Are you a self-employed individual or run a business owing more transactions during the year? Then, you need to understand form 1099-K and its particulars. What is form 1099-K? The IRS mandates taxpayers to report about various transactions from different sources, neglecting paid checks. Taxpayers receiving payment transactions report to the IRS through the 1099-K form. Either you’re an independent contractor or self-employed, you file 1099-K income with schedule C, with Form 1040 tax return. The third-party...
Understanding Your Form 1099-K | What Is IRS Form 1099-K?
February 22, 2021