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Barbara Weltman
Barbara Weltman
Barbara Weltman is an attorney, prolific author with such titles as "J.K. Lasser's Small Business Taxes and The Complete Idiot's Guide to Starting a Home-Based Business," and trusted professional advocate for small businesses and entrepreneurs. She is also the publisher of "Idea of the Day(R)" and monthly e-newsletter "Big Ideas for Small Business(R)" at BarbaraWeltman.com and host of "Build Your Business" radio. Follow her on Twitter: @BigIdeas4SB.

3 thoughts on “What You Need to Know About 1099-K”

  1. Hope ebay reads this, didn’t even know until the 1099 came out if taxes paid by buyers would even be on it.. It was a 50/50 advice from their reps and NO announcement ever made

  2. Recommending J. K. Lasser to help with their taxes is a great idea as it is written in plain English and will help explain what something really means and spell it out for you. I prepared taxes for many years and I learned at the CPA office I worked at to always have that book handy. Amazing just how thick it has gotten with all of the tax law changes in the last few years. Any seller who has a question about how to do anything tax wise on their return or what to have for your accountant will find that book to be one of your best investments, especially since you can buy it for as little as $12.

    One thing i would add to what was said in this article is that to make sure that you are not putting up any red flags for the IRS, it is really in the Sellers best interest to make sure the Gross Income they report is at least as much as the 1099’s are reporting to the IRS. If you kept very good records and can dispute the information provided on 1099K then you might want to try to get the issuer to revise their information and submit a corrected 1099K to the government. As for reporting at least the same amount as the 1099’s reflect it just makes the computer not want to flag your tax return for an inquiry. You can always write off discounts, refunds as well as any Sales Tax that is reflected in that number which is how I have done my Schedule C each time i have needed to file it with my return.

    If you have any other questions after reading this article, you should check with your tax preparer for the answers that best fit your situation.

  3. Remember when the Donald told us that tax filing would be easy and it would only take a few minutes and we would have one piece of paper to fill out?? Does anybody remember that. Over the years tax filings have become more complicated. The more you try to get ahead the more paperwork.

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