(IRS $600 Reporting) Please see the detailed 1099K examples in the video to gain a greater understanding

Complete tax video playlist:    • Income Taxes Explained  

Chapters (Time Stamps):
0:30 Will the 1099K affect you?
1:10 1099K will impact nonbusiness owners as well
1:42 2022 1099K rules
2:50 How the 1099K works
3:34 Why the IRS is changing the 1099K rules
4:52 Detailed Examples 1 & 2
6:20 Business deductions to offset 1099K income
7:25 1099K and personal (Nonbusiness sales) and explanation

https://www.irs.gov/businesses/unders...

Form 1099K, Payment Card and ThirdParty Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance. You should receive Form 1099K by January 31st if, in the prior calendar year, you received payments:
From payment card transactions (e.g., debit, credit, or storedvalue cards), and/or

In settlement of thirdparty payment network transactions above the minimum reporting thresholds as follows:
For returns for calendar years prior to 2022:
Gross payments that exceed $20,000, AND
More than 200 such transactions
For returns for calendar years after 2021:
Gross payments that exceed $600, AND
Any number of transactions
NOTE: The minimum reporting thresholds apply only to payments settled through a thirdparty network; there is no threshold for payment card transactions.

It is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099K. You must report on your income tax return all income you receive from your business. In most cases, your business income will be in the form of cash, checks, and debit/credit card payments. Business income is generally referred to as gross receipts on income tax returns. Therefore, you should consider the amounts shown on Form 1099K, along with all other amounts received, when calculating gross receipts for your income tax return.

Check your payment card receipt records and merchant statements to confirm that the amount on your Form 1099K is accurate
Review your records to ensure your gross receipts are accurate and reported correctly on your income tax return
Determine whether you have reported income from all forms of payment received, including cash, checks, and debit, credit, and storedvalue card transactions
Maintain documentation to support both the income and deductions you report on your income tax return

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