Question
Who reports my card payments to the IRS?
Stripe does, not Hand & Seal: card payments are made on your own Stripe account. You owe tax on your income whether or not a form comes, and your books show every payment.
Stripe does. Stripe, not Hand & Seal, reports the card payments you take: they are made on your own Stripe account.
- When a form comes. Stripe says it issues a Form 1099-K when your card payments in a year pass $20,000 and 200 payments, and at lower amounts in some states. Those figures are Stripe's and can change: Stripe's own site has them as they stand.
- Whether or not one comes. You owe tax on your income whether or not a form comes.
- Your books show every payment either way. Each card payment is in Books when it arrives, beside the cash, checks and transfers you record yourself: the same income, with a form or without one.
Your money never passes through Hand & Seal, so Hand & Seal has no payments of yours to report.
Tax information, not tax advice
What goes on your return, and what to do with a form that comes, is for you and your tax preparer. Hand & Seal doesn't prepare or file a return.
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