Re: IRS TAX. Reporting and filing.
you are not understanding what the 1099-K is.
There is no use for you or your accountant for the 1099-k No place exists on your returns for it. It is a report of income of credit card processing to the IRS.
Long story short, 100% OF INCOME must be reported by law to the IRS. Your 1099-k is meaningless to you because it is nothing but a gross number of $$$ for credit card processing. Your actual gross income is going to be higher. W2, Cash sales, tips, dividends, paypal balance payments, paypal smart connect, paypal gifs, amazon distributions that are not credit card payments, rental income, off street labor, and on and on and on will not be on a 1099-k
So law states, all income over $600.00 must be reported. It has zero to do with your 1099-k also, just because you might sell, $1,000,000.00 does not mean your income is that. Your costs of goods, rent, services, fees, etc...all get deducted. It is quite possible to still loose money with a gross income like that and get a return.
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