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relative mt-[0.375rem] mx-auto w-full h-full lg:min-h-[40rem] left-0 right-0 "><div class="w-full h-full"><div class="grid gap-x-4 grid-cols-6 md:grid-cols-12 md:gap-x-8 justify-center md:items-center px-4 flex md:flex-row flex-col justify-center items-center lg:px-31 md:px-10 md:pt-10 pb-10 gap-10"><div class="col-span-full md:col-start-1 md:row-start-1 md:col-span-6 md:h-full md:w-full flex"><div class="relative z-10 flex flex-col"><div class=" mt-8 text-black-600 md:text-base text-sm"><span class="opacity-50 cursor-pointer">Home › </span><span class="opacity-50 cursor-pointer">Tax Forms › </span><span class="font-medium">1099 K</span></div><div class=" mt-14 tracking-[0.08em] !leading-[120%] uppercase font-medium text-black inline-block md:text-base text-sm">THE ONLINE SELLERS GUIDE TO:</div><div class="mt-4 md:text-5xl text-3xl !leading-[120%] font-extrabold text-grey-500 "><p class="whitespace-pre-line">Form 1099-K</p></div><div class="md:w-fit w-full flex justify-start md:scale-100 scale-[.60] relative md:left-0 -left-[20%] md:mt-4 mt-1"><svg width="271" height="30" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M2 21.864c39.5-8 148.4-21 268-9" stroke="url(#BlueGradientRainBow_svg__paint0_linear_865_17403)" stroke-opacity="0.7" stroke-width="15"></path><defs><linearGradient id="BlueGradientRainBow_svg__paint0_linear_865_17403" x1="9.5" y1="63.364" x2="540.5" y2="-81.136" gradientUnits="userSpaceOnUse"><stop stop-color="#2FECEC"></stop><stop offset="1" stop-color="#4A2FEC"></stop></linearGradient></defs></svg></div></div></div><div class="col-span-full md:col-start-7 md:row-start-1 md:col-span-6 md:h-full md:w-full flex"><div class="relative z-10 md:mt-10 w-full"><div class="relative border border-white-fade box-border overflow-hidden text-black rounded-xl bg-white-light shadow-[0px_3px_24px_-4px_rgba(16,_24,_40,_0.11)] pt-8"><div class="w-full"><div class="px-4"><p class="text-black-dark text-2xl font-bold">Tax Form Wizard</p><p 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00-.37.402v.437a.854.854 0 01-.857.849h-2.576a.854.854 0 01-.858-.849v-.437a.405.405 0 00-.37-.402 27.08 27.08 0 01-3.898-.633l-.049-.012a2.313 2.313 0 01-1.794-2.251v-3.068c0-.22.18-.4.4-.4h4.15a.4.4 0 00.4-.4v-.511c0-1.078.885-1.954 1.973-1.954h2.667c1.088 0 1.974.877 1.974 1.954 0 0 0 0 0 0zm-.93.511a.4.4 0 01-.4.4h-3.954a.4.4 0 01-.4-.4v-.511c0-.57.468-1.033 1.043-1.033h2.667a1.04 1.04 0 011.043 1.033v.511zM9.647 25h11.07a1.966 1.966 0 001.973-1.953V19.09a.4.4 0 00-.4-.4h-.13a.4.4 0 00-.4.4v3.956a1.04 1.04 0 01-1.044 1.033H9.646a1.04 1.04 0 01-1.042-1.033V19.09a.4.4 0 00-.4-.4h-.13a.4.4 0 00-.4.4v3.956c0 1.077.885 1.953 1.973 1.953h0z" fill="#212121" stroke="#212121" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Self-employed</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Self-employed</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">Freelancer, independent contractor, etc</p></div></div></div></div><div class="md:hover:border-[#3C96EC] w-full flex gap-3 py-4 pl-4 rounded-lg cursor-not-allowed lg:cursor-pointer border bg-white-light items-center border-white-fade "><div class="w-full flex flex-col gap-4"><div class="flex flex-col justify-center items-start w-full pr-1"><div class="flex justify-between items-center w-full md:mb-4 mb-2"><div class="flex justify-start items-center gap-2"><div class=""><svg width="27" height="26" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M26.032 6.65l-2.887-1.082V2.106a1.057 1.057 0 00-.378-.785A1.359 1.359 0 0021.87 1h-7.651a1.36 1.36 0 00-.897.32c-.239.208-.375.49-.378.786V5.41L9.631 6.651a.797.797 0 00-.45.404.663.663 0 00.004.566l1.635 3.361c.267-.086.537-.165.81-.236L9.968 7.327l2.975-1.115v4.243c.29-.05.574-.092.85-.125V2.106a.353.353 0 01.126-.261.453.453 0 01.299-.107h7.65c.113-.001.22.037.3.107.08.069.125.163.126.261v9.4H19.88c.243.233.464.484.66.75h3.339a.679.679 0 01.323.101c.413.359.61.725.588 1.09-.038.628-.704 1.101-.71 1.105a.392.392 0 00-.112.117.335.335 0 00-.027.3c.019.05.05.095.09.133.622.593.889 1.162.795 1.694-.157.88-1.25 1.433-1.26 1.438a.39.39 0 00-.195.205.334.334 0 00.01.266c.297.634.32 1.19.067 1.65-.456.83-1.669 1.14-1.68 1.143a.443.443 0 00-.178.089.372.372 0 00-.11.152.333.333 0 00-.018.18c.011.06.039.117.08.166.406.473.552.894.437 1.254-.168.52-.836.826-1.047.911h-2.805a1.199 1.199 0 01-.431-.05 1.102 1.102 0 01-.373-.198.95.95 0 01-.251-.313.846.846 0 010-.752.95.95 0 01.251-.313 1.1 1.1 0 01.373-.198c.138-.042.285-.06.431-.05h.98a.476.476 0 00.167-.025.434.434 0 00.142-.08.377.377 0 00.096-.123.338.338 0 000-.293.377.377 0 00-.096-.123.474.474 0 00-.31-.105h-.979a1.197 1.197 0 01-.431-.05 1.101 1.101 0 01-.373-.199.952.952 0 01-.251-.313.847.847 0 010-.751.952.952 0 01.251-.314 1.1 1.1 0 01.373-.198c.138-.042.285-.06.431-.05h1.83a.479.479 0 00.167-.025.435.435 0 00.142-.08.377.377 0 00.096-.123.338.338 0 000-.293.377.377 0 00-.096-.123.476.476 0 00-.31-.105h-1.829a2.107 2.107 0 00-1.392.48c-.374.315-.591.75-.603 1.206.002.255.07.505.199.733.129.227.315.426.545.58-.23.153-.416.351-.545.579a1.503 1.503 0 00-.199.732c0 .336.118.663.338.937h-4.55a.695.695 0 01-.324-.116l-2.139-1.652c-.668-.483-1.985-.48-2.037-.48h-.85V14.13h.64a3.777 3.777 0 001.914-.574l.13-.072c4.362-2.315 8.374-1.468 8.879-1.347.926.56 1.744 1.892 2.433 3.962a.757.757 0 01-.09.579.928.928 0 01-.495.388c-.5.168-1.052-.007-1.686-.534-.678-.562-1.446-1.248-1.636-1.515a.406.406 0 00-.167-.133c.101-.212.188-.429.26-.65a.336.336 0 00-.035-.285.42.42 0 00-.254-.18.475.475 0 00-.323.032.388.388 0 00-.204.224c-.897 2.727-3.305 2.73-3.408 2.729a.455.455 0 00-.295.108.355.355 0 00-.126.259.351.351 0 00.114.263.45.45 0 00.288.12h.008a4.84 4.84 0 002.055-.561 4.18 4.18 0 001.51-1.351c.511.522 1.056 1.019 1.63 1.486.643.534 1.276.802 1.89.802.233-.001.464-.039.68-.113a1.76 1.76 0 00.951-.757c.202-.346.255-.745.15-1.123-.284-.85-1.146-3.442-2.838-4.41a.45.45 0 00-.104-.043c-.187-.051-4.64-1.238-9.624 1.408-.05.027-.1.054-.15.083a2.907 2.907 0 01-1.46.455H1.47c-.113 0-.22.04-.3.11a.354.354 0 00-.125.265v8.996c0 .298.135.584.374.795.239.21.563.33.9.33h2.976c.338 0 .662-.12.901-.33.239-.21.374-.497.374-.795h.866c.353 0 1.155.074 1.472.303l2.122 1.64c.25.186.562.294.889.306h9.1a.477.477 0 00.152-.024c.053-.018 1.305-.449 1.624-1.427.073-.255.088-.52.041-.779a1.794 1.794 0 00-.31-.729c.718-.27 1.312-.748 1.684-1.354a2.286 2.286 0 00.078-1.977c.442-.284 1.215-.898 1.376-1.793.123-.678-.125-1.365-.738-2.046.406-.375.657-.86.713-1.377.038-.59-.244-1.152-.84-1.67a1.098 1.098 0 00-.237-.153l1.918-4.053a.662.662 0 00.002-.565.797.797 0 00-.45-.402zM5.72 22.75c0 .1-.045.196-.125.266a.456.456 0 01-.3.11H2.32a.456.456 0 01-.3-.11.354.354 0 01-.125-.265V14.13H5.72v8.62zM23.72 11.507h-.576V6.378l2.55.96-1.974 4.168z" fill="#333" stroke="#333" stroke-width="0.5"></path><path d="M18.166 9.432c.36 0 .712-.095 1.012-.273.3-.178.533-.432.67-.728.139-.296.175-.622.105-.937a1.575 1.575 0 00-.499-.83 1.9 1.9 0 00-.933-.444 2.03 2.03 0 00-1.052.092c-.333.123-.617.331-.817.598-.2.266-.307.58-.307.9 0 .43.192.843.534 1.147.341.304.804.475 1.287.475zm0-2.702c.24 0 .475.063.675.182.2.118.355.287.447.485a.97.97 0 01.069.624 1.05 1.05 0 01-.332.554c-.17.151-.386.254-.622.296-.235.042-.48.02-.702-.062a1.195 1.195 0 01-.544-.398.999.999 0 01-.205-.6c0-.287.128-.562.356-.764.228-.203.536-.317.858-.317z" fill="#333" stroke="#333" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Salaried employee</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Salaried employee</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">Full-time or part-time W-2 employee</p></div></div></div></div><div class="md:hover:border-[#3C96EC] w-full flex gap-3 py-4 pl-4 rounded-lg cursor-not-allowed lg:cursor-pointer border bg-white-light items-center border-white-fade "><div class="w-full flex flex-col gap-4"><div class="flex flex-col justify-center items-start w-full pr-1"><div class="flex justify-between items-center w-full md:mb-4 mb-2"><div class="flex justify-start items-center gap-2"><div class=""><svg width="26" height="26" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M1.179 20.421l1.31 3.148a2.34 2.34 0 003.053 1.252l4.316-1.82a.845.845 0 00.507-.85l.302-.129a2.076 2.076 0 011.106-.144c2.142.321 5.816-.42 7.71-1.556a47.43 47.43 0 005.278-3.697 1.61 1.61 0 00-1.853-2.629 172.38 172.38 0 00-2.451 1.712 1.26 1.26 0 00-1.388-.892c-.185.043-.362.1-.543.155-.718.23-1.46.469-3.092-.155-3.105-1.19-6.192.338-6.306.396l-1.346.57a.822.822 0 00-.96-.242c-.7.29-2.769 1.158-4.394 1.839A2.329 2.329 0 001.18 20.42zm8.165-4.734c.03-.015 3.018-1.489 5.905-.383 1.803.69 2.67.41 3.435.164.167-.054.33-.107.5-.146.483-.097.853.471.853.917 0 .566-.96 1.167-1.309 1.322a5.678 5.678 0 01-2.394.175.258.258 0 00-.284.323.258.258 0 00.216.19 6.131 6.131 0 002.672-.215c.016-.007 1.577-.73 1.613-1.76.44-.31 2.04-1.442 2.644-1.848a1.092 1.092 0 011.242 1.796 46.852 46.852 0 01-5.219 3.657c-1.778 1.065-5.36 1.79-7.367 1.487a2.614 2.614 0 00-1.384.18l-.259.11-2.186-5.41 1.322-.56zm-2.328.335a.328.328 0 01.427.177l2.387 5.904a.325.325 0 01-.175.42l-.87.367-2.692-6.482.923-.386zm-1.4.586L8.31 23.09l-2.97 1.253a1.819 1.819 0 01-2.376-.974l-1.307-3.147a1.811 1.811 0 01.97-2.364c.967-.404 2.09-.876 2.99-1.251zm9.295-6.216l.633.01c.35-.004.687-.142.94-.385l.576-.585.92.801a.517.517 0 00.672.006l.954-.801.673.758a.517.517 0 00.73.043l2.117-1.876a1.303 1.303 0 00.028-1.912L21.49 4.887a2.323 2.323 0 00-1.56-.632L15 4.183A6.2 6.2 0 009.579 1a6.28 6.28 0 00-6.2 5.877 6.21 6.21 0 0011.533 3.515zm-9.49.705a5.649 5.649 0 01-1.526-4.192 5.756 5.756 0 015.683-5.388 5.683 5.683 0 015.04 3.044.259.259 0 00.225.137l5.08.075a1.81 1.81 0 011.214.49l1.665 1.566a.78.78 0 01-.016 1.146l-2.117 1.877-.673-.757a.513.513 0 00-.72-.052l-.953.8-.92-.801a.517.517 0 00-.71.026l-.576.585a.776.776 0 01-.564.231l-.784-.012a.263.263 0 00-.229.132 5.715 5.715 0 01-7.267 2.415 5.645 5.645 0 01-1.853-1.322z" fill="#333" stroke="#333" stroke-width="0.5"></path><path d="M7.539 5.11a2.07 2.07 0 102.039 2.1 2.097 2.097 0 00-2.039-2.1zm-.052 3.622a1.552 1.552 0 11.045-3.106 1.552 1.552 0 01-.046 3.106h.001zm7.524-1.207h2.587a.259.259 0 100-.518h-2.587a.259.259 0 000 .518z" fill="#333" stroke="#333" stroke-width="0.5"></path></svg></div><p class="md:hidden block text-black font-semibold whitespace-pre-line mt-1">Business owner</p></div><div class="mr-2"><svg width="20" height="20" fill="none" xmlns="http://www.w3.org/2000/svg"><circle cx="10" cy="10" r="9.5" stroke="#E1E1E1"></circle></svg></div></div><div class="overflow-hidden text-ellipsis"><p class="md:block hidden text-black font-semibold whitespace-pre-line">Business owner</p><p class="text-black-600 font-normal mt-1 md:mb-4 text-xs whitespace-pre-line">LLC, S corp or partnership</p></div></div></div></div></div><div class="h-13 lg:h-16 lg:mt-10 mt-5 mb-4 w-full flex items-center justify-end"><button disabled="" class="downloadAppBtn md:w-fit w-full text-center bg-[#0D0F0F] hover:bg-[#0d0f0fdc] text-white-light py-4 px-14 rounded-lg font-semibold md:mx-0 mx-auto">Next</button></div></div></div><div class=""><div class="absolute top-[0px] left-[0px] bg-[#d9d9d9] w-full h-[13px]"></div><div class="absolute top-[0px] left-[0px] [background:linear-gradient(89.79deg,_#4affe0,_#4a2fec)] h-[13px] " style="width:0px"></div></div></div></div></div></div></div></div></section><section class="md:mx-auto mx-4 md:mt-28 mt-14 md:px-4 lg:px-0"><div class="lg:w-[49.13rem] md:mx-auto"></div><div class="lg:w-[49.13rem] md:mx-auto"><h1 class="md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 mb-6">The 1099 K Form for <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">Online Sellers</span></h1> <div class="py-2 flex flex-col gap-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Technology has opened new doors, and now you can set up a virtual shop from your couch. Whether you're selling homemade sweaters, having a virtual garage sale or offering virtual gardening courses, you’ll need a way to collect payments from your customers. One way to do this is by using online payment platforms from a third-party, including <a href="https://flyfin.tax/tax-forms/1099-k/venmo-1099" class="text-[#3563CD] font-medium underline">Venmo</a> or <a href="https://flyfin.tax/tax-forms/1099-k/paypal-1099" class="text-[#3563CD] font-medium underline">Paypal</a>. If you accept credit card payments, online transactions or payments from a third-party you will receive 1099-K forms from the established credit card companies or third-party payment processing companies. These forms will come in handy when it comes time to file taxes. <span class="text-2xl font-semibold">Key takeaways:</span> <ul class="list-disc lg:pl-8 pl-4"><li class="text-base md:text-xl">The IRS has delayed lowering the $600 reporting thresholds for 1099-K until 2024.