Hi there,
I'm an independent contractor who takes most of my payments through Venmo. Most of my transactions are for less than $600 individually, but often I work for the same client multiple times throughout the year and the total amount they pay me throughout the year is over $600. I also have had several clients whom I've done large projects for and have been paid over $600 in a single transaction...
From my understanding, it sounds like at the end of the year Venmo will send me a 1099-K to include in my income when filing taxes for 2022. But it also sounds like my clients will need documentation as well? Will this documentation for my clients come from Venmo, or will I need to personally send them some sort of summary document for charges throughout the year?
Thanks for your help!