You May Have To Start Paying Taxes On Cash Apps | V103


Do you employ money apps like PayPal or Venmo? Nicely for those who do you might have to pay some taxes on these transactions. Yup, there’s a new IRS rule that may take impact subsequent yr the place if the apps are used for items or companies and also you earn greater than $600 {dollars}, you then’ll need to report it to the IRS.

Now Uncle Sam doesn’t play any video games and he’s all the time going to get his coin lol! Excellent news is for those who use the money apps to pay a mortgage, or go in on a present with different individuals you then’re all good, that will not have to be reported. However for those who use the apps to pay lease you will want to report that too. No matter you do, preserve a paper path of each transaction you make so you possibly can have your information able to go for those who get audited.



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You May Have To Start Paying Taxes On Cash Apps | V103

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