US law requires payment processors such as BloomNation to send and file a 1099-K tax form, which reports the total gross sales income you received during the last calendar year, if you meet the following conditions:
- You had $20,000 USD in sales processed by BloomNation during the calendar year.
- You had 200 or more payments processed by BloomNation during the calendar year.
Your gross sales volume is the total amount BloomNation processed on your behalf through your premium site and/or Marketplace storefront. Gross sales consist of the total amount included in all transactions without subtracting returns, refunds, delivery fees, and sales tax. You will only pay taxes on your profit (gross sales minus expenses and deductions) and can note refunds on your tax return as well. Sales processed through third-party POS systems will not contribute to your BloomNation 1099-K gross sales total.
If you believe you will receive more than $20,000 in gross sales AND more than 200 transactions annually through BloomNation please triple check that your email, mailing, and Tax ID information is correct in the Shop Location and Billing sections of your Dashboard and contact us at email@example.com if you do not receive a 1099-K by the end of February.
If you qualify to receive a 1099-K form you should do the following once you get it in the mail:
- Make sure the taxpayer ID is correct.
- Confirm that the monthly and annual sales totals reported on the form are accurate using the Payouts tab on your Dashboard.
Please contact us if:
- The totals on your 1099-K form seem incorrect.
- Your 1099-K form was filed under the wrong taxpayer ID.
- You believe you qualified to receive a 1099-K and did not get one.
- You misplaced your form and need another copy.