</li><li class="text-base md:text-xl">Third-party sellers will report using the older reporting threshold of $20k and 200 transactions.</li><li class="text-base md:text-xl">Apps like Venmo, PayPal, Stripe are considered third-party payment platforms.</li></li></ul></div><div class="rounded-xl text-center lg:m-auto lg:my-10"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:76.45259938837921%"></span><img alt="Image of text explaining Form 1099-K, a tax form issued by the IRS for reporting online transactions made through credit/debit cards or third-party payment networks. Relevant for self-employed, freelancers, and taxes." title="IRS Form 1099-K for Online Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of text explaining Form 1099-K, a tax form issued by the IRS for reporting online transactions made through credit/debit cards or third-party payment networks. Relevant for self-employed, freelancers, and taxes." title="IRS Form 1099-K for Online Transactions" sizes="(max-width: 767px) 100vw , (max-width: 991px) 50vw, 100vw " srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=384&q=60 384w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=640&q=60 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=750&q=60 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=828&q=60 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=1080&q=60 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=1200&q=60 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=1920&q=60 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=2048&q=60 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=3840&q=60 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_mobile.png&w=3840&q=60" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27273%27/%3e"/></span><img alt="Image of text explaining Form 1099-K, a tax form issued by the IRS for reporting online transactions made through credit/debit cards or third-party payment networks. Relevant for self-employed, freelancers, and taxes." title="IRS Form 1099-K for Online Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of text explaining Form 1099-K, a tax form issued by the IRS for reporting online transactions made through credit/debit cards or third-party payment networks. Relevant for self-employed, freelancers, and taxes." title="IRS Form 1099-K for Online Transactions" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_desktop.png&w=1920&q=60 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_desktop.png&w=3840&q=60 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-form_desktop.png&w=3840&q=60" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed transform transition-all duration-300" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div></div><div class=""><div id="toc" class="w-full gap-10 flex flex-col"><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 rounded-xl p-5 mt-4 border border-white-fade"><p class="md:text-xl md:!leading-8 font-semibold text-grey-500">Table of contents</p><div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is a 1099-K form, and what is it used for?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-a-1099-k-form-and-what-is-it-used-for">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Who receives a 1099-K?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#who-receives-a-1099-k">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Delay in implementing the $600 threshold for Form 1099-K...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#delay-in-implementing-the-600-threshold-for-form-1099-k">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Form 1099-K deductions...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#form--1099-k-deductions">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Differences Between Form 1099-K and Form 1099-MISC...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#differences-between-form-1099-k-and-form-1099-misc">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Filing a 1099-K form...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#filing-a-1099-k-form">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">When will you receive a 1099-K?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#when-will-you-receive-a-1099-k">Read more</a></span></p></div></div></div><div class="flex flex-col gap-10"><div id="what-is-a-1099-k-form-and-what-is-it-used-for" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is a 1099-K form, <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">and what is it used for?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Form 1099-K is a tax form issued by the Internal Revenue Service (IRS) to report online transactions made through credit or debit cards or third-party payment network transactions such as Paypal, Venmo, Square, Stripe and Stax. One copy of the 1099-K goes to the IRS, and the other is sent to you by the relevant platform. The 1099-K form helps keep online retailers accountable for reporting tax information. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:85.62691131498471%"></span><img alt="Image explaining the use of Form 1099-K for online businesses to keep track of digital payments and transactions in their accounting record book. #selfemployed #taxes #freelancer" title="Form 1099-K for Online Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image explaining the use of Form 1099-K for online businesses to keep track of digital payments and transactions in their accounting record book. #selfemployed #taxes #freelancer" title="Form 1099-K for Online Transactions" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27251%27/%3e"/></span><img alt="Image explaining the use of Form 1099-K for online businesses to keep track of digital payments and transactions in their accounting record book. #selfemployed #taxes #freelancer" title="Form 1099-K for Online Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image explaining the use of Form 1099-K for online businesses to keep track of digital payments and transactions in their accounting record book. #selfemployed #taxes #freelancer" title="Form 1099-K for Online Transactions" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_for_online_business_desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500"> You’ll only receive this form if you sold more than $5,000 in goods. In 2022 the IRS decided to lower that amount from $20,000 to $600 under the American Care Act, but recently decided to delay the implementation until 2024.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="ClusterPagesV1_QuickTipBgGradient__hIlc0 lg:mx-32 rounded-xl"><div class="flex flex-row-reverse"><svg width="66" height="12" fill="#FFF" xmlns="http://www.w3.org/2000/svg" class="mt-4 mr-3 opacity-30"><path fill-rule="evenodd" clip-rule="evenodd" d="M45.555 0h-8.54v1.789h8.54V0zM0 0h8.54V1.79H0V0zm0 6.635v-1.92h8.539v1.92H2.015V12H0V6.635zm37.016 0v-1.92h8.537v1.92h-6.522V12h-2.015V6.635zM14.788 0h-2.015v12H20.428v-1.758h-5.64V0zM49.72 0h2.015v12H49.72V0zm14.263 0v9.199L58.87 0h-2.326v12h2.015V2.827L63.694 12H66V0h-2.016zm-38.65 0l3.041 5.426L31.416 0h2.294l-4.328 7.224V12h-2.016V7.224L23.04 0h2.295z" fill="inherit"></path></svg></div><div class="flex flex-row gap-3 px-4 pb-4 items-center"><div class="w-3/12"><svg width="73" height="89" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M34.991 25.778c-9.28 0-16.862 7.582-16.862 16.862 0 4.853 2.123 9.523 5.702 12.677 2.668 2.67 2.426 8.37 2.365 8.431 0 .304.06.546.303.789.182.182.486.303.728.303h15.468c.303 0 .545-.121.727-.303.182-.182.304-.485.304-.789 0-.06-.304-5.762 2.365-8.43l.182-.183c3.518-3.215 5.58-7.764 5.58-12.495 0-9.28-7.581-16.862-16.862-16.862zm9.705 27.962c-.06.06-.182.182-.182.243-2.365 2.547-2.79 6.733-2.85 8.734H28.257c-.06-2.001-.485-6.369-3.032-8.977a14.783 14.783 0 01-5.095-11.16c0-8.189 6.611-14.8 14.8-14.8 8.188 0 14.8 6.611 14.8 14.8 0 4.306-1.82 8.37-5.035 11.16z" fill="#FFD159"></path><path d="M34.937 30.096c-.545 0-1.03.485-1.03 1.03 0 .547.485 1.032 1.03 1.032 6.127 0 11.04 4.974 11.04 11.04 0 .545.485 1.03 1.03 1.03.547 0 1.032-.485 1.032-1.03.06-7.219-5.823-13.102-13.102-13.102zM41.666 65.98H28.2a2.563 2.563 0 00-2.548 2.548 2.563 2.563 0 002.548 2.548h13.405c1.456-.06 2.608-1.153 2.608-2.548a2.563 2.563 0 00-2.547-2.547zm0 2.973H28.2a.479.479 0 01-.485-.485c0-.304.182-.486.485-.486h13.405c.242 0 .485.182.485.486 0 .303-.182.485-.425.485zM39.662 72.128H30.2a2.563 2.563 0 00-2.548 2.547 2.563 2.563 0 002.548 2.548h9.462a2.563 2.563 0 002.548-2.548 2.524 2.524 0 00-2.548-2.547zm0 2.972H30.2a.478.478 0 01-.485-.485c0-.304.182-.486.485-.486h9.462c.243 0 .486.182.486.486a.478.478 0 01-.486.485zM34.937 20.136c.607 0 1.032-.485 1.032-1.03v-7.037c0-.546-.486-1.031-1.032-1.031-.545 0-1.03.485-1.03 1.031v7.036c0 .546.485 1.031 1.03 1.031zM54.388 18.115c-.375-.477-1.008-.459-1.41-.127l-5.257 4.62c-.477.374-.533 1.05-.143 1.469.145.164.305.27.48.317a.968.968 0 00.946-.25l5.257-4.619c.462-.316.517-.992.127-1.41zM21.93 24.49a.978.978 0 00.48-.316c.39-.42.335-1.095-.083-1.485l-5.155-4.71c-.419-.39-1.095-.335-1.485.084-.39.418-.335 1.094.084 1.485l5.155 4.71c.329.288.653.327 1.004.233zM14.375 33.644l-6.78-1.637c-.532-.108-1.13.24-1.238.772a.968.968 0 00.771 1.237l6.781 1.637c.191.012.324.039.5-.008a1 1 0 00.738-.763c.108-.532-.24-1.129-.772-1.238zM63.602 32.792c-.109-.531-.706-.88-1.238-.771l-6.84 1.621c-.53.109-.88.706-.77 1.238a1 1 0 00.737.762c.176.048.367.036.5.009l6.84-1.621c.531-.109.88-.706.77-1.238z" fill="#FFD159"></path></svg></div><div class="flex flex-col gap-3"><p class="text-xl font-semibold">Quick tip</p><div class="text-sm font-light text-white-fade whitespace-pre-line">Always accurately report your taxes even when you make less than the $20K threshold to avoid IRS penalties later.