Tax Season Tips

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Steve_Amazon

Tax Season Tips

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Hi Sellers! Here are some tips to help you prepare for a seamless tax reporting season:

  1. Seek guidance from a professional tax advisor to ensure you’re set up to report taxes in the right way. Amazon has a network of service providers you can leverage if you don’t have your own advisor.
  2. Get your Form 1099-K if you qualify, to understand federal and state reporting obligations. First, understand if you qualify to receive Form 1099-K. The federal unadjusted gross sales threshold to receive Form 1099-K is $20,000 and 200 transactions, and for some states, can be as low as $600. Once you’ve determined if you qualify, retrieve the form electronically if you consented to e-delivery in your preference settings in Seller Central. If you did not consent to e-delivery, your form will be mailed to the address you provided when you shared tax identity information with Amazon. You can contact Seller Support if you have any issues receiving your form.
  3. Understand what each tax document represents. IRS Form 1099-K represents unadjusted gross sales activity, not just what Amazon pays you.
  4. Ensure you’re logged into your Amazon account with the right user permissions. Only the primary user of the account can access sensitive tax documents. If you expect significant changes to your account soon, be sure to download all relevant tax documents.
  5. All information provided to Amazon should be up to date. If you’ve changed your address or moved in the last calendar year, reach out to Amazon to ensure your tax documents are mailed to the right place.

We hope you find the above tips helpful as you prepare to report your taxes. For more information, check out the US Reporting and Tax Identity FAQs.

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