How do taxes work for income made on the platform?
All professionals that list their services on Resonance are Independent Contractors.
The Internal Revenue Service requires companies that process payments for independent contractors to report all of their earnings and issue a 1099 if they’ve earned $600 or more in a calendar year.
Once you’ve made enough income to warrant a form, we follow these steps to get you your 1099 form:
We’ll send you an invitation email to register a Payable account. Once you’ve set up your Payable account you can add missing information, update out-of-date details, and/or confirm that all necessary tax data is correct.
All of your earnings for the year will be automatically entered into the Payable system, making entering your income made on Resonance a 10 second process!
Set your delivery preference for receiving your form. Payable captures delivery preference based on the IRS requirements regarding E-delivery of statements to recipients.
One of the big pluses of using Payable is you can easily add your form delivery preference. Companies are required by the IRS to obtain consent from the form recipient that they prefer e-delivery, or else the default is paper delivery.
That’s all there is to it! Using our system makes tax season easy, automatic, and secure, something that isn’t often the case for professionals in the creative industry!