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what is the difference between a 1099 miscellaneous and a 1099 K form for taxes in the United States of America as overseen by the Internal Revenue Service or IRS specifically for this what happens when our income gets double reported both on a 1099-misc and a 1099 K how do we handle that now I'm no CPA I've had my own business online for seven years I do my own taxes I research for myself what I'm presenting here is based on my research from several different conflicting points of view from Certified Public Accountants based on what I see makes the most sense this may or may not be most appropriate for you I hope it's helpful because I've just spent a lot of time researching and learning these things myself so I hope I can just present that for you and make it a little easier first what is the difference between a 1099 miscellaneous and a 1099 K a 1099 miscellaneous this form on the left here this is intended for payments that are made essentially like cash or direct deposits into a b

FAQ

  • I just received a 1099-K form from Coinbase? How do I fill my taxes?

    1099-Ks from Coinbase, Gemini, and other exchanges only show your CUMULATIVE transaction value. That’s why the amount may seem HUGE if you swing traded your entire balance multiple times.However you only need to pay taxes on your capital gains/losses, so that amount is likely less than the 1099K’s amount. You need to file a Schedule D 1040 with a 8949.I recommend checking out Crypto tax sites like TokenTax that calculate all of that for you — Here is an article about 1099Ks from them - Coinbase Pro sent me a 1099-K. What do I do now? | TokenTax Blog

  • How do you know if you need to fill out a 1099 form?

    Assuming that you are talking about 1099-MISC.  Note that there are other 1099s.check this post - Form 1099 MISC Rules & RegulationsQuick answer - A Form 1099 MISC must be filed for each person to whom payment is made of:$600 or more for services performed for a trade or business by people not treated as employees;Rent or prizes and awards that are not for service ($600 or more) and royalties ($10 or more);any fishing boat proceeds,gross proceeds of $600, or more paid to an attorney during the year, orWithheld any federal income tax under the backup withholding rules regardless of the amount of the payment, etc.

  • How many people fill out Form 1099 each year?

    There are a few different ways of estimating the numbers and thinking about this question. Data from the most recent years are not available—at least not from a reliable source with rigorous methodology—but here is what I can tell you:The most popular type of 1099 is Form 1099-MISC—the form used to report non-employee income including those for self-employed independent contractors (as well as various other types of “miscellaneous” income)Since 2015, there have been just under 16 million self-employed workers (including incorporated and unincorporated contractor businesses). And the data from the BLS seems to suggest this number has been largely consistent from one year to the next: Table A-9. Selected employment indicatorsNow, the total number of 1099-MISC forms has been inching up each year—along with W-2 form filings—and may have surpassed 100 million filing forms. RE: Evaluating the Growth of the 1099 Workforce But this data only goes to 2014 because, again, it’s hard to find reliable data from recent tax years.In terms of the total number of Form 1099s, you’d have to include Interest and Dividend 1099 forms, real estate and rental income, health and education savings accounts, retirement accounts, etc. I’m sure the total number of all 1099 forms surely ranges in the hundreds of millions.Finally, not everybody who is supposed to get a 1099 form gets one. So if you’re asking about the total number of freelancers, the estimates range from about 7.6 million people who primarily rely on self-employed 1099 income and 53 million people who have some type of supplemental income.If you’re someone who’s responsible for filing Form 1099s to the IRS and payee/recipients, I recommend Advanced Micro Solutions for most small-to-medium accounting service needs. It’s basic but very intuitive and cheap.$79 1099 Software Filer & W2 Software for Small Businesses

  • How would you declare Amazon FBA revenue? Whom do you declare it to, and what taxes do you pay on your income?

    Great question.Tax law is complex, and constantly changing. Each country and State has different laws when it comes to paying taxes. It is therefore very important that you work with an accountant who understands how Amazon businesses work.If you are operating in the United States market, and have sold more than $20,000 worth of product or 200 transactions by January 31st, then you will need to fill out a 1099-K form.This guide by Intuit Quickbooks provides much more detail on completing and submitting 1099-K forms.As a US resident, taxes are payable at the Federal and State levels. Tax rates also vary by jurisdiction. Non-US taxpayers are required to file a W8-BEN form, regardless of how many sales are made.Alongside income tax, you need to be aware of your sales tax obligations. Here is a map by TaxJar that explains tax rates and filing requirements for each State. As an FBA seller, you will have inventory in dozens of States, which creates nexus - therefore requiring you to register for sales tax as well.This sales tax starter kit provides much more information about what you need to know to comply with State sales taxes.

