Note: Symphonic is not a legal or tax authority. We do not give legal or tax advice. Symphonic simply reports and provides information as per what we've been instructed to. Please consult a tax professional or legal authority for advice and direction.
Failure to report taxes or income may land you serious fines and potential criminal liabilities. We do not give legal or tax advice however, we recommend that any income that you earn especially through us, to please report it.
We will report any income that we've paid out to any individual, client, and/or vendor in a given year and we will provide information that you've given us in addition to this thus, it is important that, in order to avoid problems, all information you provide is accurate.
If I made sales in January 2017, does that account for 2016 taxes?
No. Taxes account for the year where the sale took place. If you have sales in January 2017, the payments and tax reporting for these sales will be for 2017. If you made a sale in January 2017, then you wouldn't see it in your 2016 reporting. Likewise, if you made that sale in January 2017, it would be accounted for 2017 numbers and a form for 2017 would be sent after the year concludes.