Upkeeping, LLC

We've debated on how to break this news to you...
..but here's the deal. Contractors/Freelancers, you shouldn't just go with what your 1099s say as your reportable tax income. Why? Because 1099-NEC rules are tricky.

1099-NEC filers only need to report amounts over $600 that they've paid you via their bank accounts. But if they pay you via their credit card, or payment platforms such as PayPal Business or Venmo Business... that's not reported on the 1099s they send your way. Instead those other payment platforms hold the responsibility to send you a 1099.

Here's where it gets trickier. Those credit card companies and other payment platforms only need to send you a 1099-K if you've received payments over $20k 𝗔𝗡𝗗 have at least 200 transactions*. You might not hit that threshold, so you might not receive a 1099 for those received amounts.

What does this mean for you? It's on you to keep accurate accounting records so that you can report 𝙖𝙡𝙡 of the correct amount of income received.

*this is hopefully changing in 2024 with a proposed $5k 1099-k threshold.

We had so much fun with our spring/summer workshops! Thankful for Workhorse (for letting us use their awesome space) and PNW Women’s Network for Mandy’s belief in community.

If you’re a small business owner and considering B.I.Y. (bookkeeping it yourself) - watch this short video! These few tips might save you hours and $$$.

https://www.instagram.com/reel/CvXNMhNPIiG/?igshid=MzRlODBiNWFlZA==

✨Workshop Highlight✨ PNWWN hosted a workshop with @upkeeping.co where Erin broke down the importance of bookkeeping and other money topics. We had valuable Q&A, and even some laughs! These events are for YOU because as a network I am building the rooms to support you, your business, and your dreams. Join us at the next event, see the website link in bio for dates and locations. 🎥 @1.up.creative