As a Pro registered with Taxfyle, you’ll be acting in the capacity of an independent contractor. You have the ability to work when you want, where you want, as often as you please and there is no cost to join the platform. Taxfyle will provide customer engagement opportunities for Pro's working within our network and take a commission for the service. The earning potential noted within an opportunity will be the amount you can expect to collect on the engagement.
As an independent contractor, you will receive a form 1099-K for income earned from Taxfyle opportunities. The Internal Revenue Service (IRS) requires that all US companies processing payments report the gross earnings of US customers that earn over $20,000 and have 200+ transactions in the calendar year. If you cross both IRS thresholds in a calendar year, Stripe will provide you with a Form 1099-K.
It’s your responsibility to ensure you report and pay any tax liability as a result of income earned from Taxfyle opportunities during the calendar year, whether you received a 1099-K or not.