In January 2012, small business and online retailers received the new 1099K tax forms. This form has sparked a strong reaction from individuals and online sellers like eBay, Etsy and Amazon sellers.
What is the 1099K form?
If you’re an online retailer, sell merchandise online, or receive credit cards payments via Paypal you might get this tax form if:
- Your small business had over $20,000 in gross sales AND
- You had over 200 transactions or items sold
This infographic from Outright.com sheds some more light on what this big news could mean for sellers.
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Photo Credit: Celeste Cota