RE: 1099-MISC + 1099-K Solutions for Double Reporting + PayPal + Coinbase!

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RE: 1099-MISC + 1099-K Solutions for Double Reporting + PayPal + Coinbase!

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omitaylor (56)in #dlive • 7 years ago

This was a really helpful article and I appreciate it a lot because I also do ecommerce and taxes is getting extremely complicated. You never hear any of the so called "gurus" talking about the back end of working online, blogging, ecom, crypto, and all the drama with not screwing it all up. We want to have fun and enjoy our work, not panic because the information out there just isn't practical. I have friends who've spent thousands of dollars on very simple taxes they could have done themselves, simply because it's so overwhelming. And some of us (me) are not yet in the position to hire a full time accountant. Thanks for the tip and while I'm not sure how many people need information like this, I sure do.

7 years ago in #dlive by omitaylor (56)

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jerrybanfield (74) 7 years ago

Thank you Omi I was hesistant to share this here because I wondered how many people will need it and your comments helps me know even if not many people need the information, it might be very helpful to those that do!

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omitaylor (56) 7 years ago

@jerrybandfield This is precisely the type of "missing information" when it comes to all things online money making. There is a lot of focus on onboarding. For instance, when I got involved with eCommerce, the people I was learning from were focused on students taking action. I realize that is often what makes or breaks people (most quit early or never start.) But the second point of GREAT FAILURE is the hump. Most businesses go out of business in the first two years because of things like cashflow issues, taxes, legal issues, and overall administrative maintenance. So many entrepreneurs close their companies, go bankrupt, get sued, paypal holds their money, or the IRS makes their life hell.

I realize that it's everyone's own responsibility to realize they're in COMMERCE, but that's not what happens. Most people make a big wad of money and then it backfires and burns them.

Be it blogging, ecom, crypto, advertising, or whatever you do online that involves commerce, if you're doing it well, you're going to pay the piper right? So thank you for the tip and if you continue to make content that is on those topics, I'll be following it more closely.