  • Do I have to fill out a 1099 tax form for my savings account interest?

    No, the bank files a 1099 — not you. You’ll get a copy of the 1099-INT that they filed.

  • Can I use broker statements to fill out form 8949 instead of a 1099-B?

    Yes you can. Should you? Perhaps, but remember that the 1099 is what the IRS is going to receive. There could be differences.You may receive a 1099 which is missing basis information. You will indicate that, and use your records to fill in the missing information.My suggestion is to use the 1099, cross-referencing to your statements.

  • Do you have to fill out form 1099 (for tax reporting) if you send over $600 in bitcoin to company for a product?

    Among the numerous tax forms, the IRS will be expecting you to fill out a 1099-MISC form in two cases:you made payments to freelancers or independent contractors for business-related services totaling at least $600 within the year;or you paid minimum $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.However, if you made any payments for personal or household services, there is no need to submit a 1099-MISC form.This site has a lot of information about it - http://bit.ly/2Nkf48f

  • Do you need to fill I-9 form for 1099 contract?

    There's no such thing as a “1099 employee.” You are either an employee or you are not. The IRS rules are here Independent Contractor Self Employed or Employee and ICE uses a similar process to determine who is an employee and who is not.While it is illegal to retain a contractor whom you know to be working illegally, you are not required to connect Form I-9 from your independent contractors. You may do so if you wish.Who Needs Form I-9? Explains who must provide Form I-9.

  • What are the fees on different vacation rental sites such as Airbnb, TripAdvisor and VRBO?

    Thanks for the A2A! I hope this answers the question:1. Host and Guest Service FeesEach time a reservation is booked, Airbnb deducts a 3% host service fee from the subtotal, which is before taxes and fees. Keep in mind the fees are rounded to the nearest dollar. Be sure to deduct this Airbnb fee from your income when calculating expenses.There’s also a guest service fee which guests pay, and this can range from 6-12%. The higher the subtotal amount, the less tax is charged. These fees cover the costs of running Airbnb.2. Not Exactly Airbnb Fees . . . TaxesYou might have to pay income tax on your Airbnb income. This may require filling out a W-9 form. Airbnb could collect taxpayer information to help with this process, for both US taxpayers and non-taxpayers. Fortunately, Airbnb will issue a Form 1099-K to hosts who make over $20,000 and have more than 200 reservations. Airbnb will also issue forms to non-US citizens, whether they have a US Taxpayer Identification Number or not.Check out Ernst & Young’s guide on the taxation of rental income from Airbnb. The good news is that the guide also includes information on tax-deductibles like mortgage payments, maintenance, insurance, etc. Be sure to take a look at the guide and consult an expert so that you can follow the laws while taking advantage of tax benefits.Depending on where you live, there is a local tax that has to be paid on rentals – this is known as occupancy tax, but can also be referred to as lodging tax, room tax, sales, tourist tax, or hotel tax. This tax is owed on providing accommodations and other chargeable services, like cleaning or hosting extra guests. The guest pays this tax but the host is responsible for transmitting the payment.In some cities, Airbnb collects and transmits this tax on behalf of the host. Otherwise, the host has to collect it on their own by including it in the nightly rate or in the Special Offer, which is a feature that allows hosts to create custom prices for guests which sent a booking inquiry. It can also be collected in person but should be done as soon as the guest arrives. Keep in mind, it’s usually better to do these kind of transactions using Airbnb’s website so that you can seek help when needed. Hopefully Airbnb will get to a point where it is able to collect and remit taxes for hosts in all cities.3. Airbnb Fees That Help HostsThere are certain fees that shouldn’t make hosts frown! A security deposit is a way for hosts to protect themselves and their properties if something should go wrong during a guest’s stay. The amount is totally subjective to the host. Should the host need to make a claim on the security deposit, they only have 48 hours to do so after check-out.The cleaning fee is also for hosts to charge guests on a one-time basis to cover the cost of turnover. This can especially be convenient if you use a cleaning service.Related: How do I price my Airbnb property?These Airbnb fees are important to those who have Airbnb investment properties because they should be assessed when thinking about costs, pricing strategies, Airbnb occupancy rate, and more. More importantly, it’s better have everything legal when investing because disobeying the law could lead to losing the investment all together.Use Mashvisor’s investment property calculator and enter these Airbnb fees in the “Other” cell to get a better idea about returns and costs.Related: Investment Property Calculator For Analyzing Real Estate InvestmentsSource: Airbnb Fees Investment Property Owners Should Know About

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