HoneyBook Tax Hub offers a suite of reports designed to streamline your financial management and tax preparation. By utilizing these reports, you can effectively manage your business' financial health and ensure compliance with tax regulations.
Here's an overview of the key reports available:
1099 reports
Payments processed (summary and detailed list)
The 1099, or payments processed report, gives you a clear look at all payments processed within HoneyBook, therefore excluding anything marked as paid.
As per IRS guidelines, refunds and discounts are also excluded on this report, therefore showing just gross amounts
This report is especially helpful for year-end tax preparation, as the totals match what appears on your 1099-K form from HoneyBook, if eligible and based in the U.S.
Key notes
Key notes
Only payments processed through HoneyBook are included—any payments marked as paid are excluded
Refunds and adjustments aren't part of this report, so you get an accurate picture of payments eligible for tax purposes
The totals from this report will match the totals shown on your 1099-K form, making it easier to verify your reported income
Other tax reports
Payments completed
This report gives you an in-depth look at all payments and refunds processed during a specific period.
Think of it as an amalgamation of all the reports in the Tax Hub. You’ll see each payment associated with a project, including client details, total paid, gratuity, discounts, and refunds.
The report is perfect for a comprehensive overview of your income during any given period—whether for a month, year, or custom timeframe. It’s an essential tool for tracking your business’ cash flow and understanding your revenue at a glance.
Key notes
Key notes
Refunds are shown as negative amounts for easy identification
Discounts are calculated on the invoice total and divided across the number of payments. For example, if a $100 invoice includes a $10 discount and has 2 payments, each payment line will reflect a $5 discount.
Sales tax
This report provides a comprehensive overview of all taxable transactions, highlighting how much sales tax has been collected and refunded during a selected period. It's perfect for understanding your sales tax obligations and gives you a clear picture of your tax activity
Key notes
Key notes
Refunds are displayed as negative amounts, ensuring any adjustments to previously collected tax are easy to identify
The report includes detailed breakdowns of taxable amounts and tax rates, up to 3 different tax rates if you’re a smart files user
The “non-taxable amount” column makes it easy to spot any parts of a transaction that were exempt from tax
Discounts
This report provides a detailed look at all discounts applied to invoices and payments during the selected period.
Key notes
Key notes
The "payment before discount" column reflects the payment amount before any discount, while the "discount payment" column shows the discount applied specifically to the payment
The "net amount" column calculates the final payment amount after the discount is subtracted, giving you the actual amount received after applying any discounts
Refunds
This report offers a straightforward view of all refunds processed, helping you track any adjustments made to previous payments.
It's ideal for reviewing all refunded transactions and understanding the impact of refunds on your business
The report is sorted by refund date and includes only refunded payments, making it easy to see exactly what was refunded and when
Key notes
Key notes
The "non-taxable amount refunded" and "taxable amount refunded" columns show only the amounts refunded in those categories, rather than the full original payment
The "tax" columns display the amount of tax refunded for each tax rate (up to 3), so you can track how refunds affect your sales tax reporting
The "gratuity refunded" column shows any gratuity that was refunded along with the payment
Fees charged
This report helps you easily track all payment-related fees charged by HoneyBook, including payment processing fees, instant deposit fees, and HoneyBook Capital origination fees.
This is especially useful at tax time when you need to accurately report your business expenses
While the fees are shown in the "Payments completed" report, the "Fees charged" report provides a consolidated and simplified view of just the fees, saving you time and effort
It helps streamline your tax preparation by offering a complete breakdown of your tax-deductible business expenses, excluding subscription fees
By using this report, you'll have all the necessary fee information ready for tax reporting, without the extra work of manually extracting it from other reports
Key notes
Key notes
Transaction and instant deposit fees are displayed with their respective fee rates, showing how much you were charged for each transaction and instant deposit
The "net amount" column reflects the total paid minus all applicable fees, ensuring you can track what was actually received after the fees were deducted
Capital
This report breaks down a HoneyBook Capital loan you’ve taken out, showing the initial balance of the loan, each payment that went towards paying off that loan, and the ending balance of the loan if it was fully paid off.
📣 Note
This report will only be available to download in Tax Hub if you have a Capital loan with HoneyBook.
The transaction date represents when the loan was issued to you and also refers to the payment date (when a payment is made towards the loan)
The initial balance of the loan is reflected on line 2 of the report, where it shows both the remaining principal and remaining fee. The total of these 2 numbers is the total amount owed by you. This helps you understand the full scope of your financial obligation.
After line 2 of the report, each subsequent row represents an individual payment applied toward the loan. These payments correspond to specific projects you’ve worked on, listed under the "project name" column.
The report will display the remaining balance for both the loan principal and fee. If you haven’t paid off the loan, these figures will show the outstanding amounts. As you make more payments, these numbers will continue to decrease, eventually reaching zero when the loan is fully paid off.
Key notes
Key notes
The loan is repaid through a percentage of your incoming payments via HoneyBook. This percentage is split between paying down the principal of the loan and a fee paid to HoneyBook.
The report includes client and vendor details, helping to identify what specific project each payment is associated with. It also includes the invoice number and payment status. All payments should be marked as "Paid," and the report indicates how much of each payment was applied to the loan.
Each payment is broken down into how much is allocated to the loan principal and how much goes toward the loan fee. As payments are made, the remaining balance of both the loan principal and fee will decrease accordingly, reflecting the progress toward full repayment.
HoneyBook Tax Hub is designed to provide information relevant for tax preparation but does not provide tax, financial, or legal advice. It is not a substitute for a licensed professional. Users are solely responsible for the accuracy and compliance of their filings. We recommend confirming any information given here by seeking the assistance of a licensed professional in your area. We do not guarantee completeness, real-time updates, or assume liability for errors, omissions, or penalties.