NEW IRS LAWS AND THE “BIG BEAUTIFUL BILL” — HOW COULD THEY AFFECT YOU?
Lately there has been a lot of talk about the new “Big Beautiful Bill” and other important changes related to the IRS and taxes. Although many people think these laws only affect large companies or wealthy individuals, the reality is that they could also impact self-employed workers, business owners, ITIN families, and people who get paid through apps like Uber, DoorDash, Amazon Flex, Lyft, and others.
Some of the changes and proposals include: • More IRS monitoring and electronic reporting • New rules for digital payments and platforms • Possible changes to credits and deductions • Greater focus on people who are not reporting income correctly • Changes related to overtime, tips, and tax credits in certain cases
Now more than ever it is important to: ✔ Keep your income organized ✔ Save receipts and track your mileage ✔ Don't mix personal accounts with business accounts ✔ Properly report income from cash, Zelle, Cash App, Venmo, etc. ✔ File your taxes on time and correctly
Many people believe that “if I didn't get a 1099 I don't have to report it,” but that is NOT always true. The IRS receives more and more information directly from banks, apps, and electronic platforms.
The good news is that with proper planning and organization there are still many legal strategies to reduce taxes and protect yourself.
If you have questions about how these changes could affect you or your business, call us at 314-330-4425.
