Bredemarket’s Post

Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income through a payment app or online marketplace like Venmo, CashApp, Airbnb and Etsy, come January you may start receiving 1099-K tax forms from the platforms where you do business. You may get more of them than you’re used to receiving — especially if you’ve never received one from the platforms before. And you’ll be getting even more in 2025 and beyond. Here’s what you need to know before you file your 2024 taxes next year: https://cnn.it/4gaIAeR

According to report, the IRS is coming after small business that are making revenue over $5000. According to CNN, "Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income through a payment app or online marketplace like Venmo, CashApp, Airbnb and Etsy, come January you may start receiving 1099-K tax forms from the platforms where you do business. You may get more of them than you’re used to receiving — especially if you’ve never received one from the platforms before. And you’ll be getting even more in 2025 and beyond. Here’s why and what you need to know before you file your 2024 taxes next year."

Do you know your tax obligations as a Side Hustler?  Did you know your 2024 Income tax return is nearly due?  These are the types of things that can sneak up on you especially if your priorities are split. 👀 Inland Revenue (IRD) requires New Zealand residents to declare earnings from any and all sources, including side hustles, which can range from freelance gigs to selling products on platforms like Trade Me or Etsy. We made an easy-to-understand breakdown of what you need to know to ensure you meet your tax obligations👇

Do you know your tax obligations as a Side Hustler? Did you know your 2024 Income tax return is nearly due? These are the types of things that can sneak up on you especially if your priorities are split. 👀 Inland Revenue (IRD) requires New Zealand residents to declare earnings from any and all sources, including side hustles, which can range from freelance gigs to selling products on platforms like Trade Me or Etsy. We made an easy-to-understand breakdown of what you need to know to ensure you meet your tax obligations👇

Take the hassle out of your hustle! So you decided to start a side hustle - and it was fun getting the branding sorted, and working out the pricing and the inventory and your social media....I get it - all that stuff is fun to sort out (mostly) - but the not-fun-stuff - like tax really is the not-fun-stuff that will really trip you and your side hustling up if you have not ticked the right tax-boxes. So check out this post from Afirmo, and then hustle your way over to Afirmo and sign up and let us take the hassle out of your hustle.

🚀 Got a Side Hustle? Stay Ahead with Your Tax Obligations! Whether you're freelancing, selling on Etsy, or offering services on Trade Me, understanding your tax responsibilities is crucial. Here’s a quick guide to staying compliant: QUESTION: Is it a hobby or a business?  ANSWER: If you’re making consistent income with the intent to profit, it’s a business! That means you’ll need to: 📌Register for an IRD number 📌Keep accurate records 📌Understand GST obligations if your business income exceeds NZD $60,000 📌File an individual tax return (IR3) 📊 Tax Deductions – Expenses like home office costs, marketing, or business-related travel may be deductible! 💡 Provisional Tax – Owe more than NZD $5,000 in tax? You might need to pay in instalments. 😵💫Need help? 💼 Get expert advice from Afirmo and ensure your side hustle is both profitable and compliant. Visit our Learning Hub for more tips! https://lnkd.in/gSju2PXA

Attention provisional taxpayers—mark your calendars for the upcoming 31 January 2024 deadline! Here’s a quick rundown: ➡️ Provisional tax applies if you earn income outside of a salary, like rental income or freelancing. ➡️ It’s paid in advance to SARS in two key phases (August and January) to avoid penalties. ➡️ Missing deadlines can lead to interest and penalties. Now’s the time to get organised and ensure your provisional tax calculations are correct. Our team is here to assist you every step of the way!

Tax Myth Busted: "My side hustle is tax-free!" 🚫 Your side gig might feel like 'extra' money, but HMRC sees it differently. Whether it's selling on Etsy, freelancing, or dog-walking, that income isn't invisible! 👀 Don't let this myth cost you big time. #businessowner #smallbusiness #tax #taxmyths #uktax #selfemployed #taxreturn #sidehustle

Tax Myth Busted: "My side hustle is tax-free!" 🚫 Your side gig might feel like 'extra' money, but HMRC sees it differently. Whether it's selling on Etsy, freelancing, or dog-walking, that income isn't invisible! 👀 Don't let this myth cost you big time. #businessowner #smallbusiness #tax #taxmyths #uktax #selfemployed #taxreturn #sidehustle

Attention PayPal and Venmo users 🚨 Are you aware of the potential tax delay affecting your income from freelancing or side hustles? Stay informed and learn what you need to know for tax year 2024 and beyond. Check out the details here: https://okt.to/3eYEv6