I've noticed a few threads on here with people asking about tax reporting. I know many on here sell on online forums as well as to yards and other scrap buyers, so I thought I'd pass this on
As you can see, it doesn't take many sales to get a 1099. Expect both the Sales Totals and Volume to go down in the future. Also expect to get calls from states asking for uncollected sales taxes. We had our first random sales tax audit this year. Fortunately, everything was in order and accounted for and it was rather painless. I'm sure it could be a shock for those that weren't as honest.
Bookmarks