The IRS Wants a Bigger Share of Small Business Profits – Infographic

| August 19, 2012

The IRS thinks it’s not getting all the taxes it can from small business. Lots of money is going untaxed at third party payment networks like PayPal. Online sellers use these websites to receive payments for goods and services. The 1099-K is going to help the IRS get a few more bucks out of us.

If you make $20,000 or more in gross sales and have 200 transactions or more you will now receive a 1099-K. So all you eBay, Etsy and Amazon sellers will be getting a 1099-K at the end of the year.

Here’s an infographic describing the state of current tax law and a few of its higher earners problems.

big news for small business owners 1099 K Infographic
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