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fairja003
New Member

Does receiving debit and credit card payments from your business website considered Common income or less common income?

I received payments from my business through Wix payments, which only accepts credit and debit cards. I am unsure if this is should be categorized as common income or less common income.
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3 Replies

Does receiving debit and credit card payments from your business website considered Common income or less common income?

some time later this year you should receive a 1099-K for those payments which is a common type of income 

Does receiving debit and credit card payments from your business website considered Common income or less common income?

If these are payments made to your own sole proprietor or single-member LLC business, they are reported as business income on your Schedule C.  Any commissions you pay to the credit/debit card companies are reported on Schedule C as a business expense.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
Carl
Level 15

Does receiving debit and credit card payments from your business website considered Common income or less common income?

I received payments from my business through Wix payments

Wait a minute. You personally receive payments ***FROM*** your business? A business that you own?  What kind of business do you own? Single member LLC? Multi-member LLC? S-Corp? C-Corp? something else?

 

The response's I've read thus far seem to have misinterpreted/misunderstood your post. Or maybe I'm the one that is not clear?

 

 

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