Help if I used square on my own credit cards to get cash

Early in 2024 due to health issues, we used out square terminal to charge a few of our credit cards in order to get cash out. Do I have to claim that on my takes as income? Because, of course it is on my 1099-K

413 Views
Message 1 of 2
Report
1 REPLY 1
Square Champion

@amarillo71 ;

That would be a question for your Accountant.  That would be considered Legal advise, and that could be perceived differently depending where you are located.  The thing I am seeing, again is not legal advise, Square reports it on the 1099 because You made a Purchase from you as a Person to Your Business.  This means your Business showed the Income from your Personal Credit Card.  This is again why I recommend showing your accountant but your 1099 form will probably remain the same.

Keith
Owner
Pocono Candle

Mark as Best Answer if this Helped you solve an issue or give it a thumbs up if you like the answer.
Square Support Number 855-700-6000.
Make Sure App and OS is up to date on your Device.
390 Views
Message 2 of 2
Report