machinery, and deduct a percentage of that purchase from their taxes. According to the IRS, any vehicle over 6,500 pounds is a truck. So many large luxury SUVs can be considered trucks, for tax purposes. If you bought a $90,000 Lexus SUV, a $110,000 Porsche SUV, or a $150,000 MercedesBenz SUV you may be able to write that off in full because it falls under the bonus depreciation law. 

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Sign up online, InBox me or call me to get started. www.BOSSEDtaxprep.com/bossed-tax-prep.html

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Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don't include supplemental security income payments, which aren't taxable.

The portion of benefits that are taxable depends on the taxpayer's income and filing status.

To find out if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends, and capital gains.

• If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable.

• If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.

• Fifty percent of a taxpayer's benefits may be taxable if they are:

• Filing single, single, head of household or qualifying widow or widower with $25,000 to $34,000 income.

• Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.

• Married filing jointly with $32,000 to $44,000 income.

Up to 85% of a taxpayer's benefits may be taxable if they are:

• Filing single, head of household or qualifying widow or widower with more than $34,000 income.

• Married filing jointly with more than $44,000 income.

• Married filing separately and lived apart from their spouse for all of 2020 with more than $34,000 income.

• Married filing separately and lived with their spouse at any time during 2020.

Filing season reminder: Social Security benefits may be taxable.

More information:

Social Security Income Publication 915, Social Security and Equivalent Railroad Retirement Benefits