DSH Strategies

02/21/2025

02/17/2025

01/01/2023

Wishing everyone a very successful 2023! 🍾🥂🎉

12/26/2022

Wishing everyone a Merry Christmas from our family to yours!

12/22/2022

Nice work ELITE Ceramic Coatings Orlando!

12/15/2022

We are excited for Purely CBD Lake Mary new business adventure!

LOVE our Lake Mary location??? 🤩
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Then stay tuned…we have some exciting news coming your way VERY soon! 👀

12/13/2022

Amazing work by ELITE Ceramic Coatings Orlando! Absolute 🔥 🔥

12/07/2022

📍 Important tax information for your small business if you are using a third party payment processor. Call us to talk about your processing options. We highly recommend reaching out to Innovative Tax Solutions of Central Florida Inc for any and all of your tax needs!

1099k AND YOU!

Reporting rules changed for Form 1099-K. Taxpayers should receive Form 1099-K, Payment Card and Third Party Network Transactions, by Jan. 31, 2023, if they received third party payments in tax year 2022 for goods and services that exceeded $600.

There's no change to the taxability of income. All income, including from part-time work, side jobs or the sale of goods is still taxable. Taxpayers must report all income on their tax return unless it's excluded by law, whether they receive a Form 1099-K, a Form 1099-NEC, Nonemployee Compensation, or any other information return.

Prior to 2022, Form 1099-K was issued for third party networks transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. The American Rescue Plan Act of 2021 lowered the reporting threshold for third party networks that process payments for those doing business.

Now a single transaction exceeding $600 can require the third party platform to issue a 1099-K. Money received through third party payment networks from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable.

The IRS cautions people in this category who may be receiving a Form 1099 for the first time – especially "early filers" who typically file a tax return during the month of January or early February – to be careful and make sure they have all of their key income documents before submitting a tax return. A little extra caution could save people additional time and effort related to filing an amended tax return. And if they have untaxed income on a Form 1099 that isn't reflected on the tax return they initially file, that could mean they need to submit a tax payment with an amended tax return.

If the information is incorrect on the 1099-K, taxpayers should contact the payer immediately, whose name appears in the upper left corner on the form. The IRS cannot correct it.

11/24/2022

Happy Thanksgiving, from our family to yours! 🦃🌾