</div></div></div></div></div></div><div id="shareCards" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 "></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">If you sell products online, like on <a href="https://flyfin.tax/tax-forms/1099-k/shopify-1099" class="text-[#3563CD] font-medium underline">Shopify</a>, you'll likely receive a 1099-K at the end of the year that summarizes your transactions.. The 1099-K form only includes digital business transactions and won’t include personal payments. If you send money to family or have other non-business related expenses, these won’t be recorded on the form, even if the transactions were done via online payment networks. The different types of payments reported on the 1099-K include: <ul class="list-disc lg:pl-8 pl-4"><li class="text-base md:text-xl">Debit card payments</li><li class="text-base md:text-xl">Credit cards (Mastercard, American Express)</li><li class="text-base md:text-xl">Gift cards (Amazon gift cards)</li><li class="text-base md:text-xl">Third-party payment applications (eBay, PayPal)</li></ul> The 1099-K form includes your personal information, including your Social Security number or Taxpayer Identification Number, making it crystal clear to the IRS if you’re receiving money through an online payment processor. You’ll need to make sure you report this information on <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/schedule-c">Schedule C</a>. Navigating 1099 <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-tax-calculator">self employment taxes</a> is no small task. Using freelancer tools, like a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/1099-tax-calculator">1099 tax calculator</a> or <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/quarterly-tax-calculator">quarterly tax calculator</a> can help make your 1099 tax filing as smooth as possible. </div></div></div><div id="who-receives-a-1099-k" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Who receives a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1099-K?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Every online retailer receives the 1099-K form if they accept online credit card payments to sell products or services. You would receive a 1099-K form if you had gross payments of more than $20,000 and more than 200 transactions. If you ran your own online business selling sporting event tickets and grossed $25,000 with 250 total transactions during the tax year, for example, expect a 1099-K to arrive in your mailbox. Typically, if you receive a 1099-K, you're considered a <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/business/sole-proprietorship" >sole proprietor</a>. A sole proprietor is formed by a single person who owns the business, and is the only business owner. In a sole proprietorship, they haven't formed a business entity, like a <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/business/c-corp" >C-Corp</a> or <a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/business/s-corp" >S-Corp </a>. When you start working on freelance or side-<a class="font-medium underline text-[#3563CD]" target="_blank" href="https://flyfin.tax/self-employment-resources/about-gig-economy" >gig</a> projects or start your own business, you’re automatically considered a sole proprietor. For example, if you run a catering company, tutoring service, house cleaning service or landscaping company, you would have the title of sole proprietor. Selling products or services online can also mean you're a sole proprietor. Receiving payment online for those products or services via third-party payment processors would qualify you to receive a 1099-K. There's a fine line between a <a href="https://flyfin.tax/tax-tips/1099-business-vs-hobby-tax-rules" class="text-[#3563CD] font-medium underline">hobby</a> and a business. If your hobby looks more and more like a business, you should expect to receive a 1099 form from your sales.</div></div></div><div id="delay-in-implementing-the-600-threshold-for-form-1099-k" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Delay in implementing the <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">$600 threshold for Form 1099-K</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Many online sellers were misreporting or under-reporting their income from online sales, and the IRS was missing out on a lot of tax revenue. By lowering the income threshold to $600, many more taxpayers were expected to receive a 1099-K form. The IRS decided to delay implementing the lower $600 threshold to 2024 because it gives companies more time to comply with the new criteria. The 1099-K also falls under the American Rescue Plan Act of 2021, and the IRS expects more taxpayers to accurately report their income, including any online transactions like online sellers’ payments. If you’re looking for a way to avoid receiving a 1099-K, you’re out of luck. With the new changes by the IRS, it will be a lot harder to avoid the income-reporting requirements.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:107.0336391437309%"></span><img alt="Alt text: Changes in Form 1099-K requirements for digital payments. Minimum threshold reduced to $600. Relevant for taxes, freelancers, and self-employed." title="Changes to Form 1099-K for Digital Payments" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Changes in Form 1099-K requirements for digital payments. Minimum threshold reduced to $600. Relevant for taxes, freelancers, and self-employed." title="Changes to Form 1099-K for Digital Payments" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27604%27/%3e"/></span><img alt="Alt text: Changes in Form 1099-K requirements for digital payments. Minimum threshold reduced to $600. Relevant for taxes, freelancers, and self-employed." title="Changes to Form 1099-K for Digital Payments" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Changes in Form 1099-K requirements for digital payments. Minimum threshold reduced to $600. Relevant for taxes, freelancers, and self-employed." title="Changes to Form 1099-K for Digital Payments" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_changes_desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div><div id="form--1099-k-deductions" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Form <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1099-K deductions</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">You can deduct some expenses based on your credit card payments reported on Form 1099-K, including: <ul class="list-disc lg:pl-8 pl-4"><li class="md:text-xl text-base">Advertising costs: you can deduct costs related to advertising for your business. </li><li class="md:text-xl text-base">Web hosting: payments for web hosting fees can count as a deduction. </li><li class="md:text-xl text-base">Internet access: if you use the internet for your business, you can write off your <a href="https://flyfin.tax/tax-deduction/internet-and-wifi" class="text-[#3563CD] font-medium underline">internet costs</a> as a deduction.</li><li class="md:text-xl text-base">Credit card or merchant fees: the credit card or merchant fees that you pay can qualify as deductions.</li><li class="md:text-xl text-base">Home office: using part of your home exclusively for your business may qualify you for <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/itemized-deductions/office-expense-deduction">home-office deductions</a>.</li></ul></div></div></div><div id="differences-between-form-1099-k-and-form-1099-misc" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Differences Between Form <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1099-K and Form 1099-MISC</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Although Form 1099-K and <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/1099-misc">Form 1099-MISC</a> are both 1099 forms, they are very different. If you earn more than $600 during the year in freelance or self-employment income, you may receive a Form 1099-MISC for any miscellaneous compensations. <ul class="list-disc lg:pl-8 pl-4"><li class="md:text-xl text-base">$10 or more in royalties</li><li class="md:text-xl text-base">Rent</li><li class="md:text-xl text-base">Cash prizes and awards</li><li class="md:text-xl text-base">Payments made to an attorney</li><li class="md:text-xl text-base">Fishing boat proceeds</li></ul> For example, if you provide lawn care services, your customer will not be sending you Form-1099 MISC. If a company awarded you a cash prize of more than $600, they’ll send you a 1099-MISC. An important distinction between the 1099-K and 1099-MISC is that the 1099-K form reports your online business transactions, and Form 1099-MISC reports income paid for your services regardless of the payment method. </div></div></div><div id="filing-a-1099-k-form" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Filing a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1099-K form</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Some good news is that as a freelancer, business owner or self-employed person, you don’t have to file a 1099-K form. You’ll receive the form in the mail and report the information on your tax return. Credit or debit card companies and third-party payment processors need to file 1099-K forms by submitting them to the IRS. Once you receive a copy of the IRS 1099-K forms, check to make sure the information reported matches your records. It’s up to you to keep a record of all your online transactions to eventually reconcile them with the 1099-K forms you receive at the end of the year. When reporting the income from online sales on your Schedule C, this information should match with the IRS. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:118.04281345565751%"></span><img alt="Steps for Form 1099-K - Keep records of online transactions, reconcile with 1099-K, report income on Schedule C and file with 1040 tax return." title="Steps for Form 1099-K: Record, Reconcile & File Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Steps for Form 1099-K - Keep records of online transactions, reconcile with 1099-K, report income on Schedule C and file with 1040 tax return." title="Steps for Form 1099-K: Record, Reconcile & File Taxes" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27327%27%20height=%27386%27/%3e"/></span><img alt="Steps for Form 1099-K - Keep records of online transactions, reconcile with 1099-K, report income on Schedule C and file with 1040 tax return." title="Steps for Form 1099-K: Record, Reconcile & File Taxes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Steps for Form 1099-K - Keep records of online transactions, reconcile with 1099-K, report income on Schedule C and file with 1040 tax return." title="Steps for Form 1099-K: Record, Reconcile & File Taxes" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=384&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=750&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-steps.png&w=750&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Let’s look at the steps for using 1099-K. First, Copy 1 gets submitted to your state tax department by third-party payment vendors.