we have a credit card machine for our business. I called my bank and merchant services about my 1099-K. They have no record of my account. Usually we have our bank account linked for all direct deposit. . If I don't have 1099-K, can I use my deposits as Gross income. In a way, even if we have 1099K, all the income would have been direct deposited into that account? We have business account and all transactions are related to business.
Its weird that I have hard copy of 1099-K from 2021, the bank or merchant services has no record of it for 2021 in their system. Will the IRS has reported income that I can see, maybe in transcript? it is an LLC, single owner.
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Yes, use your own records to report your income. You do not need a 1099-K. You can deduct the merchant fees as a business expense. There will not be a transcript available until after you file your tax return.
How to report your self-employment income
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