UMaine students pitch ‘side hustle’ ideas to judges to win scholarship [Video]

If you have a side hustle and are accepting digital payments, tax time may be confusing. Luckily for us, the IRS has made some updates!

Get your documents ready. Tax season is here. One key update this year involves third party payment platforms like Venmo and Cash App. These platforms will send you *** 1099K form if you made more than $5000 in income using them, changes only for business transactions, not personal ones. But tax experts are getting *** lot of questions. It really is not so much *** change in the rules. If you had self-employment income or side gig or side hustle income, that's always been taxable, is taxable and will be. Mark Steber is the chief information officer for Jackson Hewitt. He says life changes will have *** bigger impact on your taxes, like getting married, having *** child, or taking care of dependent parents. You might be sitting on *** new benefit, *** credit, an election, or *** deduction that can add money to your tax refund. The child tax credit, for example, is worth up to $2000 per child under 17. There's also the Earned Income Tax Credit. It's worth anywhere from $632 to 7,8. $30 depending on the number of children you have, your marital status, and how much you make. You can find information about credits and deductions by going to IRS.gov. Make sure you know all the deductions and all the credits and all the elections, or you have someone who will help you do that. The deadline to file is April 15th. Tax experts recommend filing early because fraud and identity theft become more common the longer you wait, not to mention you'll get your refund faster. Reporting from Washington, I'm Amy Lowe.

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