NEW Venmo Tax Law: Are You Filing Correctly?

Have You Made Over $600 on Venmo? You Will Now Be Taxed! 2022 Update: Need help filing your taxes this year? The IRS is reminding small business owners to report any earnings made over $600 on third-party apps (like Venmo, PayPal and Cash App). To help you this tax season, they recently released a useful guide for understanding your form 1099-K to guide you through reporting any earnings. Keep scrolling for everything you need to know about this new rule!   Venmo business transactions totaling $600 per YEAR will now be taxed, as of Jan. 1, 2022.  This goes for (more…)