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I sold about $10,000 worth of items this year, approximately 990 transactions.
From what I understand, I will not receive a 1099k since I don't meet the $20,000 threshold. Is this correct?
I also entered in my cash payments, but I am not certain that they are 100% accurate since my sales are usually very fast and I might have double entered some items. How does this work when it comes to paying sales tax? Will I need to pay sales tax on every transaction? I can verify the credit card sales, but the ones I marked as cash could be incorrect. I don't want to over or underpay for these transactions with my state.
Does square send information to the individual states about our sales?
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the only form Square will create is the 1099-k and it sounds like you wouldn't qualify. It is up to you to accurately report your sales and the amount of sales tax you collected to your accountant so that they can file the appropriate paperwork and that depends on the state as that can be monthly or quarterly. fast-paced is not an excuse the government will take for why you improperly under or over-collected Sales tax.
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