✅ Tax Answer Friday
Here are this week’s Tax Answers, straight from the source (IRS.gov):

1️⃣ Tax Credit vs. Deduction

A credit reduces the tax you owe, dollar-for-dollar.

A deduction reduces your taxable income.
More info: https://www.irs.gov/credits-deductions-for...

2️⃣ 1099 Freelance Income

Report self-employment income on Schedule C and Schedule SE for self-employment tax.
More info: https://www.irs.gov/businesses/small-busin...

3️⃣ Student Loan Interest Deduction

You may deduct up to $2,500 in student loan interest if you meet income and filing requirements.
More info: https://www.irs.gov/taxtopics/tc456

4️⃣ Recordkeeping Rules

Keep most tax records for at least 3 years, but in some cases, up to 7 years.
More info: https://www.irs.gov/businesses/small-busin...

5️⃣ Online Sales Reporting

Platforms like eBay, PayPal, or Etsy may issue a Form 1099-K if sales exceed thresholds. Income must be reported, even if no form is received.
More info: https://www.irs.gov/businesses/understandi...

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