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Avoid IRS penalties and navigate the complexities of reporting your 1099K with ease! Hi, I'm Noel Lorenzana, your trusted CPA, here to guide you through correctly reporting your 1099K on your tax return, ensuring you stay in the IRS's good books. This video is a goldmine of information updated with the latest IRS regulations, including handling 1099K forms sent in error and dealing with personal sales, ensuring you maximize your tax savings while staying compliant.

In this video, I'll walk you through several scenarios, including personal items sold at a loss, incorrect 1099K forms, and how to report personal sales with profit. With my guidance, you'll learn how to navigate these situations confidently, ensuring you don't miss out on any tax deductions or fall prey to common pitfalls. Whether you're dealing with a garage sale gone big or a precious collection of collectibles, I've got you covered.

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Hey there, welcome to my channel! I'm Noel Lorenzana, a licensed CPA in Illinois. My goal is to help you pay only what you legally owe in taxes, and take the fear out of dealing with taxes and the IRS. Just a heads up—watching this video doesn't make me your personal accountant. No client relationship is formed here. Enjoy the video!

On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.

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Thanks for watching my video on, Avoid IRS Penalties: Correctly Report Your 1099K

Disclaimer: This video, and the ideas presented in it, are for entertainment, and informational purposes only and should not be construed as accounting, tax, or legal advice. It is your responsibility to take all necessary steps to independently verify and ascertain that any information you choose to rely on from or take action based on this video is accurate.

⏱VIDEO CHAPTERS⏱
00:00 New 1099K Tax Reporting: How to Avoid IRS Penalty
01:03 1099K Form: Reporting Losses (Personal Item Sold at a Loss)
03:08 What to Do if You Don't Have Receipt for Your Personal Item Sold?
03:45 What if You Received a 1099K That Was Sent to You in Error?
04:26 How Do You Report an Incorrect 1099K?
05:14 1099K Reporting Tax on Gains: Selling Personal Items
05:56 How to Report Personal Taxable Gains on IRS Form 8949?
07:11 Avoid IRS Penalties: Tips for Correcting 1099K Errors

Replay Video Link:    • Avoid IRS Penalties: Correctly Report...  

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