It came to our attention that many people we know, are struggling to compile their financial records during the tax season. PayPal and eBay are now reporting to IRS if the gross amount of total reportable payment transactions exceeds $20,000, and the total number of such transactions exceeds 200. Individuals who’ve done some trade as their side business have been caught unprepared; as they received Form 1099-K from the above mentioned third parties.
More information on Form 1099-K can be found here: http://www.irs.gov/instructions/i1099k/ar02.html
This additional income may increase your tax bracket along with tax obligations. KBB Solutions will help you set up and maintain the correct reporting system, so you can concentrate on your business and sleep peacefully at the end of the day. Whether you are a high net worth individual and need to keep track of your investments or starting entrepreneur who needs to keep track of daily business activity, we are here to help.
You can choose either full package: we set up and maintain your financials or limited package: we set up your accounts and let you enter data yourself. In any case we are here to discuss your needs and customize our services accordingly. Let’s work together!