Knack Tutors are classified as Independent Contractors, which means that taxes are not withheld throughout the year. If you earn over $600 through Knack in the calendar year, we will request your tax information in order to send you a form 1099-MISC.
What does this mean? If you will be filing taxes, you’ll need to appropriately report all income earned through Knack. The IRS requires that we provide you with a 1099-MISC, displaying your earnings, allowing you to properly file your taxes as an Independent Contractor.
Why do you need to collect my SSN? In order for us to complete our part and send you the form 1099, if you cross the $600 threshold, we’ll need to collect your Social Security Number which is securely stored with our payment processor, Stripe (used by Lyft, Kickstarter, Pinterest, and others).
When will I receive my 1099? We will send you the form via email and physical mail and you'll receive your documents no later than February 1. Please keep in mind that April 17 is the deadline to file your taxes with the IRS.
How do I appropriately file my taxes? Knack does not provide tax advice. It is your responsibility to file your taxes at the end of the year, but don't worry, we'll let you know when it's getting close to that time of year. We recommend that you seek guidance from a qualified tax service like TurboTax or H&R Block and/or contact an independent tax professional for specific answers to tax questions. You can also check out the IRS website for more information. We’ve included some helpful links below as well.
Helpful Links:
TurboTax Tips for Independent Contractors