HoneyBook will only report the funds processed through our platform to the IRS if you meet the following criteria:

If you earned $20,000 AND processed 200 payments, we will be sharing a 1099-K electronically, at the end of January. You will use this form when preparing your taxes.

The IRS 1099-K forms do not itemize transactions. If you're looking for itemized reporting visit your HoneyBook Reports page > Download Reports, where you can export itemized data.

We will share 1099-K documents at the end of January, at which point we'll also be reporting this data to the IRS. Since we're not tax advisors, you should seek the advice of a tax consultant for additional tax help.

If you earned $600 or more in our referral program, we will be sharing a 1099-NEC electronically, at the end of January. You will use this form when preparing your taxes.

We will share 1099-NEC documents at the end of January, at which point we'll also be reporting this data to the IRS. Since we're not tax advisors, you should seek the advice of a tax consultant for additional tax help.

If you do not meet any of these thresholds, we will not be sending you any tax forms and will not report anything to the IRS. Although we do not report these earnings to the IRS, you should still report any funds received through HoneyBook. That said, we're not tax advisors and you should seek the advice of a tax consultant.

On December 23, 2022, the IRS announced a delay in the upcoming reporting thresholds for payment settlement entities (PSEs) to issue a 1099-K form for all users whose payments exceed $600. This reporting threshold requirement is now scheduled to start on January 1, 2023, though this is subject to change by the IRS.

The 2022 threshold for a 1099-K form is total payments exceeding $20,000 and more than 200 transactions.

Yes, since the IRS has made the 2022 calendar year the transition period, the new reporting threshold requirement is scheduled to start on January 1, 2023.

Form 1099-K is a document that taxpayers receive to report credit/debit card transactions and third-party network payments. It reports the gross amount of all reportable payment transactions within a calendar year.

The gross amount does not include any credits, discounts, fees, refunds, or any other adjustable amounts. You will need to consult with a tax advisor to determine the best way to use the information on your 1099-K form when filing your taxes.

Form 1099-NEC is a document used to report non-employee compensation. Any payments totaling $600 or more to non-employees in a calendar year must be reported on a 1099-NEC form.

Since HoneyBook members are not employees of HoneyBook, referral payments are included on the 1099-NEC.

Your TIN is your Taxpayer Identification Number.

If you have multiple HoneyBook accounts associated with the same TIN, your thresholds are calculated by combining all payment transactions. If your combined payments exceed the $20,000 and more than 200 transactions threshold, you'll receive a 1099-K under the one TIN.

If you have multiple HoneyBook accounts associated with different TINs, you will receive a 1099-K for each TIN with payments that exceed the $20,000 and more than 200 transactions threshold.

If you do not meet tax reporting thresholds, we will not be sending you any tax forms and will not report anything to the IRS. Although we do not report these earnings to the IRS, you should still report any funds received through HoneyBook. That said, we're not tax advisors and you should seek the advice of a tax consultant.

As a first step, consider checking out this DIY tax filing checklist resource.

While we want to help out all of our members, we're not tax advisors and you will need to reach out to a tax professional for your questions or concerns.

The 1099-K form represents the total amount of payments processed through a platform, so it would include any sales tax included in a transaction.

Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!