Selling on Etsy in 2022: What You NEED to Know About IRS Tax ChangeVote
With millions of crafters running small businesses on handmade online marketplace Etsy, many in the U.S. could be affected by an IRS change in reporting income. Starting in 2022, online marketplace platforms (including Etsy, Facebook Marketplace, eBay, PayPal, Venmo) will be required to issue a 1099-K income form if you receive payments of $600 or more. Previously, the threshold was $20,000 and at least 200 transactions. This rule is part of the American Rescue Plan Act of 2021, applying to anyone who receives payments for goods/services processed by third-party payment networks. Income should be reported on an individual or business's tax return. Joining me to discuss this is @Sarah Korhnak, an accountant and bookkeeper known on the internet as Small Business Sarah.
Disclaimer: this video is for informational purposes only and does not constitute financial, accounting, or tax advice. Please consult a licensed professional about your own specific situation and small business needs.
The IRS Is Cracking Down on Small-Time eBay and Etsy Sellers
It’s going to become harder to avoid telling the IRS about income from selling stuff online. Here’s what to know
Visit Small Business Sarah's website:
The Etsy Seller's Simple Guide to Taxes: A Time and Money Saving Guide for Makers and Crafters
Etsy Sellers Start Here:
DISCLAIMER: This video and description contains affiliate links for several different programs. As an Amazon Associate I earn from qualifying purchases.
Etsy Shop - Ready to sew beginner kits + curated supplies
Get $10 off coupon for your first order at Fabric Wholesale Direct
Expressions Vinyl - cheap HTV, adhesive, craft vinyl
Subscribe to the Sewing Report if you want to join in and learn! https://goo.gl/WxA2s4
If you enjoy these videos and find value in what I'm doing, you're welcome to add to the digital Tip Jar: https://www.paypal.com/paypalme/jentalks
Support via Patreon https://www.patreon.com/sewingreport?fan_landing=true
Beginner Sewing Supplies
How to Use a Sewing Machine ✔️ Basics + Overview | Brother CS7000i
How to Sew Basic Straight Stitches on a Sewing Machine | Beginner Lesson
MY SEWING MACHINES:
Brother CS7000i Computerized 70 Stitch Sewing Machine
Brother PE800 Embroidery Machine
Brother 1034D Serger - http://amzn.to/1FNpsxo
Janome MemoryCraft 7700 Sewing Machine
Shop Sulky Thread & Embroidery products:
Join in on Instagram with #sewingreportsquad! #sewing
📱 Talk to me: @sewingreport
SEWING REPORT FILMING GEAR:
NEED CUSTOM BUSINESS CARDS, STICKERS, PAPER PRODUCTS?
You'll love MOO! They've got awesome print products and cool design finishes. Get 25% off your first order!
ABOUT SEWING REPORT:
Sewing, Crafts + DIY projects - let's make it fun! 💗 Here you'll find beginner to intermediate sewing tips + tutorials, sewing machine & product reviews / how-to's + documenting my creation process - anything from quilting, sewing clothes, machine embroidery, building dollhouses, home decor, easy art, to paper crafts.
Free products ≠ guaranteed coverage, companies/brands don't get editorial input on content. I don't do paid product/service reviews.
https://wp.me/P7ePxp-F (Please read my business policies before reaching out)
All content provided on Sewing Report channel/social media platforms is for informational/entertainment purposes only. The owner of Sewing Report makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
The owner of Sewing Report will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
About Sewing Report
Sewing, Crafts + DIY projects - let's make it fun! 💗 Beginner to intermediate sewing tips + tutorials, sewing machine & product reviews / how-to's - anything from quilting, sewing clothes, machine embroidery, building dollhouses, home decor, easy art.