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?
- Asked by Jason M from Holyoke
- Jul 17, 2011
Square Credit Card Reader
Product No Longer Available
1 Answer from the Community
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.
- Answered by Jason M from Holyoke
- Jul 18, 2011