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I see, but I thought corporate tax was based off profit, not revenue?
by somesaba 14y ago
I see, but I thought corporate tax was based off profit, not revenue?
- dangrossman 14y agoHow would PayPal know what your profit is? 1099s are informational forms. They inform you and the IRS how much someone else paid you. They are not directly used in computing your taxes. The purpose of the new 1099-K is to prevent you from receiving $x in credit card sales, then claiming you only had ($x / 2) in gross sales on your tax return.
- somesaba 14y agoAh I see. Thanks!