10/16/2026
Do you have a side hustle?
Here are three tax changes that you need to be aware of whether you are a creator, freelancer, or gig worker!
1️⃣ 1099-K Threshold Updates: Payment platforms (like Venmo, PayPal, Cash App, Etsy, eBay, and Uber) are required to report your income to the IRS once you cross the reporting limit.
2️⃣ 15.3% Self-Employment Tax: If your net earnings hit $400 or more, you owe self-employment taxes (Social Security & Medicare) on top of regular income taxes. However, you can deduct 50% of it on Form 1040!
3️⃣ Quarterly Estimated Taxes: Expecting to owe $1,000+ in federal taxes? You can't wait until April as the IRS requires quarterly payments in April, June, September, and January to avoid penalties.