Know Your Gear Podcast - Episode: Reverb Sending Everyone 1099 Tax Forms Release Date: March 3, 2025
Host: Phillip McKnight

Introduction and Announcements

In this milestone 400th episode of the Know Your Gear Podcast, host Phillip McKnight extends his gratitude to Patreon members, channel subscribers, and live viewers for their unwavering support. He provides updates about upcoming events, including a free guitar clinic hosted by Larry Mitchell at Zims Guitars in Mesa, Arizona, emphasizing its accessibility and encouraging listeners to attend.

Corey's 1099 Tax Form Inquiry

Timestamp: [09:30]

Corey's Question: Corey recently received a 1099 form from Reverb, showing income discrepancies related to sales, particularly concerning shipping and fees.

Phil's Response: Phillip explains that Reverb issues 1099 forms when sellers exceed certain thresholds, such as $5,000 in sales or over 200 transactions within a year. He clarifies that Reverb reports the total amount collected, including shipping and fees, to the IRS, which may appear higher than the actual income received by the seller. This happens because Reverb includes all transactions, stating what was collected on behalf of the seller.

Notable Quote: "Reverb is not hard to figure out. They just tell the IRS every penny that was paid to you, whether you received it or not." [09:45]

Phil emphasizes the importance of maintaining accurate accounting records and recommends consulting an accountant to navigate these tax documents effectively.

Dale's Inquiry About Reverb Outlet Discounts

Timestamp: [25:15]

Dale's Question: Dale notices substantial discounts (up to 30%) on used guitars in Reverb Outlet and wonders if these are genuine deals.

Phil's Response: Phillip acknowledges the presence of significant deals on Reverb Outlet, attributing them to an oversupply of products versus buyer demand. He shares his personal experience of receiving frequent deal notifications on favorited items, comparing the temptation to discounts with the allure of having a few beers. However, he also mentions the challenge of navigating sporadic offers that might not align with his purchasing goals, leading him to curate his favorited items carefully.

Notable Quote: "It's like asking a girl at the bar, you're like, let me buy that pedal. It's not the same thing, but it's the motivation that counts." [25:45]

Phil advises listeners to explore various platforms like Guitar Center Used, Craigslist, and small shops to find the best deals, sharing a personal anecdote about purchasing a guitar at a lower price than expected.

Rad Fury's Question on Recording Interfaces for Phones

Timestamp: [35:00]

Rad Fury's Question: Rad Fury seeks recommendations for interfaces to record guitar directly onto a smartphone.

Phil's Response: Phillip recommends the DJI interface (likely a typo for Rode) priced at approximately $250, detailing its features like dual transmitters and a receiver compatible with both iPhones and Android devices. He elaborates on how he utilizes this setup with lapel mics and guitar signals to achieve high-quality mobile recordings. Phil underscores the reliability of this system based on his extensive usage and successful recordings, advising caution and emphasizing the importance of dependable gear for maintaining income through content creation.

Notable Quote: "This is the one that just never seems to fail me. It works really good." [35:30]

Amanda's Question on "Transparent Strandberg"

Timestamp: [45:10]

Amanda's Question: Amanda is confused about the reference to "transparent Strandberg" and seeks clarification.

Phil's Response: Phillip clarifies that "transparent Strandberg" refers to content from Last Podcast, his second channel dedicated to guitar clips and highlights from the main podcast. He discusses the challenges of managing multiple channels, including the reluctance to upload video clips due to self-perception issues. However, he expresses enthusiasm about improving the second channel to provide more accessible content snippets for listeners who prefer shorter segments.

Notable Quote: "It's just a second channel where we put clips of the podcast. I have not been diligent, but we have someone who takes the clips for me, which is nice." [45:45]

Discussion on AI and Its Applications

Timestamp: [50:20]

Dan's Question: Dan inquires about Phil's thoughts on Artificial Intelligence (AI).

Phil's Response: Phillip shares his practical use of AI primarily for summarizing lengthy emails. He appreciates AI's ability to condense long messages into manageable summaries, aiding in efficient communication. However, he expresses skepticism about AI's effectiveness in creative tasks like generating video titles or images, citing unsatisfactory outcomes from previous attempts. Phil highlights the balance between leveraging AI for productivity while recognizing its limitations in creative domains.

Notable Quote: "AI has been very helpful for that. So I found use for that. That's it." [50:50]

Phil's Insight on Guitar Frets: Stainless Steel vs. Nickel Silver

Timestamp: [1:10:30]

Hawkhead's Question: Concerns about the accuracy of AI and its potential misinformation in guitar-related queries.

Phil's Response: Phillip delves into the intricacies of identifying fret materials, discussing the differences between stainless steel and nickel silver frets. He explains that while stainless steel frets are harder and maintain their shine longer, nickel silver frets are easier to work with but wear out faster. Phil outlines his methodology for distinguishing them, including polishing and observing micro-scratches under magnification, although he notes the challenges and limitations of using AI for accurate identification.

Notable Quote: "If it's that hard to tell, then I guess it may not matter to us." [1:11:00]

Listener Feedback and Phil's Studio Update

Timestamp: [1:30:15]

Audience Interaction: Various listeners commend Phil on reaching 400 episodes, inquire about merchandise, and share personal experiences with guitars.

Phil's Response: Phillip reflects on the 400-episode milestone with a mix of pride and surprise, appreciating the loyal community that has sustained the podcast over the years. He updates listeners on the completion of a new studio setup, describing it as a logistical nightmare but ultimately rewarding. The new studio features enhanced camera systems and improved recording quality, enabling quicker and higher-quality content production. Phil shares his excitement about upcoming videos, including reviews of the Yamaha Pacifica and new Ibanez AZ models, and discusses the introduction of detailed guitar sheets on the podcast's website to provide comprehensive information for each reviewed guitar.

Notable Quote: "We're now able to produce content as fast as some of the other channels because, again, it's a lot easier now with the new setup." [1:30:45]

Conclusion and Upcoming Content

Timestamp: [1:45:00]

As the episode wraps up, Phillip discusses the introduction of merch, including work shirts and mugs, viewing them as a means for listeners to support the channel. He emphasizes the value of building strong relationships within the guitar community and hints at future content that will delve deeper into guitar reviews and technical insights.

Notable Quote: "The merch is a vehicle for a donation. You're basically supporting the channel and saying thank you with your money." [1:45:30]

Phillip concludes by encouraging listeners to look forward to upcoming videos starting the following week and expresses gratitude for the continued support from his audience.

Key Takeaways

• Tax Documentation: Sellers on platforms like Reverb receive 1099 forms that include total sales, necessitating proper accounting.
• Navigating Deals: Reverb Outlet offers significant discounts due to supply-demand dynamics; exploring multiple platforms can yield better deals.
• Recording Gear: Reliable interfaces like the recommended DJI/Rode model enhance mobile recording capabilities.
• Content Management: Expanding to multiple channels and improving studio setups can enhance content quality and accessibility.
• Technical Insights: Understanding fret materials and pickup impacts is crucial for guitar maintenance and performance.
• Community Engagement: Listener questions cover a wide range of topics, reflecting the engaged and diverse audience of the podcast.

For More Information: Visit knowyourgearpodcast.com to access detailed guitar sheets, upcoming video schedules, and additional resources shared by Phillip McKnight.