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:64.25120772946859%"></span><img alt="Image of Form 1099-K with fields for filer's and payee's details, payment card and third-party network transactions, and state and federal taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Form 1099-K with fields for filer's and payee's details, payment card and third-party network transactions, and state and federal taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27590%27/%3e"/></span><img alt="Image of Form 1099-K with fields for filer's and payee's details, payment card and third-party network transactions, and state and federal taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Form 1099-K with fields for filer's and payee's details, payment card and third-party network transactions, and state and federal taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-a.webp&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Copy B is filled out and sent to you by third-party payment vendors, who report every transaction.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="lg:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:64.25120772946859%"></span><img alt="Image of Form 1099-K with fields for filer's and payee's information, payment details, and tax withholding. Relevant for self-employed, freelancers, and taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Form 1099-K with fields for filer's and payee's information, payment details, and tax withholding. Relevant for self-employed, freelancers, and taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden lg:block"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27590%27/%3e"/></span><img alt="Image of Form 1099-K with fields for filer's and payee's information, payment details, and tax withholding. Relevant for self-employed, freelancers, and taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Image of Form 1099-K with fields for filer's and payee's information, payment details, and tax withholding. Relevant for self-employed, freelancers, and taxes." title="Form 1099-K for Payment Card and Third Party Network Transactions" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099-k-copy-b.webp&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div><div id="when-will-you-receive-a-1099-k" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">When will you receive a <span style="background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%); -webkit-background-clip: text; -webkit-text-fill-color: transparent; background-clip: text; text-fill-color: transparent;">1099-K?</span></h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">The <a href="https://flyfin.tax/self-employment-resources/1099-due-date" class="text-[#3563CD] font-medium underline">deadline</a> for sending a 1099-K is January 31. If you don’t receive one by this date, it may have gotten lost in the mail or your contact information might need updating.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:74.92354740061162%"></span><img alt="Alt text: Reminder for deadline of Form 1099-K on January 31. Important for self-employed, freelancers and taxes." title="Form 1099-K Deadline: January 31" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Reminder for deadline of Form 1099-K on January 31. Important for self-employed, freelancers and taxes." title="Form 1099-K Deadline: January 31" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_mobile.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%271210%27%20height=%27292%27/%3e"/></span><img alt="Alt text: Reminder for deadline of Form 1099-K on January 31. Important for self-employed, freelancers and taxes." title="Form 1099-K Deadline: January 31" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Alt text: Reminder for deadline of Form 1099-K on January 31. Important for self-employed, freelancers and taxes." title="Form 1099-K Deadline: January 31" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_desktop.png&w=1920&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_desktop.png&w=3840&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2F1099_k_deadline_desktop.png&w=3840&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div></div></div></div></div></section><section><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 lg:px-0 md:text-xl font-normal whitespace-pre-line text-grey-500 mb-4"></div></section><section></section><section><div class="relative pb-12 pt-20 px-4 lg:px-31 mx-auto cluster_swiper-container"><div class="rounded-b-lg flex flex-wrap text-white"><div class="swiper mySwiper"><div class="swiper-wrapper"><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="35"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="36"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">IRS Penalties for Not Reporting 1099 and Taxes Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. Learn the value of precise and timely reporting to prevent expensive errors.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/irs-penalties-for-failing-to-report-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This is the most common document in the US tax system. It's the master tax return that every American fills out.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040 Schedule C</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/schedule-c">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="2"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040 Schedule SE</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/schedule-se">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="3"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 8829</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you use your home for work, you can deduct things like utilities and supplies used for your home office or storage space used for inventory from your taxes. Use this form to figure out how much you can deduct.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/form-8829">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="4"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you're self-employed, this is the form that the people who pay you use to report those payments to the IRS. Here's what you need to know about it.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="5"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Losing a 1099 form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">If you've lost a 1099 that was sent to you, fear not. Here's what you can do if it happens.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/losing-a-1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="6"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-NEC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Entities that pay you for services as a freelancer or independent contractor report those payments to the IRS using this 1099 form.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-nec">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="7"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-MISC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Entities that give you other forms of income as a freelancer or independent contractor, such as prize money or money for healthcare, report those payments to the IRS using this 1099 form.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="8"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Avoid 1099-Misc</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">There are ways to lower the amount of tax you pay as a 1099 self-employed individual. Here are five proven strategies.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-misc/how-to-avoid-paying-taxes-on-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="9"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Paypal</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from PayPal and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/paypal-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="10"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Shopify</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from Shopify and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/shopify-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="11"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Venmo</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Here's how to receive a 1099-K from Venmo and how to use it to file and pay your 1099 taxes.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/venmo-1099">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="12"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Who Receives a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out who gets a 1099-K form and how your taxes are affected by it. Learn about the requirements, cutoff points, and typical receivers of this crucial IRS document.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/who-receives-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="13"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Information Reported on a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Accurate tax reporting can be ensured by learning how to use the 1099-K form and comprehending the information given. Learn about monthly transactions, payer information, and gross payments.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/information-reported-on-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="14"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">How to Use a 1099-K for Tax Filing</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover how to properly report 1099-K revenue on your tax return, check amounts against your records, and claim expenses as a deduction. Avert typical errors and make sure your taxes are filed correctly.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/how-to-use-a-1099-k-for-tax-filing">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="15"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Differences Between 1099-K and 1099-MISC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">To accurately report income and prevent tax-related complications, self-employed individuals must understand the fundamental differences between 1099-K and 1099-MISC forms. Learn how to deal with income that is reported on both forms and the IRS standards for figuring out which one to use.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/differences-between-1099-k-and-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="16"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Common Issues with Form 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Acquire knowledge on managing differences between income that is reported and what is really received, fixing inaccurate 1099-K forms, and settling conflicts with payment processors. For self-employed people to guarantee appropriate tax reporting, this information is crucial.