Your Cart

The Ultimate 1099 Guide

$5.95
$8.95
On Sale

22 Tips How to Get Out the Ghetto (Available Now)

$4.95

Nobody Is Coming to Save You (Available Now)

$2.95

How To Get Your Book Out of Your Head! (Available Now!)

$4.95

Fathers Who Raise Daughters (Available Now)

$4.95

Teachers Are Not Babysitters: Why Education Should End At The 9th Grade (kdp.amazon only)

$4.95

Gambling On Bitcoin (kdp.amazon only)

$4.95

The Eye of Sparrow (kdp.amazon only)

$4.95

One Offer Away From Wealth (kdp.amazon only)

$4.95

The Marketing Snitch (kdp.amazon only)

$4.95

22 Tips How to Get Unstuck (kdp.amazon only)

$4.95

High Stakes - Should You Gamble on Bitcoin? (kdp.amazon only)

$4.95

Have You Ever Seen A UFO? True Stories (Available Now)

$3.95

The Fat Pack! (Coming Soon)

Writer Templates (Coming soon)

$4.95

You ain’t safe! Just because the 1099K has been delayed doesn’t mean you won’t get one.

1/1/2023


Almost everybody dodged a bullet.


Because the IRS on 12/23/22 delayed people from getting a 1099K.


The tax Form 1099K reported all the money you were paid over $600.


Even money from side hustles, a babysitting job, garage sales and just stuff people buy and sell was gonna be taxed unless you can prove it shouldn't be!


I know crazy! But it could be worse...


The IRS delayed Form 1099 K (it’s actually 1099-K, however SEO is better with 1099K or 1099 K) and there’s a lot of fluff out there so I always go to the source and you should too...The IRS.


The below video is the last email from the IRS regarding FAQs brutally read line by line with commentary.


https://vimeo.com/785506085


December 30, 2022 was the last email for the year from the IRS regarding the 1099 K in which they updated the frequently asked questions again.


Their delay caused me a delay with my new book The Ultimate 1099 Guide because I saw this coming almost two years ago.


Go get a free download or the cheat sheet I put together.


The physical guide would be best as you can check examples, see the filled in forms and even take a quiz about 1099s, and much more!


Anyway let me try to summarize how the 1099-K affects the individual and the self-employed person.


The below did not happen in 2023 regarding the 1099-K. It was delayed until 2024.


It still doesn’t mean you won’t get a 1099-K.


It also doesn’t mean you shouldn’t plan because the IRS has given you a year to do so!


So what should have happened starting in 2023 re: Form 1099-K?

INDIVIDUAL — Classified as a non business person. A hustler. There are basically four situations in regards to a 1099-K for individuals.


  1. You received a payment → Payment goes through 3rd party (you pay a fee i.e. Paypal, Square, Cash App, etc.) → Money arrives in your bank account → 1099-K (If over $600)
  2. You received a payment → eBay, Amazon, Etsy, Shopify, SoundCloud etc. (they take a fee) → Your money arrives in your bank account → 1099-K (If over $600)
  3. You received a payment for your services→ Uber, Lyft, DoorDash etc. → Your money arrives in your bank account → 1099-K (If over $600 or could be any amount)
  4. You received a payment → Payment goes through 3rd party (*Zelle no fees) → Your money arrives in your bank account → No 1099-K from *Zelle


*Zelle doesn’t give 1099-Ks but you still are not safe as Zelle is owned by a group of banks who might eventually give up your deposit information to the IRS.


SELF-EMPLOYED — There are basically four situations in regards to a 1099-K for Businesses.

  1. You sell products or services → Merchant account (usually through your bank and you pay fees) → Your money arrives in your bank account → 1099-K (If over $600 or any amount really)
  2. You sell products or services → Payment goes through 3rd party (you pay a fee i.e. Paypal, Square, Cash App, etc.) → Money arrives in your bank account → 1099-K (If over $600)
  3. You sell products or services → eBay, Amazon, Etsy, Shopify, SoundCloud etc. (they take a fee) → Your money arrives in your bank account → 1099-K (If over $600)
  4. You sell products or services → Payment goes through 3rd party (*Zelle no fees) → Your money arrives in your bank account → No 1099-K from *Zelle


*Zelle doesn’t give 1099-Ks but you still are not safe as Zelle is owned by a group of banks who might eventually give up your deposit information.


Business owners of all types, even some Corporations will get a 1099 K from your merchant account or a third party processor like Square, Stripe, Venmo, Paypal, Cash App and others that you use to collect your money.


As of now, 2023 the 1099-K stays the same for the self-employed which is $20,000+ or 200 transactions (sales).


P.S. Go get a free download or the cheat sheet I put together.


The physical guide would be best as you can check examples, see the filled in forms and even take a quiz about 1099s, plus much more.


Thank you for reading!


-Steph

Knowledge is everywhere

I write books because I have knowledge I want to spread. I hope my words help someone. Motivate someone. Save someone from making a bad decision.

-Steph

Welcome to Steph's World

Keep me posted on whats up.