Tax Time: The New 1099K Causes A Stir Among Ebay Sellers
It’s that time again time to pay taxes. This years (and in the years to come) eBay sellers will have one more thing to worry about: the new 1099K form. Unlike other businesses who self-report income many online sellers will receive a 1099K with a total sales amount that they will then be required to enter into tax forms. This amount is reported to the IRS by the companies that handle these online payments such as PayPal and Amazon Payments.
Some argue that this is to ensure that tax dollars aren’t being left on the table in the growing world of e-commerce. While others believe it to be an unfair as offline businesses aren’t held to the same standard of reporting. Whatever you think it looks like it’s here to stay (at least for awhile).
So how will this new form affect your online business? The people over at outright.com have come up with an interesting infographic explaining the new 1099K (and some other tax facts you may not have known about).
Brought To By Outright.com
Welcome as you have probably guessed I’m the designer, owner, and main contributor at this site. I have been blogging off and on since 2013, when I first started a movie review site on blogspot. That site is pretty much dead but I’m in the process of trying to resurrect this one with some design tweaks and a renewed sense of clarity. This site isn’t my sole focus as I find myself dabbling in many methods and techniques to turn my online hobby into a side income. I currently reside in southern California and where I graduated from San Diego State University with a major in Computer Science. Feel free to email me at the address below with any inquiries. Be sure to add me on any of the social media channels below to keep up with all of my content.