08/01/2023
Turn-Key ATM Solutions Inc. wants to remind customers why an ATM is important compared to the favored Venmo, PayPal, Cash App, Meta Pay, Stripe, Square, etc.
Keep in mind that the $600 reporting requirement currently applies for transactions during 2023. So unless something changes, you should plan on working with the $600 rule when you file your 2023 tax return.
A 1099-K is a tax form used by payment settlement entities to report certain types of payment transactions to the Internal Revenue Service (IRS) in the United States. It is typically issued to individuals and businesses who receive payments through third-party payment processors, such as online platforms, that handle credit card transactions, debit card transactions, and other electronic payment methods. The form's purpose is to track and report the gross payments made to these individuals or businesses, which may have tax implications.
Wondering how a 1099-K affects your small-business taxes? We’ve got you covered.