January 10: Employees who earned $20+ in tips in December must report them to employers. January 16: Farmers and fishermen must pay their 2023 estimated tax unless filing by March 1, 2024. January 31: Form 1099-NEC for nonemployee compensation must be filed. Individuals who missed the January 16 estimated tax deadline may file their 2023 return by January 31 to avoid penalties.

As of January 1, 2024, buyers of electric (EV), plug-in hybrid (PHEV), and fuel-cell vehicles can transfer the Clean Vehicle Credit to dealerships at the time of purchase for an immediate discount. The credit is worth up to $7,500 for new vehicles and $4,000 for used vehicles, but eligibility depends on income limits and vehicle qualifications. Check eligible vehicles here: FuelEconomy.gov.

The IRS has delayed new 1099-K reporting rules that would require third-party payment processors to issue forms for transactions over $600. Instead, for 2023, the previous threshold of $20,000 and 200 transactions remains in place. In 2024, the threshold will be phased in at $5,000, with the full $600 rule postponed until at least 2025. This delay prevents confusion over non-taxable payments like personal reimbursements.