[Jewelry making - Article 01078] - Re: [Orchid] Consignment and taxes

[Kimberly Starbard]

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Hi Meredith:

>     to provide them with my socialsecurity number for their year end
>     1099 forms. Is this standard? The gallery has changed hands since I
>     began working with them, but in the past, and at the other
>     gallery, this has not come up. It sounds odd to me. Thanks for any
>     advice.

    It's completely standard and actually a good sign for you as well.
    Although there is a small chance that the previous management team
    at the gallery was not doing things correctly, chances are it
    actually means your sales figures were higher this year than in
    previous years. A 1099 is not required if amounts paid to a
    person/business are less than 500 dollars. You still are required to
    report your consignment income if it is under 500, but the gallery is
    not required to keep track of it. (the 500 dollar figure is what was
    the law the last time I had to fill out a 1099, it may be different
    now, so please, if anyone needs to know the real figure, double
    check) 

Best of Luck,
Kim Starbard
Cove Beads

 
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