Sheldon -- Income Tax & other (@SheldonH)

the #taxman is on his way for another year. There is likely to be a flood of new 1099s issued for this year. Hobbyists don't have much defense if they get some money online (they can't take deductions). It is better to start a business plan and tax reporting so you can take some legitimate deductions on your return instead of being subject to all the income taxes for the income amounts on these new 1099s. This is likely to be the story in 2024. I thought this would happen in 2023 but the Service backed off before the year started. It is better to plan your tax obligations before the year ends so you have some time to get the money you need by April 15. Avoiding the 8%+ interest rates on late payments is now a big deal since interest rates have went up. If your 2023 income is up, you should get at least what you paid in 2022 income tax paid in by January 15th, because you will owe the income tax on the additional income on April 15 and should then begin to pay the 2024 1st quarter income on #April15 also, so tax payments do double up on that date. #form1040