Don’t let tax season sneak up on you. Here are a few proactive steps you can take to make sure your tax-filing process is as painless as possible this year (a bold claim, we know).
📣 Note
While HoneyBook is here to help, we're not tax advisors. For any specific tax questions or concerns you have about your specific situation, you should reach out to a tax professional.
How much you need to make to get a 1099-K
If you processed at least $20,000 USD in payments* and had at least 200 transactions, you will receive a 1099-K form. This does not include refunded amounts, the difference between the original amount and discounted amount if a discount was applied, or any credits you provided.
*Some states have lower 1099-K thresholds than the IRS for 2023. If you earned income in the states below and the amount earned is above the listed threshold, HoneyBook will file and provide a 1099-K.
Missouri: $1200
Illinois: $1,000 and 3+ transactions
District of Columbia: $600
Maryland: $600
Massachusetts: $600
Vermont: $600
Virginia: $600
📚 Tip
The IRS initially set the 2023 threshold for payments at $600 USD, but has delayed that requirement to 2025. If you received an email from HoneyBook stating you would get a 1099, but did not earn $20,000 USD in 2023 (or if you earned income in a state with a lower 1099-K threshold), you will not receive a 1099-K form.
Check your business and personal details
When HoneyBook generates a tax form, the personal and business information pulls from what’s entered under your bank and business owner details.
Make sure that this information is correct by the end of the year. Otherwise, if you meet the tax reporting threshold, your 1099-K form may include inaccuracies.
📚 Tip
You'll need to edit your bank and business owner details if what you provided HoneyBook doesn't match your actual info.
Read through FAQ’s
Familiarize yourself with answers to frequently-asked questions, like what a TIN is.
Understand how to itemize your transactions
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. Learn how to download a report.
🔥 Stop
The payment amount reported on the 1099 you receive from HoneyBook will not be adjusted for any fees, credits, refunds, shipping costs, or discounts you've granted in 2023. It will report your gross payment amount—you must deduct these adjustments yourself.
Finalize your plan
Think through whether you’ll DIY or use a tax preparer, and your target filing date, ahead of time.
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!