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/common-issues-with-form-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="17"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Preparing for Tax Season with a 1099-K</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Get tips for handling tax season by using a 1099-K. Learn how to properly arrange your documents, seek advice from a tax expert, and use tax software to ensure accurate reporting.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/preparing-for-tax-season-with-a-1099-k">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="18"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Filing Requirements for eBay Sellers</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Learn about the necessary tax filing requirements for eBay sellers, such as IRS compliance, estimated tax payments, and deadlines. Use our professional guide to stay compliant and stay out of trouble.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/filing-requirements-for-ebay-sellers">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="19"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Tax Implications of Selling on eBay</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Recognize the state-specific tax ramifications, self-employment tax, and sales tax duties while selling on eBay. The purpose of this article is to assist independent contractors in understanding the intricacies of eBay sales tax.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/tax-implications-of-selling-on-ebay">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="20"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">eBay 1099 and Tax Planning Strategies</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">As an eBay seller, learn crucial tactics to reduce tax obligations, optimize tax write-offs, and handle predicted quarterly tax payments. Find out how much money to set away for taxes, and get tailored guidance from a tax expert.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-k/ebay-1099-and-tax-planning-strategies">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="21"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1099-MISC VS Form 1099-NEC</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understand what makes these 1099 forms different from each other and what they mean for you as a 1099 freelancer, independent contractor or self-employed individual.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="22"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040-ES</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This vital tax form for self-employed individuals and freelancers is how they pay quarterly taxes, which they need to estimate (ES means estimated taxes).</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-es-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="23"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 A form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-A form is received when an owned property has been foreclosed. This form is reported on Schedule D after calculating capital gain or loss.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-A">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="24"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 B form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">A 1099-B form is an informational return form for recording the sale of investments by brokerages. This is reported on Form 8949 and Schedule D.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-B">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="25"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 G form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-G form is used to report payments made by governments to individuals. Unemployment compensation should be reported on Schedule 1 (Form 1040).</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-G">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="26"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 SA form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">The 1099-SA form is an informational form that reports distributions from your health plan. This is filed on Form 8889 or Form 8853 and attached to Form 1040.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-SA">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="27"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Knowing the Various Form Types</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">To guarantee correct tax reporting and compliance, familiarize yourself with the several kinds of 1099 forms, their functions, and the filing requirements. Find out which form you require for interest income, dividend income, miscellaneous income, non-employee remuneration, and more.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/understanding-different-types-of-1099-forms">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="28"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: How to Include Income from 1099s on Your Tax Return</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover the correct way to include 1099 revenue on your tax return. Comply with a methodical procedure, recognize the need of keeping precise documentation, and learn how to reconcile 1099 revenue with personal data.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/how-to-report-1099-income-on-your-tax-return">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="29"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Typical Errors with 1099 Forms to Avoid</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover key mistakes to avoid with 1099 tax forms. Learn about accurate income reporting, correct form usage, meeting deadlines, and best record-keeping practices to ensure tax compliance and avoid penalties.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/common-mistakes-to-avoid-with-1099-forms">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="30"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Independent Contractor Tax Deductions</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Navigate the complex tax landscape as a 1099 independent contractor with our comprehensive guide on tax deductions. Learn about QBI, meal and travel costs, home office deductions, and more to optimize your savings and reduce your tax liability.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/tax-deductions-for-1099-independent-contractors">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="31"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Filing 1099 and Taxes for Gig Workers or Freelancers</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]"> Discover how to file taxes if you work as a gig worker or freelancer. Recognize self-employment taxes, submit estimated taxes on a quarterly basis, and use tax software to streamline the procedure. Learn how to keep track of and classify business spending while adhering to state tax regulations.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/filing-taxes-as-a-freelancer-or-gig-worker">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="32"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Strategies for Contractor Tax Planning</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Discover crucial tax planning strategies for 1099 contractors. Learn how to save for taxes, make quarterly payments, use tax-advantaged accounts, manage variable income, and more to ensure financial stability and compliance.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/tax-planning-strategies-for-1099-contractors">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="33"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Managing 1099 and Taxes: What to Do with a Missing or Inaccurate Form</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Become knowledgeable about managing incomplete or inaccurate 1099 paperwork as a self-employed person. Learn the ins and outs of accurately reporting income, obtaining revised forms, and preventing problems with tax returns.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/how-to-handle-a-missing-or-incorrect-1099-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="34"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: Predicted Repayments on Income from 1099s</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">In order to stay in compliance with IRS requirements and prevent fines, learn how to calculate and submit anticipated tax payments for 1099 revenue. Learn the value of quarterly installments and how to file your estimated taxes using Form 1040-ES.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/estimated-tax-payments-for-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="35"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="36"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">IRS Penalties for Not Reporting 1099 and Taxes Income</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. Learn the value of precise and timely reporting to prevent expensive errors.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1099-form/irs-penalties-for-failing-to-report-1099-income">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">This is the most common document in the US tax system. It's the master tax return that every American fills out.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/1040-form">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Form 1040 Schedule C</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/tax-forms/schedule-c">LEARN MORE →</a></div></div></div></div><div class="swiper-button-prev"></div><div class="swiper-button-next"></div><div class="swiper-pagination"></div></div></div></div></section><div class="w-full flex flex-col bg-transparent px-4 lg:px-[120px] pt-12 pb-8 md:py-8"></div><section class="bg-[#FAF9FF] w-full"><div class="2xl:w-[70%] xl:w-[90%] mx-auto grid lg:grid-cols-2 grid-cols-1 gap-4 px-5 xl:gap-20 xl:px-24 pt-8 items-center pb-10 md:mt-20 mt-10"><div class="w-full"><h2 class="md:text-3xl text-2xl text-black font-semibold">What’s FlyFin?</h2><div class="md:text-xl text-base text-[#212121] font-normal lg:whitespace-pre-line md:whitespace-normal whitespace-pre-line mt-4">FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. Using a powerful A.I., FlyFin tracks all your business expenses automatically. But anyone can file taxes through FlyFin! Our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. You can download the FlyFin app and have your taxes filed in less than 15 minutes, saving you time and money.