Tag: withholding

How Will Cash App Payments Affect Your Taxes?

Written by Paul Belfiore on December 30, 2022. Posted in Blog, Taxes.

Brookline, NH Taxpayer Has Questions

With the prevalence of money exchanged on Venmo, PayPal, and other cash apps, the IRS has stated that it will be cracking down on those receiving cash app money exceeding $600 in the calendar year. The threshold for receiving third-party payments is $600. When the amount exceeds this, the recipient is required to file a 1099-K. In past years Form 1099-K was only required for gross income from cash apps exceeding $20,000 or more than 200 separate transactions during the calendar year. This change will affect many sellers who receive payment through these cash apps.

What Changes are in the New W-4 Form for 2020?

Written by Paul Belfiore on January 17, 2020. Posted in Blog, Taxes.

Amherst, NH Taxpayer Has Questions

The biggest change to the new W-4 Form, debuting in 2020, is that there are no longer withholding allowances. Previously, more allowances claimed would mean that less of your paycheck would be taken for taxes. Instead, questions such as filing status, family income, dependents and the tax deductions that you plan to claim will be asked to determine your withholdings.

Are Your Tax Withholdings Accurate?

Written by Paul Belfiore on May 10, 2019. Posted in Blog, Taxes.

Brookline Resident Finds Out the Hard Way

The amount of taxes withheld from your paycheck is a science, withhold too little and you get hit with a big tax bill. Too much and you miss out on extra cash throughout the year. For employees, the W-4 is what largely determines how much tax is held. Factors that may make you want to revisit your tax withholding include a change in marriage status, dependents, home ownership, or a change in your spouse’s employment.