The IRS tells you what to do. First, contact the issuer of Form 1099-K, the bank or other third-party settlement organization that processed credit card, PayPal, or other similar payments to you for sales you made, to try and get the misinformation corrected. Contact information should be located in the upper left corner of the form. If you can’t get the form corrected, be sure to report the erroneous information on your return with an offsetting negative number, so IRS computers can find the information that was reported to it on a copy of the same form you received. Tax software knows what to do about this offset. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health