Get the IRS 1099-K 2019-2020

what is the difference between a 1099 miscellaneous and a 1099 K form for taxes in the United States of America as overseen by the Internal Revenue Service or IRS specifically for this what happens when our income gets double reported both on a 1099-misc and a 1099 K how do we handle that now I'm no CPA I've had my own business online for seven years I do my own taxes I research for myself what I'm presenting here is based on my research from several different conflicting points of view from Certified Public Accountants based on what I see makes the most sense this may or may not be most appropriate for you I hope it's helpful because I've just spent a lot of time researching and learning these things myself so I hope I can just present that for you and make it a little easier first what is the difference between a 1099 miscellaneous and a 1099 K a 1099 miscellaneous this form on the left here this is intended for payments that are made essentially like cash or direct deposits into a bank account with not using a third party so if you and this is for independent contractors in the United States of America that means if I pay you for something for my business directly with cash a check and ACH transfer straight to the bank a wire transfer or using PayPal specifically sending money to friends and family and let's say I paid you for a service or I paid you for advertising and you are reporting directly to the IRS as an individual and not a company there may be differences for companies there if I'm paying just one individual to another and I did not use a third party payment method or I sent a cash equivalent on PayPal or another method then it is appropriate for me if I've sent at least 600 in one tax year to use a 1099 miscellaneous form to report that income usually this is reported in it depends on where it's for but it could be box two box three or box seven and that's for example Amazon reports it to me in royalties and most others report it in seven non employee compensation this is not appropriate for someone who's actually hired as an employee this is for independent contractors now this form is for again not using a third-party network now if we've used a third-party network the third-party network it is their responsibility to send us a 1099 k form when we've received over twenty thousand dollars in payments and over 200 transactions the purpose of this 1099 k form is especially for online sellers like me using third-party networks so the IRS can easily track our income this means paypal sends me a 1099 k for the total of my transactions made through most but not all payment methods I also received one of these from stripe I also got one from coinbase which provides additional complication if you're driving for uber or working through some other services where you accept transactions directly on a credit card you very like and you have over twenty thousand in payments and over 200...