DML Consulting Group LLC - Financial Services

09/22/2023

Credit reports are now available once a week....

The major credit bureaus have decided to extend the credit report access they granted consumers during the pandemic. From now on, you can get a free report once a week.

01/16/2023

For all the 1099 Gig workers and those conducting their side hustled using Cash App Zelle, PayPal or any other payment app..

The IRS has delayed a major tax reporting change for 2022

Tax season is upon us, and millions of Americans are getting their financial ducks in a row before filing time. If you’re a contractor, that means you’re likely getting a 1099 form (or several) this month.

What’s a 1099 form?
Form 1099 is designed to report your non-W-2 income — including income you earned as a freelancer.

There are plenty of types of 1099 forms, but one has been a real problem child this tax year: the 1099-K. This form is sent to contractors by credit card companies and third-party payment platforms like PayPal and Stripe.

The 1099-K rule change — and the reversal
Starting with the 2022 tax year, contractors were supposed to receive 1099-Ks if they earned more than $600 via credit card, debit card, or third-party payment platform. Before that, it was:

$20,000 via credit, debit, or third-party apps

In at least 200 different transactions

However, the IRS decided — at the last minute, we might add — to delay this change for a year. So it’s back to $20,000 and 200 transactions. Here’s its reasoning.

… [The change to $600] must be managed carefully to help ensure that 1099-Ks are only issued to taxpayers who should receive them. In addition, it's important that taxpayers understand what to do as a result of this reporting, and tax preparers and software providers have the information they need to assist taxpayers.

TL;DR: Everyone needs more time and resources to make sure the change goes smoothly.

What does all this mean for me?
As endlessly fascinating as IRS drama can be, you’re probably wondering how this actually impacts you — and your taxes.

The answer: There’s not much you need to do differently. If you made $400 or more as a contractor in 2022, you still should assume you owe taxes, even if you don’t get a 1099-K form after all.

You’ll just need to figure out what this income was another way, like with your bank statements. (It’s best to do this anyway, since not everyone who’s supposed to send a 1099 actually does it!)

Credit: KEEPER

01/16/2023

Planning on venturing into the world of Entrepreneurship in 2023?

This curated list of helpful guides and inspiring works has everything you need to launch and grow a business this year.

01/16/2023

FYI...

1st installment for 2023 self employment tax coming due for self enjoyed and Gig workers...

If you’re self-employed, including gig economy work, you will likely need to pay quarterly tax installments to . Make sure to mark your calendar: The next deadline to pay estimated taxes is January 17. Learn more: http://ow.ly/PT7c50MilPm

01/12/2023

Identity theft season is in full swing...

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01/07/2023

2000 people in a recent study found that

* 90% have been a victim of an online scam, fraud, data breach, identity theft, or social media hacking.

* 63% responded they were scammed online

* 56% was the victim of fraud

* 54% been hacked on social media

* 49% a data breach victim

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Identity Theft is the fastest growing crime in America. 17.6 million people were victims of Identity Theft in 2014! Are you protected?

12/13/2022

09/03/2022

My goal before the end of the 3rd quarter is to increase the number of followers on IG and FB.

If you are anything like me...learning about algorithms and insights is a very foreign language.

I stumbled upon this easy to understand ebook that kind of breaks it down into English for me to u understand.

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08/11/2022

With so much talk about INFLATION and its impact on the economy. Hope this helps!!!

07/27/2022

Identity Theft protection for as little as $8.99 per month for individuals and $14.95 for family up to 5 members.

Those of you with children it is a great tool to register their social security number to guard against them becoming victims of identity theft.

I highly recommend it and use the service myself...it monitors your ssn, enails, back and credit card accounts, dark web surveillance, s*x offender alerts for your neighborhood and so much more.

Identity Theft is the fastest growing crime in America. 17.6 million people were victims of Identity Theft in 2014! Are you protected?