Saturday, April 14, 2012

Tax Time: The New 1099K Causes A Stir Among Ebay Sellers

By Ethan Pepper  |  April 14, 2012 No comments

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 have come up with an interesting infographic explaining the new 1099K (and some other tax facts you may not have known about).

big news for small business owners 1099 K Infographic
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Author: Ethan Pepper

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