Highlights & Tips

• 1099’s: If you paid a contractor or self-employed individual over $600 in 2022, you must provide them with a 1099. DCA is able to assist with preparing 1099’s, but please reach out ASAP as 1099’s are due by January 31^st, 2023.
• Venmo transactions reportable to the IRS?!: As of January 1, 2022, those who use payment apps like Venmo, PayPal, and Cash App are required to report certain transactions that total more than $600 to the IRS. For self-employed individuals, you will receive a copy of the 1099-K provided to the IRS by the payment company. You will want to be sure all income is reported on your return, however, any payments made to family and friends still do not need to be reported and are not taxable unless a service was provided.
• QuickBooks online discount: Considering the switch to QuickBooks online? DCA can provide new online clients with a 30% discount. Be sure to reach out to us today before making this change to receive your discount!
• Ledgible: For those that trade cryptocurrencies, DCA has partnered with Ledgible for basis tracking. Ledgible provides our clients with a simple tool to calculate their gains and losses on the complex cryptocurrency transactions.
• Tax Planning: With year-end approaching quickly, be sure to review your 2022 taxes and make any last-minute changes. Please reach out to DCA with any questions or to set up a tax planning meeting.