Will I receive any tax forms (like a 1099-K) for craft fair sales?
Payment processors may issue forms once you meet reporting thresholds, even for small vendors.
The Narrative
The Empathy
You use a card reader and wonder if you will get a tax form at the end of the year. You do not want to be surprised by a 1099-K in the mail.
The Education
Payment processors like Square or PayPal issue 1099-K forms when your sales meet federal or state reporting thresholds. These thresholds can change, and some states have lower limits. The form reports gross payments, not profit, so you still need to subtract refunds, fees, and expenses on your tax return.
The Solution
Check your processor dashboard for their current reporting thresholds and keep accurate sales and expense records year-round. If you receive a 1099-K, compare it to your own sales totals so you can reconcile any differences. Organized records make the form easy to handle.
Stop Guessing. Start Growing.
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