Tag Archives: Electronic commerce

Webinar: Reconciling the 1099-K and 1099 MISC

This year, people in business or selling on eBay will be getting 1099s from both their banks (or PayPal) and their customers. Often, those 1099s will overlap, telling the IRS that you received much more money than you really earned. There is a trick to reporting these 1099s that will help you avoid audit, while […]

eBay Sales for Friends

Today TaxMama® hears from Judecat in the TaxQuips Forum who is helping a sick friend. Without going into detail – “Judecat is selling his personal treasures on eBay because he is too ill and doesn’t have access to the Internet. She wants to know the tax implications.”

No 1099-MISC if Paid by Credit Card

[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card, or through any third-party payer, are not reported on Form […]

TaxMama’s Tax Roundtable – November 2011 Session

  November  17, 2011 Tax Roundtable TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms. Today’s topics included:

Holiday Credit Cards

Today TaxMama hears from Riki in New York with this concern. “I’m looking for specific advice on how to take control of a large post-holiday credit card balance.”

eBay Sellers Audit Target

Today TaxMama hears from Robert in the TaxQuips Forum with this inquiry. “I read in a Washington Post article that eBay will now start sending sellers with more than 200 transactions a 1099-K form so that they have to pay taxes on their eBay selling.  I have over 200 transactions. Because I buy most of […]