It also mentioned this:
We'll use your tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive exceed both of these milestones in a calendar
- $20,000 in gross payment volume for goods and services
- 200 payments
It says that you have to reach BOTH "mlestones" and I have not reached any yet. I do have another shop that has reached over 200 sales but not $20,000.
I am just really confused, and need help! Do I have to provide my SS# NOW since I haven't reached any of those goals yet? Or, am I able to wait, or can I just not do it at all?
What happens when you do provide your tax ID #? Do you have to pay taxes? I have never paid taxes before so I have no idea what it is, or what to do.
Please explain, thank you!!!