New IRS rules: When and how to report income from Venmo, PayPal, Cash App, or Zelle

Name: New IRS rules: When and how to report income from Venmo, PayPal, Cash App, or Zelle
Uploaded: 2022-04-11T18:03:49.000Z
Duration: 2 min 3 s
Description: If you have a small business, or a side hustle, and you earn income on Venmo, PayPal, Zelle, or Cash App, there's a new rule that went into effect in 2022. When you file your 2022 taxes in the spring of 2023, you will be required to report income received for goods or services totaling over $600 per year to the IRS. But that doesn't mean you'll be taxed on every penny you've earned.

If you have a small business, or a side hustle, and you earn income on Venmo, PayPal, Zelle, or Cash App, there's a new rule that went into effect in 2022. When you file your 2022 taxes in the spring of 2023, you will be required to report income received for goods or services totaling over $600 per year to the IRS. But that doesn't mean you'll be taxed on every penny you've earned.

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