Is the owner charged income tax if he uses this for personal transactions (i.e. splitting the tab at dinner with friends)?

I would only use this for personal transactions, such as settling a small debt with friends for things like repaying the cost of movie tickets, etc, and I want to know if the income tax tracking portion of the software will consider those transactions as taxable income?

Square Credit Card Reader

Square Credit Card Reader

Product No Longer Available

1 Answer from the Community

  • Answer

    I asked Square about it, they told me that for 2011 they are not filing information with IRS regarding income amounts, and they are planning to only really provide information if >$20,000 or 200 transactions are sent through the device. They also mentioned that they would have more details closer to 2012.