Somewhere between 25% and 35% of working Americans are gig workers–either as a supplement to their primary income or as their full-time job. And for many gig economy workers, cash apps and marketplaces offer a simple and convenient way to receive payments. Enter the IRS form 1099-K.

Third-party payment apps have to issue a 1099-K form to taxpayers who make more than a certain earnings threshold—a threshold which the IRS significantly lowered for the 2024 tax year. The

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