Venmo and Cashapp Users BEWARE! ( New 1099-K Rules)
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Should you delete your Cash App and Venmo? On this episode we will dive into some crucial changes regarding popular payment apps like Cash App and Venmo, which might leave many Americans, particularly business owners, facing increased tax bills and possible audits starting in 2024!
I'll break down the IRS's new mandate for these apps to issue a Form 1099-K for transactions exceeding certain amounts and explore the consequences of these changes. We'll talk about the potential pitfalls and how these could blend personal reimbursements with business revenue, possibly leading to over-reported income and unnecessary taxes. Fear not, though; I'm going to guide you through understanding these changes! Tap in with me as I give you some strategies to minimize impact, including better business practices and alternative payment solutions. I have to ensure you're well-prepared to handle your finances in the ever-evolving digital age!
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