How is income determined to be taxable before a Form 1099-K is issued?

Patrice1986 · ‎August 31, 2022

I'd like to know if there is a way in which income is determined to be taxable before it is reported on Form 1009-K. I ask because many people use payment apps to transfer money for many different reasons outside of side gig or business related transactions (ex: to send a family member a birthday gift). Will you automatically receive a Form 1099-K if you meet the income threshold and even if the income is non-business related?

Connie C · ‎August 31, 2022

I want to tag on to this question a bit...
I understand as an LLC (online coaching/teaching business) - I will need to file estimated taxes quarterly. Form 1099-K is only issued at the end of the year, right??

?? How do I estimate (guess-timate) the taxes to be paid each quarter? My sales has peaks and valleys, depending on when I promote my courses.

Thanks for sharing your time and expertise.

You ROCK!!

Lizy0312 · ‎August 31, 2022

I have a question similar to this. I am a tennis coach and have started teaching at a second location where individuals pay through Venmo. What is the threshold for reporting and what is the best way to document this?

Thanks!

How is income determined to be taxable before a Form 1099-K is issued?

Self employed

Self employed