</div><div class="grid md:grid-cols-3 grid-cols-1 gap-3 md:my-16 my-8"><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" 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loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">Expert tax CPAs ensure 100%-accurate tax filing</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp" 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class="text-black-dark font-semibold md:text-left text-center ">A.I. finds every tax deduction, eliminating 95% of your work</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" 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class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><h2 class="flex items-center md:text-base xl:font-semibold py-3.5 xl:py-5">More about FlyFin</h2></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-white"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-white"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class="pr-4 xl:pr-20"><div class="flex flex-col gap-5 leading-6 pb-6 text-base"><p class="font-light">FlyFin is the world’s #1 A.I. and CPA tax filing service for freelancers, self-employed, business owners, 1099 & W-2 workers. A.I. finds every tax deduction and starts to <a class="border-b" href="https://flyfin.tax/filed-taxes-before">build your tax returns</a>, saving you hours of tedious work. A dedicated CPA prepares your federal & state tax returns from start to finish and ensures your taxes return with precision. A.I. and CPAs work together to make your <a class="border-b" href="https://flyfin.tax/tax-filing">tax filing</a> 20x faster and 5x cheaper. Act now and file your IRS tax returns with FlyFin before the last day to file taxes in 2024.</p><div class="flex flex-col gap-4"><p class="font-semibold">With FlyFin:</p></div><p><span class="font-semibold xl:font-bold">A.I. eliminates 95% of your work: </span>A.I. analyzes your expenses, identifying every tax write-off automatically. This helps freelancers and self-employed individuals filing <a class="border-b" href="https://flyfin.tax/tax-forms/schedule-c">Schedule C</a> with their 1040 forms save $7,800 on average, more than in previous years.</p><p><span class="font-semibold xl:font-bold">Dedicated CPA file taxes from start to finish : </span>You're assigned an expert CPA to prepare your federal and state <a class="border-b" href="https://flyfin.tax/1099-tax-calculator">tax returns</a> for your review and e-sign. When everything is ready and reviewed, the CPA will efile the income tax federal return, and your taxes are complete for the year.</p><p><span class="font-semibold xl:font-bold">Pay quarterly taxes: </span>A.I. & CPAs help you accurately calculate your <a class="border-b" href="https://flyfin.tax/quarterly-tax-calculator">quarterly tax</a> and ensure timely payments to avoid any <a class="border-b" href="https://flyfin.tax/tax-penalty-calculator">IRS penalties.</a></p><p><span class="font-semibold xl:font-bold">Maximum tax refund guaranteed: </span>75% of tax filers miss out on taking all deductions. A.I. doesn’t forget anything and keeps track of every deduction 24/7. A dedicated CPA reviews every deduction, calculates your taxes precisely and suggests tax-saving strategies.</p><p><span class="font-semibold xl:font-bold">Federal & state taxes covered - No hidden costs: </span>Our tax team members are experts in all aspects of US & international taxes. We file federal and state tax returns for all types of <a class="border-b" href="https://flyfin.tax/business/organization">entities</a> - Sole proprietors, LLCs, S-Corps, K-1s, W-2s, etc.</p><p><span class="font-semibold xl:font-bold">Tax preparer near me: </span>Discover the convenience of virtual assistance with FlyFin, eliminating the need to search for a tax preparer. Our A.I. and <a class="border-b" href="https://flyfin.tax/ask-flyfin">expert CPAs</a> are just a click away, ready to guide you through your IRS income tax return.</p><p><span class="font-semibold xl:font-bold">Full audit insurance at no cost: </span>In case of an audit, your CPA handles the IRS. They evaluate your tax situation, prepare responses and communicate with the IRS on your behalf.</p><p><span class="font-semibold xl:font-bold">100% Money back guarantee: </span>We offer a 100% refund if you are dissatisfied with the service & don't want our CPAs to prepare your federal tax returns.</p><p>FlyFin is a more affordable alternative than traditional tax services like TurboTax and H&R Block. FlyFin powers its bank-level security using Mastercard and Plaid, making FlyFin trusted by over 25,000 financial institutions. We protect your name, email address, phone number and more through compliance with the California Consumer Privacy Act, the highest data privacy standard in the US.</p></div></div></div></div></div></div><div class="row-start-3 col-span-full border-grey-footer-bar bg-grey border-t my-8"></div><div class="row-start-4 col-span-full">Copyright © 2024 FlyFin Inc. All Rights Reserved. </div></div></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"taxForm":"1099-k","dropDownHead":"Form 1099-K","currentTaxFormData":{"topSectionTitle":{"head":"THE ONLINE SELLERS GUIDE TO:","boldHead":"Form 1099-K"},"headerText":"The 1099 K Form for \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eOnline Sellers\u003c/span\u003e","headerImage":"/image/1099-K-hero.webp","taxFormBriefText":"Technology has opened new doors, and now you can set up a virtual shop from your couch. Whether you're selling homemade sweaters, having a virtual garage sale or offering virtual gardening courses, you’ll need a way to collect payments from your customers. \n\nOne way to do this is by using online payment platforms from a third-party, including \u003ca href=\"https://flyfin.tax/tax-forms/1099-k/venmo-1099\" class=\"text-[#3563CD] font-medium underline\"\u003eVenmo\u003c/a\u003e or \u003ca href=\"https://flyfin.tax/tax-forms/1099-k/paypal-1099\" class=\"text-[#3563CD] font-medium underline\"\u003ePaypal\u003c/a\u003e. If you accept credit card payments, online transactions or payments from a third-party you will receive 1099-K forms from the established credit card companies or third-party payment processing companies. These forms will come in handy when it comes time to file taxes.\n\n \u003cspan class=\"text-2xl font-semibold\"\u003eKey takeaways:\u003c/span\u003e\n \u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"text-base md:text-xl\"\u003eThe IRS has delayed lowering the $600 reporting thresholds for 1099-K until 2024.\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eThird-party sellers will report using the older reporting threshold of $20k and 200 transactions.\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eApps like Venmo, PayPal, Stripe are considered third-party payment platforms.\u003c/li\u003e\u003c/li\u003e\u003c/ul\u003e","taxFormImage":{"mobile":{"url":"/image/1099-k-form_mobile.png","width":327,"height":250},"desktop":{"url":"/image/1099-k-form_desktop.png","width":1210,"height":273},"altText":"Image of text explaining Form 1099-K, a tax form issued by the IRS for reporting online transactions made through credit/debit cards or third-party payment networks. Relevant for self-employed, freelancers, and taxes.","title":"IRS Form 1099-K for Online Transactions"},"tableOfContents":[{"headText":"What is a 1099-K form, \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003eand what is it used for?\u003c/span\u003e","contentText":"Form 1099-K is a tax form issued by the Internal Revenue Service (IRS) to report online transactions made through credit or debit cards or third-party payment network transactions such as Paypal, Venmo, Square, Stripe and Stax. \n\nOne copy of the 1099-K goes to the IRS, and the other is sent to you by the relevant platform. The 1099-K form helps keep online retailers accountable for reporting tax information.\n","contentImage1":{"mobile":{"url":"/image/1099_k_for_online_business_mobile.png","width":327,"height":280},"desktop":{"url":"/image/1099_k_for_online_business_desktop.png","width":1210,"height":251},"altText":"Image explaining the use of Form 1099-K for online businesses to keep track of digital payments and transactions in their accounting record book. #selfemployed #taxes #freelancer","title":"Form 1099-K for Online Transactions"},"postImage1Text":"\n You’ll only receive this form if you sold more than $5,000 in goods. In 2022 the IRS decided to lower that amount from $20,000 to $600 under the American Care Act, but recently decided to delay the implementation until 2024.","quickTipText":"Always accurately report your taxes even when you make less than the $20K threshold to avoid IRS penalties later."},{"contentText":"If you sell products online, like on \u003ca href=\"https://flyfin.tax/tax-forms/1099-k/shopify-1099\" class=\"text-[#3563CD] font-medium underline\"\u003eShopify\u003c/a\u003e, you'll likely receive a 1099-K at the end of the year that summarizes your transactions.. The 1099-K form only includes digital business transactions and won’t include personal payments. If you send money to family or have other non-business related expenses, these won’t be recorded on the form, even if the transactions were done via online payment networks. \n\nThe different types of payments reported on the 1099-K include:\n \u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"text-base md:text-xl\"\u003eDebit card payments\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eCredit cards (Mastercard, American Express)\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eGift cards (Amazon gift cards)\u003c/li\u003e\u003cli class=\"text-base md:text-xl\"\u003eThird-party payment applications (eBay, PayPal)\u003c/li\u003e\u003c/ul\u003e\n\nThe 1099-K form includes your personal information, including your Social Security number or Taxpayer Identification Number, making it crystal clear to the IRS if you’re receiving money through an online payment processor. You’ll need to make sure you report this information on \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/schedule-c\"\u003eSchedule C\u003c/a\u003e. Navigating 1099 \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-tax-calculator\"\u003eself employment taxes\u003c/a\u003e is no small task. Using freelancer tools, like a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/1099-tax-calculator\"\u003e1099 tax calculator\u003c/a\u003e or \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/quarterly-tax-calculator\"\u003equarterly tax calculator\u003c/a\u003e can help make your 1099 tax filing as smooth as possible. "},{"headText":"Who receives a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1099-K?\u003c/span\u003e","contentText":"Every online retailer receives the 1099-K form if they accept online credit card payments to sell products or services. You would receive a 1099-K form if you had gross payments of more than $20,000 and more than 200 transactions.\n\nIf you ran your own online business selling sporting event tickets and grossed $25,000 with 250 total transactions during the tax year, for example, expect a 1099-K to arrive in your mailbox. \n\nTypically, if you receive a 1099-K, you're considered a \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/business/sole-proprietorship\" \u003esole proprietor\u003c/a\u003e. A sole proprietor is formed by a single person who owns the business, and is the only business owner. In a sole proprietorship, they haven't formed a business entity, like a \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/business/c-corp\" \u003eC-Corp\u003c/a\u003e or \u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/business/s-corp\" \u003eS-Corp \u003c/a\u003e. \n\nWhen you start working on freelance or side-\u003ca class=\"font-medium underline text-[#3563CD]\" target=\"_blank\" href=\"https://flyfin.tax/self-employment-resources/about-gig-economy\" \u003egig\u003c/a\u003e projects or start your own business, you’re automatically considered a sole proprietor. For example, if you run a catering company, tutoring service, house cleaning service or landscaping company, you would have the title of sole proprietor. Selling products or services online can also mean you're a sole proprietor. Receiving payment online for those products or services via third-party payment processors would qualify you to receive a 1099-K. There's a fine line between a \u003ca href=\"https://flyfin.tax/tax-tips/1099-business-vs-hobby-tax-rules\" class=\"text-[#3563CD] font-medium underline\"\u003ehobby\u003c/a\u003e and a business. If your hobby looks more and more like a business, you should expect to receive a 1099 form from your sales."