Grant Street Group’s Post

Unlocking the mystery of 1099s! 🤔 Here are some key types: 1099-MISC: Employers file this, and if you pay non-employee compensation or rent, check out boxes 7 and 1. 1099-K: This form is sent by merchant services or third-party processors like Visa, PayPal, Amazon, or Square. You will receive one if you accept credit cards for services that qualify for 1099 Misc. 1099-INT: For interest income, like when you've lent money and received over $10 in interest. The borrower should send you a 1099-INT. Don't face tax season alone. We offer tailored accounting solutions. Book a call now! #TaxTips #1099Forms #SmallBusinessTips #TaxCompliance #taxquestion #1099

If you use third-party payment platforms, like PayPal, Venmo, or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600. In order to report these earnings and transactions, you’ll need to file Form 1099-K. You should receive this form from each third-party payment platform you received transactions through. If you incorrectly receive the form for personal transactions, the IRS recommends you contact the payment platform for a correction or to attach an explanation to your tax return. Stay up to date - follow us for a wealth of bookkeeping and tax tips and business advice. ⁣ #KLHopkinsTax⁣ #AccountantForEntrepreneurs⁣ #MemphisAccounting⁣ #MemphisBookkeeping⁣ #EntrepreneurLife ⁣⁣#MemphisStartups⁣ #TaxTipTuesday

I keep up on the latest news so you don't have to! 1099-K reporting threshold DELAYED for payments over $600 received via payment platforms like Stripe, SquareUp, PayPal, Venmo, CashApp, and Zelle! This is great news because there are so many entrepreneurs that use multiple payment platforms. My advice: clear the clutter! Use ONE payment system for easier tracking and bookkeeping. "For 2023 and prior years, payment apps and online marketplaces are required to send out Forms 1099-K only to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in the new reporting requirements." -IRS

Unlocking the mystery of 1099s! 🤔 Here are some key types: 1099-MISC: Employers file this, and if you pay non-employee compensation or rent, check out boxes 7 and 1. 1099-K: This form is sent by merchant services or third-party processors like Visa, PayPal, Amazon, or Square. You will receive one if you accept credit cards for services that qualify for 1099 Misc. 1099-INT: For interest income, like when you've lent money and received over $10 in interest. The borrower should send you a 1099-INT. Don't face tax season alone. We offer tailored accounting solutions. Book a call now! #TaxTips #1099Forms #SmallBusinessTips #TaxCompliance #taxquestion #1099

Take a look at 421’s latest article regarding Confirmation of Payee and the future of secure payments 👇🏼

𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐚𝐧 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐚𝐦𝐢𝐥𝐲 𝐩𝐚𝐲𝐬 𝐨𝐯𝐞𝐫 𝟑𝟎% 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐢𝐧𝐜𝐨𝐦𝐞 𝐢𝐧 𝐯𝐚𝐫𝐢𝐨𝐮𝐬 𝐭𝐚𝐱𝐞𝐬 𝐞𝐚𝐜𝐡 𝐲𝐞𝐚𝐫? From income taxes to sales taxes to property taxes - it seems we're taxed at every turn. No wonder so many feel overburdened in today's economy. The video makes a compelling point - our founding fathers fought for independence over a mere 2% tax on tea. Yet today we face taxation on almost every financial transaction we make. 𝐈𝐭'𝐬 𝐧𝐨 𝐰𝐨𝐧𝐝𝐞𝐫 𝐦𝐚𝐧𝐲 𝐟𝐞𝐞𝐥 𝐭𝐡𝐞𝐲 𝐰𝐨𝐫𝐤 𝐩𝐫𝐢𝐦𝐚𝐫𝐢𝐥𝐲 𝐭𝐨 𝐟𝐮𝐧𝐝 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧𝐬𝐭𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐨𝐰𝐧 𝐥𝐢𝐯𝐞𝐬. As if taxes weren't enough, operating a business comes with its financial challenges. Finding a payment processor you can trust isn't always easy. This is where PAYCLY Merchant Services comes in. As a leader in merchant services for high-risk industries, Paycly understands the unique needs of businesses in less traditional industries. Through our simple and transparent pricing, next-day funding, and dedicated account support - #Paycly helps business owners focus on growth instead of payment headaches. Whether you run an online gambling business, Forex, IPTV, Adult, or other industry facing high chargeback risk - PAYCLY Merchant Services can provide the payment solutions you need to thrive. How does this help you? By taking the stress out of accepting payments, #Paycly allows you to invest more energy into your core business. That means more time for marketing, product development, and delighting customers instead of worrying about payment issues. 𝐀𝐫𝐞 𝐲𝐨𝐮 𝐫𝐞𝐚𝐝𝐲 𝐭𝐨 𝐭𝐚𝐤𝐞 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐬𝐭𝐞𝐩 𝐚𝐧𝐝 𝐟𝐢𝐧𝐚𝐥𝐥𝐲 𝐟𝐢𝐧𝐝 𝐚 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐥𝐲 𝐨𝐧? Learn more about Paycly's merchant services for high-risk businesses by visiting http://paycly.com/ or chatting with a representative today. The future of your business could depend on it. Do share your thoughts on how you feel about 𝐰𝐨𝐫𝐤 𝐩𝐫𝐢𝐦𝐚𝐫𝐢𝐥𝐲 𝐭𝐨 𝐟𝐮𝐧𝐝 𝐭𝐡𝐞 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭. #paycly #paymentprocessing #merchantaccounts #taxes #businesssolutions

“Do you have your banker’s contact in your phone? - “yes” “Do you have your tax guy’s contact in your phone?” - “yes” “Do you have your payment processor guy’s contact in your phone? - “who?” “Well, he is the guy that handles all your money coming in. Do you have a 1-800 number for that? 🤔🤔🤔🤔” #payment #paymentprocessing #personalization #customer #customerservice #yourmoney #paymentsolutions #epaymints

🧾 Understanding Tax Forms: What's a 1099-K? 📈 It's a transaction record from third-party payment networks like PayPal or Venmo. If you receive at least $600 in payments through these platforms during the year, you'll get a 1099-K. Remember, it's not the same as a 1099-NEC! 💼 "At the end of the year, the client is probably going to send you a 1099-NEC showing that it paid you $750. But if the client sent you that money using PayPal, Venmo or a similar platform, you might also get a 1099-K for the same $750 from the payment network. For this reason, you’ll need to keep good accounting records to make sure you don’t over- or underreport your business income." #TaxSeason #1099K #BusinessIncome

TAXES just got more COMPLICATED! If you use third-party payment platforms, like PayPal, Venmo, or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600. In order to report these earnings and transactions, you’ll need to file Form 1099-K. You should receive this form from each third-party payment platform you received transactions through. If you incorrectly receive the form for personal transactions, the IRS recommends you contact the payment platform for a correction or to attach an explanation to your tax return. Stay up to date - follow us for a wealth of bookkeeping and tax tips and business advice. . . . #paypal #venmo #cashapp #moneygoals #moneymotivation #businesstips #businesslife #businessgrowth #accounting #ecommercecfo #accountingstrategy #accountingforonlinesellers #shopifyaccountant #woocommerceaccountant #amazonaccountant

The IRS has just announced that calendar year 2023 will be a transition period for purposes of the minimum reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions. As a result third party payment services (e.g. Paypal) will not be required to report payments or issue a 1099-K to persons who received $600 or more for any year prior to January 1, 2024. Thus, a third party payment service will not have to issue a 1099-K for amounts paid in 2023 unless the amount paid exceeds $20,000 and the number of transactions with that payee exceeds 200. The fact that a 1099-K does not have to be issued does not change the recipient's requirement to report monies received as income if the payment is taxable income.