{"id":2924,"date":"2022-07-26T12:32:28","date_gmt":"2022-07-26T12:32:28","guid":{"rendered":"https:\/\/ascocpa.com\/?p=2924"},"modified":"2022-08-02T16:04:26","modified_gmt":"2022-08-02T16:04:26","slug":"why-form-1099-k-matters-to-business-owners","status":"publish","type":"post","link":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/","title":{"rendered":"Why Form 1099-K Matters to Business Owners"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2924\" class=\"elementor elementor-2924\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-508e35fa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"508e35fa\" data-element_type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53077c17\" data-id=\"53077c17\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4156bdf9 elementor-widget elementor-widget-text-editor\" data-id=\"4156bdf9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>Many business owners have never heard of form 1099-K.<\/p>\n<p>This form can potentially cause them a lot of headaches.<\/p>\n<p>What is this form?<\/p>\n<p>If you accept payments from third party processors (e.g. credit cards, etc.), you will likely receive this form.<\/p>\n<p>The form will tell you how much $ you collected via that third party.<\/p>\n<p>Why is this form so important?<\/p>\n<p>If you only report the amount of sales that were actually deposited into your bank account (net of fees) on your tax return, you MAY be under reporting your sales for the year.<\/p>\n<p>In simpler terms, your sales amount for your tax returns should be at least what the 1099-K says, not lower.<\/p>\n<p>If you do not report this correctly, you will likely receive a notice from the IRS.<\/p>\n<!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:paragraph --><!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Many business owners have never heard of form 1099-K. This form can potentially cause them a lot of headaches. What is this form? If you accept payments from third party processors (e.g. credit cards, etc.), you will likely receive this form. The form will tell you how much $ you collected via that third party. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs\" \/>\n<meta property=\"og:description\" content=\"Many business owners have never heard of form 1099-K. This form can potentially cause them a lot of headaches. What is this form? If you accept payments from third party processors (e.g. credit cards, etc.), you will likely receive this form. The form will tell you how much $ you collected via that third party. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"A. Shleifstein &amp; Co CPAs\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-26T12:32:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-02T16:04:26+00:00\" \/>\n<meta name=\"author\" content=\"Aaron Shleifstein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aaron Shleifstein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\"},\"author\":{\"name\":\"Aaron Shleifstein\",\"@id\":\"https:\/\/ascocpa.com\/#\/schema\/person\/e091569f696ac1b78b4da4488c886d88\"},\"headline\":\"Why Form 1099-K Matters to Business Owners\",\"datePublished\":\"2022-07-26T12:32:28+00:00\",\"dateModified\":\"2022-08-02T16:04:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\"},\"wordCount\":137,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ascocpa.com\/#organization\"},\"articleSection\":[\"General Articles\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\",\"url\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\",\"name\":\"Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs\",\"isPartOf\":{\"@id\":\"https:\/\/ascocpa.com\/#website\"},\"datePublished\":\"2022-07-26T12:32:28+00:00\",\"dateModified\":\"2022-08-02T16:04:26+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ascocpa.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Why Form 1099-K Matters to Business Owners\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ascocpa.com\/#website\",\"url\":\"https:\/\/ascocpa.com\/\",\"name\":\"A. Shleifstein &amp; Co CPAs\",\"description\":\"For all of your accounting and bookkeeping needs.\",\"publisher\":{\"@id\":\"https:\/\/ascocpa.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ascocpa.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ascocpa.com\/#organization\",\"name\":\"Aaron Shleifstein &CO CPAs\",\"url\":\"https:\/\/ascocpa.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ascocpa.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ascocpa.com\/wp-content\/uploads\/2022\/03\/logo.png\",\"contentUrl\":\"https:\/\/ascocpa.com\/wp-content\/uploads\/2022\/03\/logo.png\",\"width\":350,\"height\":100,\"caption\":\"Aaron Shleifstein &CO CPAs\"},\"image\":{\"@id\":\"https:\/\/ascocpa.