IRS Cracking Down on Side Hustle Income in 2026 — 5 Legal Ways to Slash Your Taxes Do This Now! скачать в хорошем качестве

IRS Cracking Down on Side Hustle Income in 2026 — 5 Legal Ways to Slash Your Taxes Do This Now!

The IRS just dropped the 1099-K reporting threshold to $600 for 2026 — if you have a side hustle, this affects you directly. As a CPA, I'm breaking down the new rules and giving you 5 legal strategies to minimize your taxes and avoid audits. In This Video: • Why the IRS lowered the 1099-K threshold from $20,000 to just $600 and what it means for your Venmo, PayPal, and Cash App payments • The exact documentation you MUST keep to deduct business expenses and avoid paying taxes on money you never actually kept as profit • How the Section 199A Qualified Business Income deduction can save you 20% on your side hustle income (most people miss this) • When forming an LLC and electing S-corp taxation makes sense to slash your self-employment taxes by thousands • How to legally use the home office deduction and self-employed retirement accounts (SEP IRA/Solo 401k) to reduce your 2026 tax bill 📍 TIMESTAMPS 0:00 - IRS Changes 1099-K Rules: What Just Happened 2:15 - Why the $600 Threshold Affects Millions of Americans 5:30 - Understanding What 1099-K Actually Reports (Gross vs. Net Income) 8:45 - Strategy #1: Track Every Business Expense (The Right Way) 14:20 - How to Use Mileage Deductions to Save $2,600+ in Taxes 18:10 - Strategy #2: Section 199A QBI Deduction Explained 22:35 - Strategy #3: LLC Formation and S-Corp Election for Tax Savings 30:15 - When S-Corp Taxation Makes Sense (The $40K Rule) 34:50 - Strategy #4: Home Office Deduction (Simplified vs. Regular Method) 40:25 - Strategy #5: Self-Employed Retirement Accounts (SEP IRA vs. Solo 401k) 46:40 - What Happens If You Don't Report 1099-K Income Correctly 50:15 - Quarterly Estimated Tax Payments: How to Avoid Penalties 53:30 - Action Steps: What to Do Right Now Before Filing 2026 Taxes 57:45 - Final Thoughts on IRS Enforcement and Legal Tax Minimization 🔗 RESOURCES 📘 Get My Book on Amazon: https://www.amazon.com/dp/B0DSLT8SRZ 📘 Spanish Version (Español): https://www.amazon.com/dp/B0F2GTZY7T 🔗 IRS Publication 334 - Tax Guide for Small Business: https://www.irs.gov/pub/irs-pdf/p334.pdf 🔗 IRS Section 199A QBI Deduction Information: https://www.irs.gov/newsroom/qualified-bus... 🔗 Standard Mileage Rates: https://www.irs.gov/tax-professionals/stan... ⚠️ LEGAL DISCLAIMER This is a fan-made channel dedicated to preserving and sharing the wisdom, ideas, and perspectives of Brian Kim, CPA. All content is created for educational, inspirational, and entertainment purposes. AI Technology Disclosure: This channel uses advanced AI technology including synthesized voice and digital recreation to make Brian Kim's insights and communication style accessible to a global audience. The voice, image, and persona are recreated through AI based on publicly available content, interviews, CPA educational materials, published works, and documented public appearances from ClearValue Tax. Standard ClearValue Tax Disclaimer: ClearValue Tax and affiliates do not provide tax, legal, or accounting advice. This material is for informational purposes only and should not be relied upon for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Legal Disclosure: I'm not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any investment or financial strategies shown should not be considered "investment recommendations." Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful! 🔥 PRIMARY & NICHE HASHTAGS (First 30 - Highest Priority): #BrianKim #ClearValueTax #TaxStrategies #IRSUpdates #1099K #SideHustleTaxes #FinancialFreedom #TaxDeductions #SelfEmployedTaxes #Section199A #LLCTaxation #SCorpElection #HomeOfficeDeduction #SEPira #Solo401k #TaxMinimization #CPAAdvice #SmallBusinessTaxes #GigEconomyTaxes #PayPalTaxes #VenmoTaxes #FreelancerTaxes #UberTaxes #EtsySellerTaxes #SelfEmploymentTax #RetirementPlanning #WealthBuilding #PersonalFinance #InvestingForBeginners #2026Taxes