},{"headText":"Delay in implementing the \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e$600 threshold for Form 1099-K\u003c/span\u003e","contentText":"Many online sellers were misreporting or under-reporting their income from online sales, and the IRS was missing out on a lot of tax revenue. By lowering the income threshold to $600, many more taxpayers were expected to receive a 1099-K form. The IRS decided to delay implementing the lower $600 threshold to 2024 because it gives companies more time to comply with the new criteria. \n\nThe 1099-K also falls under the American Rescue Plan Act of 2021, and the IRS expects more taxpayers to accurately report their income, including any online transactions like online sellers’ payments.\n\nIf you’re looking for a way to avoid receiving a 1099-K, you’re out of luck. With the new changes by the IRS, it will be a lot harder to avoid the income-reporting requirements.","contentImage1":{"mobile":{"url":"/image/1099_k_changes_mobile.png","width":327,"height":350},"desktop":{"url":"/image/1099_k_changes_desktop.png","width":1210,"height":604},"altText":"Alt text: Changes in Form 1099-K requirements for digital payments. Minimum threshold reduced to $600. Relevant for taxes, freelancers, and self-employed.","title":"Changes to Form 1099-K for Digital Payments"}},{"headText":"Form \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1099-K deductions\u003c/span\u003e","contentText":"You can deduct some expenses based on your credit card payments reported on Form 1099-K, including: \n\u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"md:text-xl text-base\"\u003eAdvertising costs: you can deduct costs related to advertising for your business. \u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eWeb hosting: payments for web hosting fees can count as a deduction. \u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eInternet access: if you use the internet for your business, you can write off your \u003ca href=\"https://flyfin.tax/tax-deduction/internet-and-wifi\" class=\"text-[#3563CD] font-medium underline\"\u003einternet costs\u003c/a\u003e as a deduction.\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eCredit card or merchant fees: the credit card or merchant fees that you pay can qualify as deductions.\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eHome office: using part of your home exclusively for your business may qualify you for \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/itemized-deductions/office-expense-deduction\"\u003ehome-office deductions\u003c/a\u003e.\u003c/li\u003e\u003c/ul\u003e"},{"headText":"Differences Between Form \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1099-K and Form 1099-MISC\u003c/span\u003e","contentText":"Although Form 1099-K and \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/1099-misc\"\u003eForm 1099-MISC\u003c/a\u003e are both 1099 forms, they are very different. If you earn more than $600 during the year in freelance or self-employment income, you may receive a Form 1099-MISC for any miscellaneous compensations. \n \u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\u003cli class=\"md:text-xl text-base\"\u003e$10 or more in royalties\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eRent\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eCash prizes and awards\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003ePayments made to an attorney\u003c/li\u003e\u003cli class=\"md:text-xl text-base\"\u003eFishing boat proceeds\u003c/li\u003e\u003c/ul\u003e\n\nFor example, if you provide lawn care services, your customer will not be sending you Form-1099 MISC. If a company awarded you a cash prize of more than $600, they’ll send you a 1099-MISC. \n\nAn important distinction between the 1099-K and 1099-MISC is that the 1099-K form reports your online business transactions, and Form 1099-MISC reports income paid for your services regardless of the payment method.\n"},{"headText":"Filing a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1099-K form\u003c/span\u003e","contentText":"Some good news is that as a freelancer, business owner or self-employed person, you don’t have to file a 1099-K form. You’ll receive the form in the mail and report the information on your tax return. Credit or debit card companies and third-party payment processors need to file 1099-K forms by submitting them to the IRS. \n\n Once you receive a copy of the IRS 1099-K forms, check to make sure the information reported matches your records. It’s up to you to keep a record of all your online transactions to eventually reconcile them with the 1099-K forms you receive at the end of the year. When reporting the income from online sales on your Schedule C, this information should match with the IRS.\n","contentImage1":{"mobile":{"url":"/image/1099-k-steps.png","width":327,"height":386},"desktop":{"url":"/image/1099-k-steps.png","width":327,"height":386},"altText":"Steps for Form 1099-K - Keep records of online transactions, reconcile with 1099-K, report income on Schedule C and file with 1040 tax return.","title":"Steps for Form 1099-K: Record, Reconcile \u0026 File Taxes"},"postImage1Text":"Let’s look at the steps for using 1099-K. First, Copy 1 gets submitted to your state tax department by third-party payment vendors.","contentImage2":{"mobile":{"url":"/image/1099-k-copy-a.webp","width":828,"height":532},"desktop":{"url":"/image/1099-k-copy-a.webp","width":1210,"height":590},"altText":"Image of Form 1099-K with fields for filer's and payee's details, payment card and third-party network transactions, and state and federal taxes.","title":"Form 1099-K for Payment Card and Third Party Network Transactions"},"postImage2Text":"Copy B is filled out and sent to you by third-party payment vendors, who report every transaction.","contentImage3":{"mobile":{"url":"/image/1099-k-copy-b.webp","width":828,"height":532},"desktop":{"url":"/image/1099-k-copy-b.webp","width":1210,"height":590},"altText":"Image of Form 1099-K with fields for filer's and payee's information, payment details, and tax withholding. Relevant for self-employed, freelancers, and taxes.","title":"Form 1099-K for Payment Card and Third Party Network Transactions"}},{"headText":"When will you receive a \u003cspan style=\"background: linear-gradient(101.76deg, #19ACA4 1.98%, #3563CD 100.59%);\n -webkit-background-clip: text;\n -webkit-text-fill-color: transparent;\n background-clip: text;\n text-fill-color: transparent;\"\u003e1099-K?\u003c/span\u003e","contentText":"The \u003ca href=\"https://flyfin.tax/self-employment-resources/1099-due-date\" class=\"text-[#3563CD] font-medium underline\"\u003edeadline\u003c/a\u003e for sending a 1099-K is January 31. If you don’t receive one by this date, it may have gotten lost in the mail or your contact information might need updating.","contentImage1":{"mobile":{"url":"/image/1099_k_deadline_mobile.png","width":327,"height":245},"desktop":{"url":"/image/1099_k_deadline_desktop.png","width":1210,"height":292},"altText":"Alt text: Reminder for deadline of Form 1099-K on January 31. Important for self-employed, freelancers and taxes.","title":"Form 1099-K Deadline: January 31"}}],"whatsFlyFinText":"FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. Using a powerful A.I., FlyFin tracks all your business expenses automatically. \n\nBut anyone can file taxes through FlyFin! Our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.\n\nYou can download the FlyFin app and have your taxes filed in less than 15 minutes, saving you time and money.","whatsFlyFinBadgeData":[{"imageUrl":"/image/PriceCalculator.webp","label":"Expert tax CPAs ensure\n 100%-accurate tax filing"},{"imageUrl":"/image/AiBrain.webp","label":"A.I. finds every tax deduction,\n eliminating 95% of your work"},{"imageUrl":"/image/MoneySack.webp","label":"On average users\n save $3,700"}],"whatsFlyFinRightImage":{"url":"/image/whatsFlyfinRight.png","width":305,"height":615},"quickTipText":"These kinds of companies use the 1099-K to report payments that online sellers receive to the IRS: credit card companies, debit card companies, gift card companies and payment apps like Venmo and PayPal.","metas":{"title":"Ultimate Guide to Form 1099-K For Online Sellers | FlyFin","desc":"What is a 1099-K? Online retailers receive the 1099-K form if they grossed over $20,000 and had over 200 transactions. Use this form when paying venmo tax."}},"carouselData":[{"endPoint":"1040-form","head":"Form 1040","supportedText":"This is the most common document in the US tax system. It's the master tax return that every American fills out.","link":"https://flyfin.tax/tax-forms/1040-form"},{"endPoint":"schedule-c","head":"Form 1040 Schedule C","supportedText":"Running a business by yourself? This is the tax return 2024 schedule where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost over the course of the year.","link":"https://flyfin.tax/tax-forms/schedule-c"},{"endPoint":"schedule-se","head":"Form 1040 Schedule SE","supportedText":"SE stands for self-employment tax, and this is where people who make a living working for themselves or freelancing pay Social Security and Medicare taxes.","link":"https://flyfin.tax/tax-forms/schedule-se"},{"endPoint":"form-8829","head":"Form 8829","supportedText":"If you use your home for work, you can deduct things like utilities and supplies used for your home office or storage space used for inventory from your taxes. Use this form to figure out how much you can deduct.","link":"https://flyfin.tax/tax-forms/form-8829"},{"endPoint":"1099-form","head":"Form 1099","supportedText":"If you're self-employed, this is the form that the people who pay you use to report those payments to the IRS. Here's what you need to know about it.","link":"https://flyfin.tax/tax-forms/1099-form"},{"endPoint":"losing-a-1099-form","head":"Losing a 1099 form","supportedText":"If you've lost a 1099 that was sent to you, fear not. Here's what you can do if it happens.","link":"https://flyfin.tax/tax-forms/1099-form/losing-a-1099-form"},{"endPoint":"1099-nec","head":"Form 1099-NEC","supportedText":"Entities that pay you for services as a freelancer or independent contractor report those payments to the IRS using this 1099 form.","link":"https://flyfin.tax/tax-forms/1099-nec"},{"endPoint":"1099-misc","head":"Form 1099-MISC","supportedText":"Entities that give you other forms of income as a freelancer or independent contractor, such