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Business & farm
Yes, this question is similar to your first question and the answer is the same, it is only a deduction if the amount is included in your sales.
That being said, it is the best practice to report your gross income and then deduct your fees paid to Square as a business expenses.
If you received a 1099-K or 1099-MISC from Square, it will include the gross amount of income before the fees come out. To avoid an audit, you want your gross income to match or exceed your 1099 amounts.
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March 29, 2022
10:58 AM
1,912 Views