Business

You earned $700 from an online side business. Now the IRS will know.


Now that your 2021 taxes are done — or at least underway — it’s time to focus on a key tax change for 2022 affecting millions of Americans who earn through platforms like eBay, Etsy, Airbnb, Venmo and Uber.

This change, which is starting to affect e-commerce, tightens tax reporting on the income of people selling goods and services through online platforms. Starting this year, platforms must submit a Form 1099-K to the Internal Revenue Service declaring an individual’s total income if the platform’s earnings exceed $600.


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