why does amazon payments need my social security number
I won't be supplying anything :) It is only an Amazon policy and *NOT* required by the Feds unless you have $20k in gross payment volume AND 200 transactions. Beginning with the 2011 tax year, new Internal Revenue Service (IRS) regulations require that U. S. third-party settlement organizations and payment processors, including Amazon Payments, file Form 1099-K to report unadjusted annual gross sales or payment volume information for customers that meet both of the following thresholds in a calendar year:
More than $20,000 in gross payment volume, and More than 200 transactions. IMPORTANT NOTE: Even if your account does not meet the above criteria, Amazon Payments still requires you to provide tax identification information to Amazon Payments. https://payments. amazon. com/sdui/sdui/helpTab/Personal-Accounts/User-Agreement-Policies/Federal-Regulations That is the change in regs and this was last year as well.
They don't need my info at Amazon Payments and they won't be getting it either. :) I'm a rebel like that. Indigo, You can be a rebel if you want, but Amazon is required to get the information. They can set whatever rules they need to get the information. The figures you gave were the requirement for them to do their reporting in January, 2013. There is no way they can know what your total payments are going to be, so they have a right to request that information, now. If you refuse to give then your IRS information they can either refuse to do business with you or set up what's called Backup Withholding of a certain percentage from each payment and forward that to the IRS. Very few business like to do this because it only add to their overhead expense.
Don't be foolish and take the wrong side on this issue. What bothers me the most, though, is that you are advising others to take your lame advice. You should be banned from giving out such false advice in an open forum like this. So you have to report it to IRS (when)? and also when you file your income tax? I knew of the second one, but Iвm confused at reporting to IRS also. I get so confused with tax stuff, Iвm new to this. Is there a certain time when you report to IRS? First, each month when you pay any sales tax that youвve collected for your state, you have to say what your gross sales for the month was.
This includes any money you collected for shipping, and itвs the gross amount before any expenses. This gross amount that you put down will be shared with everyone else, including the IRS. So, they already know. You should be paying estimated income tax payments quarterly to both federal and your state. Whatever your gross sales for January, February, and March were, that you wrote down on your sales tax paperwork, will total the first quarter gross sales that you have on your paperwork for your estimated income tax payment.
When you file your income tax at the end of the year, the estimated tax payments will be part of your deductions. Make sure you keep good records. Daily records with monthly totals, quarterly totals, yearly totals. All expenses, no matter how trivial, because they add up quickly. There are all kinds of software out there to help you keep track - I know excel well, so I just keep everything in excel. Get bankers boxes at Office Depot. Label them and keep your stuff organized. Burn your files to a CD at the end of the year and keep in the file box. What if you lost your hard drive and lost your files? You have to keep everything for seven years. The IRS and your state can audit you that far back.
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