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).
How much do I 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.
Illinois: $1,000 and 3+ transactions
District of Columbia: $600
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.
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.
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!