All shefs who sell on the platform are contractors. The process you should follow to get your tax information for Shef depends on whether or not you hit the earnings threshold to be eligible for a 1099. In 2023, you must have earned at least $20,000 on the Shef platform to be 1099 eligible.
If you earned at least $20,000 for 2023 through Shef:
You should have already received an email from Shef via Track1099 requesting you to complete form W-9.
This form helps us verify your tax information so that we can issue you a correct 1099. You must fill it out by January 20th.
Shef will issue form 1099-K via Track1099 by February 28th, 2024 to all shefs who have completed form W-9. Please note that these will not be issued via Stripe as in previous years.
If you earned less than $20,000 in 2023 through Shef:
You will still have to report the income, and you can do that without a 1099. The 1099 is a purely informational form that summarizes the sales activity of your account.
Since you will not be issued a 1099, you can just use your own record of deposits from your Stripe account or from your bank account statements. Learn more about how to export this information from your Stripe account if you did not receive at this link.
In short, this means you will find all of your earnings information for tax purposes in your Stripe account. Shef will not issue you a 1099 if you did not exceed the earnings threshold.
Please note that we can't provide tax advice because everyone's financial situation is different, but the amount that you see in Stripe is your gross earnings (not including expenses). If you're unsure as to what you should list for your taxes, we recommend that you consult an accounting professional to determine the appropriate amount.