I am new to shopify as of December 2022. I don't think i made enough to get a 1099 from shopify, so how do i reconcile my profit from 2022 without a 1099 form? Where do i find the information i need, and how do i calculate it? Any information would be helpful!
Hi there, @Momsstitchetti!
Thank you for your question, I'm happy to share some information with you.
A merchant qualifies for a 1099K form if their transactions through our payment processing solutions meet or pass the required threshold. The federal threshold is $20K processing volume and 200 transactions. Both these metrics have to be met to qualify. These thresholds are set by the IRS and state tax authorities, not by Shopify. If, as you mentioned, you haven't reached these we still have tools to help you!
I recommend checking out our help document which discusses what documents you might reference for tax reporting (the most commonly used ones being the taxes finance report and the sales finance report). You can find what information is included in the different finance reports here. Please note that Shopify does not remit your taxes for you.
Please let me know if you have any other questions!
Yes and I do not qualify for a 1099 for 2022 so I am unsure how to get the information I need for my taxes. How do I go about getting the information needed?
Thank you for getting back to me. Did you have a chance to look over this help document? Several reports are available to help you file and remit your taxes or to provide to your tax accountant, and that page goes over which ones those are (and include links to those reports that will open directly in your admin).
Please let me know if there's anything else I can help clarify!
Dive into the world of Print-on-Demand and discover how it can transform your online busin...By Imogen Feb 19, 2024
Discover how to transform your online store into a delightful shopping destination. Learn ...By Ollie Feb 13, 2024