Here we are—the last Sunday of 2024! There were two news items that broke this week to be aware of.
I have a quick update today about the BOI reporting I wrote about weeks back. This week, there was an important update to the BOI reporting information: a court decision to lift the pause for BOI reporting, meaning those qualifying businesses must report on/before 13 January 2025 or face fines.
The Internal Revenue Service (IRS) now requires freelancers to report payments of $5,000 and up received via third-party apps like CashApp, PayPal, or Venmo. And, the new tax reporting rule requires platforms like PayPal, Venmo, and CashApp to issue tax form 1099-K for earnings exceeding $5,000, CNET reports. While it’s not a new rule for freelancers, it’s a new requirement for third-party payment apps so that the IRS can keep track of transactions that might otherwise go unreported.
2025 is upon us. It’s a new year, with new laws, and anticipated changes in January. Let’s help one another stay alert this year.
New Beginning
How do we prepare for new beginnings? Reflecting upon the times in life we may experience changes, it is helpful to consider how you react to change.
How many of you grew up hearing, “The only thing constant in life is change”? While this may be true, we may not always like it!
Good plans, preparation, solid choices, and decisions help us to prepare for change in all seasons of life. Transitioning to new conditions or circumstances in life or in business occurs throughout our lives.
We experience change when we start school, or a career, when we leave home, enter into relationships, have families, move, start businesses, change jobs, plan for retirement, and retire, to name a few! Whether you are at home or work, it may be helpful to ask a series of questions as you prepare for a new beginning:
- What is your desired result?
- What will it take for you to achieve it?
- Do you have the resources to help you?
- What is the timeline?
- How will you measure your progress?
- If variables change along the way, have you built in contingency plans?
- What is the exit plan?
- Are you committed?
Image by Annette Meyer from Pixabay
Often, we link our identity with what we do, where we live, with whom we associate, and more. If your job changes, if family dynamics change, or if your environment changes, then what?
Would you prefer to wait and see what happens? Do you ignore the changes? Or step up and prepare for what’s next? Change is in the air. This is a good time of year to ask yourself how will you greet the change.
The Practicalities
Stay informed about the changes ahead in 2025 and throughout the year. Including time for looking ahead in your weekly or monthly planning.
If you’re interested in reviewing your details and outlining a plan for you, send me an Email or Message anytime! For additional information about my work check out my website @ The Living Planner or my online DIY information @ The Living Planner.
“The beginning is the most important part of the work.” —Plato
To a New Year and a fresh start 🌞 Lynn
#Can’tPredictCanPrepare #PlanForTheUnplanned