Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping.
All is accounted in PayPal, including Sales taxes - see other discussions.
Download the BrickLink XML of your orders for the same period.
Don't worry they don't make errors, PayPal is a bank.
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping.
All is accounted in PayPal, including Sales taxes - see other discussions.
Download the BrickLink XML of your orders for the same period.
Don't worry they don't make errors, PayPal is a bank.
So PayPal shows tax that I never touched as income on my 1099? I was hoping to
have a better way to show this to the IRS instead of saying "PayPal took
that money, I had nothing to do with it" lol.
I just subtract xx,xxx off of profit and call it good then?
Does PayPal take their fee from the total amount including tax too?
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping.
All is accounted in PayPal, including Sales taxes - see other discussions.
Download the BrickLink XML of your orders for the same period.
Don't worry they don't make errors, PayPal is a bank.
So PayPal shows tax that I never touched as income on my 1099?
It's an income, not necessarily a revenue.
You've to tell your Gov what is profit or not; that's pretty normal accounting.
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
It is sales tax, I verified this from my own 1099 for January of last year down
to the cent.
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
It is sales tax, I verified this from my own 1099 for January of last year down
to the cent.
And that's fine if that's what's happening, but if this were ever
to come up in an audit we would need official documentation that someone (PP
or BL) already took the $x,xxx and paid the taxes on my behalf. Otherwise all
I have on this 1099k is proof that someone sent me that $x,xxx for taxes.
And that's fine if that's what's happening, but if this were ever
to come up in an audit we would need official documentation that someone (PP
or BL) already took the $x,xxx and paid the taxes on my behalf. Otherwise all
I have on this 1099k is proof that someone sent me that $x,xxx for taxes.
Would be on PayPal as "Partner fees" ... I don't think you would
have to prove specifically that taxes were collected and remitted on your behalf
- you claim the partner fees as an expense.
And that's fine if that's what's happening, but if this were ever
to come up in an audit we would need official documentation that someone (PP
or BL) already took the $x,xxx and paid the taxes on my behalf. Otherwise all
I have on this 1099k is proof that someone sent me that $x,xxx for taxes.
Would be on PayPal as "Partner fees" ... I don't think you would
have to prove specifically that taxes were collected and remitted on your behalf
- you claim the partner fees as an expense.
But then I'm not a tax professional!
Yea I'm waiting to hear what they say. The old bookkeeper I used to use
would be like "eh, whatever, what do you think we should report?" The
CPA I use now though reminds me of the nuns that used to be my math teacher back
in grade school ready to snap a ruler on my knuckles if I don't have receipts.
And that's fine if that's what's happening, but if this were ever
to come up in an audit we would need official documentation that someone (PP
or BL) already took the $x,xxx and paid the taxes on my behalf. Otherwise all
I have on this 1099k is proof that someone sent me that $x,xxx for taxes.
Would be on PayPal as "Partner fees" ... I don't think you would
have to prove specifically that taxes were collected and remitted on your behalf
- you claim the partner fees as an expense.
But then I'm not a tax professional!
Yea I'm waiting to hear what they say. The old bookkeeper I used to use
would be like "eh, whatever, what do you think we should report?" The
CPA I use now though reminds me of the nuns that used to be my math teacher back
in grade school ready to snap a ruler on my knuckles if I don't have receipts.
I know what you mean, if I am writing off thousands of dollars I need something
to show what it is for. For now a jpeg of my screen will work lol
And that's fine if that's what's happening, but if this were ever
to come up in an audit we would need official documentation that someone (PP
or BL) already took the $x,xxx and paid the taxes on my behalf. Otherwise all
I have on this 1099k is proof that someone sent me that $x,xxx for taxes.
Would be on PayPal as "Partner fees" ... I don't think you would
have to prove specifically that taxes were collected and remitted on your behalf
- you claim the partner fees as an expense.
But then I'm not a tax professional!
Yea I'm waiting to hear what they say. The old bookkeeper I used to use
would be like "eh, whatever, what do you think we should report?" The
CPA I use now though reminds me of the nuns that used to be my math teacher back
in grade school ready to snap a ruler on my knuckles if I don't have receipts.
I know what you mean, if I am writing off thousands of dollars I need something
to show what it is for. For now a jpeg of my screen will work lol
On PayPal you can create reports for a date range in PDF that show how much in
fees they took etc.
Is this a BL 1099, or PayPal? I didn't think BL provided one, but I haven't
gotten a PayPal one yet either.
Miles
In Taxes, Amazingly writes:
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
Is this a BL 1099, or PayPal? I didn't think BL provided one, but I haven't
gotten a PayPal one yet either.
Miles
You'll not receive such from BL, Miles. Only from online payment and card
processors (third party network) and only if you reached the reporting threshold
of $5,000 (no longer a specified number of transaction, it seems) for the tax
year 2024.
Is this a BL 1099, or PayPal? I didn't think BL provided one, but I haven't
gotten a PayPal one yet either.
Miles
You'll not receive such from BL, Miles. Only from online payment and card
processors (third party network) and only if you reached the reporting threshold
of $5,000 (no longer a specified number of transaction, it seems) for the tax
year 2024.
If you haven't yet received the email notification from PayPal, go into your
account and hit the tool icon, then the "Statements & Taxes" tab to to
then download the 1099K doc
Is this a BL 1099, or PayPal? I didn't think BL provided one, but I haven't
gotten a PayPal one yet either.
Miles
In Taxes, Amazingly writes:
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
Brian
Paypal just notified me about mine a day ago, so keep an eye on your email.
Is this a BL 1099, or PayPal? I didn't think BL provided one, but I haven't
gotten a PayPal one yet either.
Miles
In Taxes, Amazingly writes:
Does anyone know what the totals on the 1099 show? My 1099 is much higher and
not by hundreds or, thousands but a lot higher than that.
I see my BL sales for the year and I add what was charged for shipping. What
else gets added to that so it will match the 1099 figures? Canceled orders amount
to almost nothing.
It shows the monthly income on the 1099 and when I compare it to BL it's
about 7% higher for every month.
Does anyone know what I am missing?
Brian
Paypal just notified me about mine a day ago, so keep an eye on your email.
Crystal
Emails went out on the 25th. If you go to PayPal you should have an alert in
your little bell on the upper right.
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