1099-K Threshold
Definition
The level of payments processed through cards or third-party networks above which a payment settlement entity must issue a Form 1099-K. The threshold has been the subject of phased changes and should be checked for the year.
Related Terms in US Tax
Estimated Tax Penalty
A US penalty for not paying enough tax during the year through withholding and estimated payments. Meeting a safe-harbor amount based on prior-year or current-year tax generally avoids it.
Form 1065 (Partnership Return)
The US information return a partnership files to report its income, deductions and credits. The partnership itself pays no income tax; each partner receives a Schedule K-1 reporting their share.
Depreciation Recapture
The US rule that when a depreciated asset is sold for more than its written-down value, the previously claimed depreciation is taxed, often at ordinary rates, rather than as capital gain.
Home Office Deduction
A US deduction for the business use of part of a home, available to qualifying self-employed taxpayers using either a simplified square-footage method or actual expenses, subject to exclusive-use rules.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.