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/aaronshleifstein\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/ascocpa.com\/#\/schema\/person\/e091569f696ac1b78b4da4488c886d88\",\"name\":\"Aaron Shleifstein\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ascocpa.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0974b39f9606cbb9b3fa7bd1a607161c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0974b39f9606cbb9b3fa7bd1a607161c?s=96&d=mm&r=g\",\"caption\":\"Aaron Shleifstein\"},\"sameAs\":[\"https:\/\/ascocpa.com\"],\"url\":\"https:\/\/ascocpa.com\/author\/aaron-shleifstein\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/","og_locale":"en_US","og_type":"article","og_title":"Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs","og_description":"Many business owners have never heard of form 1099-K. This form can potentially cause them a lot of headaches. What is this form? If you accept payments from third party processors (e.g. credit cards, etc.), you will likely receive this form. The form will tell you how much $ you collected via that third party. [&hellip;]","og_url":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/","og_site_name":"A. Shleifstein &amp; Co CPAs","article_published_time":"2022-07-26T12:32:28+00:00","article_modified_time":"2022-08-02T16:04:26+00:00","author":"Aaron Shleifstein","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Aaron Shleifstein","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#article","isPartOf":{"@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/"},"author":{"name":"Aaron Shleifstein","@id":"https:\/\/ascocpa.com\/#\/schema\/person\/e091569f696ac1b78b4da4488c886d88"},"headline":"Why Form 1099-K Matters to Business Owners","datePublished":"2022-07-26T12:32:28+00:00","dateModified":"2022-08-02T16:04:26+00:00","mainEntityOfPage":{"@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/"},"wordCount":137,"commentCount":0,"publisher":{"@id":"https:\/\/ascocpa.com\/#organization"},"articleSection":["General Articles"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/","url":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/","name":"Why Form 1099-K Matters to Business Owners - A. Shleifstein &amp; Co CPAs","isPartOf":{"@id":"https:\/\/ascocpa.com\/#website"},"datePublished":"2022-07-26T12:32:28+00:00","dateModified":"2022-08-02T16:04:26+00:00","breadcrumb":{"@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ascocpa.com\/why-form-1099-k-matters-to-business-owners\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ascocpa.com\/"},{"@type":"ListItem","position":2,"name":"Why Form 1099-K Matters to Business Owners"}]},{"@type":"WebSite","@id":"https:\/\/ascocpa.com\/#website","url":"https:\/\/ascocpa.com\/","name":"A. Shleifstein &amp; Co CPAs","description":"For all of your accounting and bookkeeping needs.","publisher":{"@id":"https:\/\/ascocpa.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ascocpa.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ascocpa.com\/#organization","name":"Aaron Shleifstein &CO CPAs","url":"https:\/\/ascocpa.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ascocpa.com\/#\/schema\/logo\/image\/","url":"https:\/\/ascocpa.com\/wp-content\/uploads\/2022\/03\/logo.png","contentUrl":"https:\/\/ascocpa.com\/wp-content\/uploads\/2022\/03\/logo.png","width":350,"height":100,"caption":"Aaron Shleifstein &CO CPAs"},"image":{"@id":"https:\/\/ascocpa.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/in\/aaronshleifstein\/"]},{"@type":"Person","@id":"https:\/\/ascocpa.com\/#\/schema\/person\/e091569f696ac1b78b4da4488c886d88","name":"Aaron Shleifstein","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ascocpa.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0974b39f9606cbb9b3fa7bd1a607161c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0974b39f9606cbb9b3fa7bd1a607161c?s=96&d=mm&r=g","caption":"Aaron Shleifstein"},"sameAs":["https:\/\/ascocpa.com"],"url":"https:\/\/ascocpa.com\/author\/aaron-shleifstein\/"}]}},"_links":{"self":[{"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/posts\/2924"}],"collection":[{"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/comments?post=2924"}],"version-history":[{"count":42,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/posts\/2924\/revisions"}],"predecessor-version":[{"id":4244,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/posts\/2924\/revisions\/4244"}],"wp:attachment":[{"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/media?parent=2924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/categories?post=2924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ascocpa.com\/wp-json\/wp\/v2\/tags?post=2924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}