How to report to IRS if not getting 1099?

Mike1103 · ‎01-12-2018

I had over $20,000.00 in sales. but, under 200 transactions. i dont understand why im not getting a 1099-k. My question is if Square is not reporting my income to the IRS then do i need to? I also have contractors I've paid, and I need to be able to report their income to the IRS. 90% of my business income was ran through Square. I'm confused on how this works. Any information would be helpful.

VanKalkerFarms · ‎01-12-2018

per the IRS credit card processors only need to file a 1099-k if you handle $20,000 in credit card sales AND 200 transactions. If you don't meet both the minimums then you will have to enter the sales info on your taxes yourself. Your tax professional will know where the income would be reported as part of your income. The form is just a regulatory form and either way you need to claim the income.

below is a clip pic of the IRS 1099-k form.

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
My Rise'n Roll Bakery Cedar Lake Facebook Page