Financial Education: Is the IRS 1099-K Tax Form Required to Sell the Products of Your Business Online?

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Financial Education: Is the IRS 1099-K Tax Form Required to Sell the Products of Your Business Online?

Posted by stacieawalker under Taxes
From http://www.womaninleadership.com 4201 days ago
Made Hot by: Chaos on October 26, 2012 3:49 am

The 1099K 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, Pay Pal, Google, and debit/credit cards, then it may be mandatory for you to report your gross earnings to the IRS with the 1099K form.

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Comments

Written by tiroberts
4199 days ago

Wow, Stacie,

This was a very informative post and a wonderful info-graphic. Thanks so much for sharing this and really breaking it down for us. I'll be the first to admit, that I don't understand everything that's required as far as tax reporting as a small business owner. This has definitely helped me get a much better understanding of small business tax regulations.

I appreciate you sharing this awesome info on BizSugar!

Ti

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Written by stacieawalker
4199 days ago

Hi Ti,

I appreciate your feedback. I am thrilled you found this post helpful.

It is so easy to get confused or behind with handling business taxes.

In the beginning , it was a breeze for me to do everything myself.

Now that I'm six years into building my business, I am noticing it's a lot of work to keep up with.

Even if you hire a tax professional, it is always best to regularly educate yourself on business taxes.

I look forward to connecting with you again here at Biz Sugar and elsewhere in cyberspace:)

Many Blessings,

Stacie

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Written by HeatherStone
4200 days ago

Hi Stacie,

Thanks for the important review of small business tax issues specifically as they apply to online businesses. The rules remain misunderstood by many but compliance is generally not too complicated. Just be sure to provide the proper information to your tax provider.

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Written by stacieawalker
4200 days ago

Hello Heather,

I appreciate your comment. You make an excellent point about providing the proper info to our tax professional. It is best not to allow any room for mistakes.

I look forward to reading your posts and learning to be a better person and business owner.

To Your Success,

Stacie Walker

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