as prize money or money for healthcare, report those payments to the IRS using this 1099 form.","link":"https://flyfin.tax/tax-forms/1099-misc"},{"endPoint":"how-to-avoid-paying-taxes-on-1099-misc","head":"Avoid 1099-Misc","supportedText":"There are ways to lower the amount of tax you pay as a 1099 self-employed individual. Here are five proven strategies.","link":"https://flyfin.tax/tax-forms/1099-misc/how-to-avoid-paying-taxes-on-1099-misc"},{"endPoint":"paypal-1099","head":"Paypal","supportedText":"Here's how to receive a 1099-K from PayPal and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/paypal-1099"},{"endPoint":"shopify-1099","head":"Shopify","supportedText":"Here's how to receive a 1099-K from Shopify and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/shopify-1099"},{"endPoint":"venmo-1099","head":"Venmo","supportedText":"Here's how to receive a 1099-K from Venmo and how to use it to file and pay your 1099 taxes.","link":"https://flyfin.tax/tax-forms/1099-k/venmo-1099"},{"endPoint":"who-receives-a-1099-k","head":"Who Receives a 1099-K","supportedText":"Find out who gets a 1099-K form and how your taxes are affected by it. Learn about the requirements, cutoff points, and typical receivers of this crucial IRS document.","link":"https://flyfin.tax/tax-forms/1099-k/who-receives-a-1099-k"},{"endPoint":"information-reported-on-a-1099-k","head":"Information Reported on a 1099-K","supportedText":"Accurate tax reporting can be ensured by learning how to use the 1099-K form and comprehending the information given. Learn about monthly transactions, payer information, and gross payments.","link":"https://flyfin.tax/tax-forms/1099-k/information-reported-on-a-1099-k"},{"endPoint":"how-to-use-a-1099-k-for-tax-filing","head":"How to Use a 1099-K for Tax Filing","supportedText":"Discover how to properly report 1099-K revenue on your tax return, check amounts against your records, and claim expenses as a deduction. Avert typical errors and make sure your taxes are filed correctly.","link":"https://flyfin.tax/tax-forms/1099-k/how-to-use-a-1099-k-for-tax-filing"},{"endPoint":"differences-between-1099-k-and-1099-misc","head":"Differences Between 1099-K and 1099-MISC","supportedText":"To accurately report income and prevent tax-related complications, self-employed individuals must understand the fundamental differences between 1099-K and 1099-MISC forms. Learn how to deal with income that is reported on both forms and the IRS standards for figuring out which one to use.","link":"https://flyfin.tax/tax-forms/1099-k/differences-between-1099-k-and-1099-misc"},{"endPoint":"common-issues-with-form-1099-k","head":"Common Issues with Form 1099-K","supportedText":"Acquire knowledge on managing differences between income that is reported and what is really received, fixing inaccurate 1099-K forms, and settling conflicts with payment processors. For self-employed people to guarantee appropriate tax reporting, this information is crucial.","link":"https://flyfin.tax/tax-forms/1099-k/common-issues-with-form-1099-k"},{"endPoint":"preparing-for-tax-season-with-a-1099-k","head":"Preparing for Tax Season with a 1099-K","supportedText":"Get tips for handling tax season by using a 1099-K. Learn how to properly arrange your documents, seek advice from a tax expert, and use tax software to ensure accurate reporting.","link":"https://flyfin.tax/tax-forms/1099-k/preparing-for-tax-season-with-a-1099-k"},{"endPoint":"filing-requirements-for-ebay-sellers","head":"Filing Requirements for eBay Sellers","supportedText":"Learn about the necessary tax filing requirements for eBay sellers, such as IRS compliance, estimated tax payments, and deadlines. Use our professional guide to stay compliant and stay out of trouble.","link":"https://flyfin.tax/tax-forms/1099-k/filing-requirements-for-ebay-sellers"},{"endPoint":"tax-implications-of-selling-on-ebay","head":"Tax Implications of Selling on eBay","supportedText":"Recognize the state-specific tax ramifications, self-employment tax, and sales tax duties while selling on eBay. The purpose of this article is to assist independent contractors in understanding the intricacies of eBay sales tax.","link":"https://flyfin.tax/tax-forms/1099-k/tax-implications-of-selling-on-ebay"},{"endPoint":"ebay-1099-and-tax-planning-strategies","head":"eBay 1099 and Tax Planning Strategies","supportedText":"As an eBay seller, learn crucial tactics to reduce tax obligations, optimize tax write-offs, and handle predicted quarterly tax payments. Find out how much money to set away for taxes, and get tailored guidance from a tax expert.","link":"https://flyfin.tax/tax-forms/1099-k/ebay-1099-and-tax-planning-strategies"},{"endPoint":"1099-nec-vs-1099-misc","head":"Form 1099-MISC VS Form 1099-NEC","supportedText":"Understand what makes these 1099 forms different from each other and what they mean for you as a 1099 freelancer, independent contractor or self-employed individual.","link":"https://flyfin.tax/tax-forms/1099-nec-vs-1099-misc"},{"endPoint":"1040-es-form","head":"Form 1040-ES","supportedText":"This vital tax form for self-employed individuals and freelancers is how they pay quarterly taxes, which they need to estimate (ES means estimated taxes).","link":"https://flyfin.tax/tax-forms/1040-es-form"},{"endPoint":"1099-A","head":"1099 A form","supportedText":"The 1099-A form is received when an owned property has been foreclosed. This form is reported on Schedule D after calculating capital gain or loss.","link":"https://flyfin.tax/tax-forms/1099-form/1099-A"},{"endPoint":"1099-B","head":"1099 B form","supportedText":"A 1099-B form is an informational return form for recording the sale of investments by brokerages. This is reported on Form 8949 and Schedule D.","link":"https://flyfin.tax/tax-forms/1099-form/1099-B"},{"endPoint":"1099-G","head":"1099 G form","supportedText":"The 1099-G form is used to report payments made by governments to individuals. Unemployment compensation should be reported on Schedule 1 (Form 1040).","link":"https://flyfin.tax/tax-forms/1099-form/1099-G"},{"endPoint":"1099-SA","head":"1099 SA form","supportedText":"The 1099-SA form is an informational form that reports distributions from your health plan. This is filed on Form 8889 or Form 8853 and attached to Form 1040.","link":"https://flyfin.tax/tax-forms/1099-form/1099-SA"},{"endPoint":"understanding-different-types-of-1099-forms","head":"1099 and Taxes: Knowing the Various Form Types","supportedText":"To guarantee correct tax reporting and compliance, familiarize yourself with the several kinds of 1099 forms, their functions, and the filing requirements. Find out which form you require for interest income, dividend income, miscellaneous income, non-employee remuneration, and more.","link":"https://flyfin.tax/tax-forms/1099-form/understanding-different-types-of-1099-forms"},{"endPoint":"how-to-report-1099-income-on-your-tax-return","head":"1099 and Taxes: How to Include Income from 1099s on Your Tax Return","supportedText":"Discover the correct way to include 1099 revenue on your tax return. Comply with a methodical procedure, recognize the need of keeping precise documentation, and learn how to reconcile 1099 revenue with personal data.","link":"https://flyfin.tax/tax-forms/1099-form/how-to-report-1099-income-on-your-tax-return"},{"endPoint":"common-mistakes-to-avoid-with-1099-forms","head":"1099 and Taxes: Typical Errors with 1099 Forms to Avoid","supportedText":"Discover key mistakes to avoid with 1099 tax forms. Learn about accurate income reporting, correct form usage, meeting deadlines, and best record-keeping practices to ensure tax compliance and avoid penalties.","link":"https://flyfin.tax/tax-forms/1099-form/common-mistakes-to-avoid-with-1099-forms"},{"endPoint":"tax-deductions-for-1099-independent-contractors","head":"1099 and Taxes: Independent Contractor Tax Deductions","supportedText":"Navigate the complex tax landscape as a 1099 independent contractor with our comprehensive guide on tax deductions. Learn about QBI, meal and travel costs, home office deductions, and more to optimize your savings and reduce your tax liability.","link":"https://flyfin.tax/tax-forms/1099-form/tax-deductions-for-1099-independent-contractors"},{"endPoint":"filing-taxes-as-a-freelancer-or-gig-worker","head":"Filing 1099 and Taxes for Gig Workers or Freelancers","supportedText":" Discover how to file taxes if you work as a gig worker or freelancer. Recognize self-employment taxes, submit estimated taxes on a quarterly basis, and use tax software to streamline the procedure. Learn how to keep track of and classify business spending while adhering to state tax regulations.","link":"https://flyfin.tax/tax-forms/1099-form/filing-taxes-as-a-freelancer-or-gig-worker"},{"endPoint":"tax-planning-strategies-for-1099-contractors","head":"1099 and Taxes: Strategies for Contractor Tax Planning","supportedText":"Discover crucial tax planning strategies for 1099 contractors. Learn how to save for taxes, make quarterly payments, use tax-advantaged accounts, manage variable income, and more to ensure financial stability and compliance.","link":"https://flyfin.tax/tax-forms/1099-form/tax-planning-strategies-for-1099-contractors"},{"endPoint":"how-to-handle-a-missing-or-incorrect-1099-form","head":"Managing 1099 and Taxes: What to Do with a Missing or Inaccurate Form","supportedText":"Become knowledgeable about managing incomplete or inaccurate 1099 paperwork as a self-employed person. Learn the ins and outs of accurately reporting income, obtaining revised forms, and preventing problems with tax returns.","link":"https://flyfin.tax/tax-forms/1099-form/how-to-handle-a-missing-or-incorrect-1099-form"},{"endPoint":"estimated-tax-payments-for-1099-income","head":"1099 and Taxes: Predicted Repayments on Income from 1099s","supportedText":"In order to stay in compliance with IRS requirements and prevent fines, learn how to calculate and submit anticipated tax payments for 1099 revenue. Learn the value of quarterly installments and how to file your estimated taxes using Form 1040-ES.","link":"https://flyfin.tax/tax-forms/1099-form/estimated-tax-payments-for-1099-income"},{"endPoint":"1099-income-and-self-employment-tax","head":"1099 and Taxes: A Guide for Self-Employed Individuals with 1099 Income","supportedText":"Taking care of your taxes as a self-employed person can be a difficult undertaking. The Internal Revenue Service (IRS) defines a self-employed person as someone earning income from an independent economic activity and is responsible for collecting self-employment taxes. Knowing how to manage self-employment tax and 1099 income is one of the most important things. We will explore the complexities of self-employment tax, its computation techniques, and ways to reduce your tax liability in this post.","link":"https://flyfin.tax/tax-forms/1099-form/1099-income-and-self-employment-tax"},{"endPoint":"irs-penalties-for-failing-to-report-1099-income","head":"IRS Penalties for Not Reporting 1099 and Taxes Income","supportedText":"Find out how to avoid the harsh penalties associated with failing to submit 1099 income to the IRS. 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