While taxes may not always be the funnest of things, we've laid out what to expect if you're rocking out Schedulicity Pay. 😎
When will I receive my 1099-K?
Each January, our payment partner—Clearent—will mail out your 1099-K. You should receive it by the end of the month. They'll report on all credit card transaction that you ran through your Schedulicity Pay account for the tax year. It's good to keep in mind that any cash transactions won't be reported on your 1099 but you can access those in your Recorded Revenue report in your Schedulicity account! Your 1099-K will also be posted to Compass (which is Clearent's reporting system), as well all your statements from the previous year. If you'd like Compass access to view these documents, be sure to reach out to Schedulicity's Rockstars to get that going for ya!
How do I update my Schedulicity Pay tax information?
If you are a Schedulicity Pay/Clearent merchant and need to update any information with us—such as your business legal information or business address—please download and complete a W-9 form. Return it to Clearent via mail at the address listed at the bottom of the form, fax it to 314.721.7300 or email it to email@example.com.
Why don’t the sales on my 1099-K match my monthly statements?
There are several reasons why the amounts on your 1099-K do not exactly match your monthly statements:
- If you have more than one merchant account with the same Taxpayer Identification Number (TIN), your 1099-K includes sales from all of the accounts.
- The IRS requires us to report gross sales on the 1099-K. Your monthly statement typically reports both gross and net sales, so please make sure you compare the same amounts.
- The IRS requires us to report sales by the transaction date on the 1099-K, whereas your monthly statement reports sales by settlement date to align with the deposits in your account. However, you can export data by transaction date on Merchant Home to compare it to your 1099-K.
For more of a deep-dive into Schedulicity Pay's 1099K, or for a handy breakdown on how to read your 1099K, check out Clearent's complete article here.
If you're using Schedulicity with a different payment processor, such as Stripe or Square, you'll wanna contact them directly with any tax questions. 👍