End of Year Statements and 1099’s

End of Year Statements and 1099's

End of Year Statements
Income tax is a tax placed on income earned, paid to the federal and sometimes state government. When it comes to income taxes, everyone does things a little differently. Some people file themselves, some use a software system, and others hire an accountant. Shop Owners can provide the IRS with correct tax information in a few ways:

1. Keep track of their sales, rent, and fees using the settlement report from the end of each month.

2. Run a Financial Summary Report on Consignor Access. This report will include all of the information needed to complete your taxes including sales, rent, and fees for the tax year. Here is a tutorial on running the report. Upon request, Painted Tree can provide this report for Shop Owners.

1099-MISC
Painted Tree does not send 1099-MISC. The payments you receive from us are considered Payments for Merchandise. The instructions for Form 1099-MISC specifically exclude these payments from the reporting requirement.

If you have any questions about your taxes, you should consult your personal or business CPA. We are unable to provide you with advice on how to handle your personal tax situation.