Question

Does receiving debit and credit card payments from your business website considered Common income or less common income?

Forum|Forum|4 years ago
January 9, 2022
3 replies
0 views

I received payments from my business through Wix payments, which only accepts credit and debit cards. I am unsure if this is should be categorized as common income or less common income.

TurboTax Live Premier Online

M

Mike9241

some time later this year you should receive a 1099-K for those payments which is a common type of income

T

TomD8

Employee

If these are payments made to your own sole proprietor or single-member LLC business, they are reported as business income on your Schedule C. Any commissions you pay to the credit/debit card companies are reported on Schedule C as a business expense.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Carl11_2

Employee

I received payments from my business through Wix payments

Wait a minute. You personally receive payments ***FROM*** your business? A business that you own? What kind of business do you own? Single member LLC? Multi-member LLC? S-Corp? C-Corp? something else?

The response's I've read thus far seem to have misinterpreted/misunderstood your post. Or maybe I'm the one that is not clear?