I get W-9 (venmo) for taxes - whats best way to file?

Options
Sethtaxes
Sethtaxes Member Posts: 1 Newcomer

I get W-9 (venmo) for taxes - whats best way to file?

Last year when I filed - it was way more than I expected.

I know I am new to this - so any advice would be amazing.

I did buy a new/used car this year will that help with offset of taxes owed?

Tagged:

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 247
    Options

    Hi Sethtaxes,

    I think you may mean you get a 1099-K from Venmo. You may have filled out a W-9 to provide Venmo a Tax ID number for transactions. Is that right?

    It sounds like you have a business and use Venmo for your sales receipts. If so, you report that income and your expenses relating to that business on a Schedule C. (See the Business Income section of the Income menu.)

    Keep track of all your car miles, business and personal. Also, keep all your gas receipts and repairs. Keep a good record of all your business expenses. Those all will be reported on the Schedule C.

    You should look into making quarterly tax payments on your business income. See this community article on paying estimated taxes.

    https://community.freetaxusa.com/kb/articles/30-do-i-need-to-pay-estimated-taxes-and-if-so-when-how-and-how-much