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Month: November 2023

IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024

by kayewilli | Nov 21, 2023 | IRS, Tax Law

The IRS announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. A threshold of $5,000 for tax year 2024 is being planned as part of a phase-in. The IRS will make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers.

Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education

by kayewilli | Nov 14, 2023 | Tax Law

Ohio taxpayers filing form IT-1040 can receive a dollar-for-dollar reduction in their Ohio tax liability via a non-refundable tax credit for contributions to eligible Ohio scholarship granting organizations (SGOs). The tax credit is the lowest of 1) $750 ($1,500 if filing jointly); 2) the total amount donated to the SGO during the tax year; or 3) your Ohio income tax liability before refundable credits

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Month: November 2023

IRS Delays Revised 1099-K Reporting Another Year – Planned $5,000 Threshold for 2024

Have Your Cake and Eat it Too! Use SGOs to Direct Your Ohio Tax Dollars to Education

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