After viewing today's infographic to increase your financial knowledge about the IRS 1099-K tax form for business success, please share it on Twitter and Facebook. We appreciate your feedback. Thanks!
Contributing Author: Stacie Walker
If your answer is yes, then, then IRS may need for you to report the income you made through payment processing companies with a 1099-K form.
The 1099-K tax form was created specifically for e-commerce sellers who have cheated the IRS by not reporting their income earnings or who have skipped out on paying all due taxes.
If you are a e-commerce seller or a small business owner receiving payments via Amazon, PayPal, Google, and debit/credit cards, then it may be mandatory for you to report your gross earnings to the IRS with the 1099-K form.
There are two stipulations to determine if you are required to complete the 1099-K form:
- Your store revenue must be a minimum of $20,000.00.
- A minimum of 200 transactions must be made through your store.
If neither stipulation applies to you, then don’t worry about receiving the 1099-K tax form in the mail from your e-commerce providers.
If you are a little confused about the 1099-K and if it applies to your small business, please contact your legal advisor.
You don't want to screw up reporting important information to the IRS.
The infographic below has been created as an excellent visual resource to manage your business finances and to help you understand the specifics of tax form 1099-K and how it applies to your small business.
Infographic Brought to you by: Outright.com
About the Contributing Author:
Known as a success-driven entrepreneur, Stacie Walker is the founder of Woman in Leadership. Stacie adores working with professional leaders and entrepreneurs in the small business, home business, and online business industries. If you are willing to learn how to take your business to the next level, sign up for the Woman in Leadership bi-monthly newsletter.
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