Bioncé Foxx

Bioncé Foxx

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You May Have To Start Paying Taxes On Cash Apps

Do you use cash apps like PayPal or Venmo? Well if you do you may have to pay some taxes on those transactions. Yup, there is a new IRS rule that will take effect next year where if the apps are used for goods or services and you earn more than $600 dollars, then you'll have to report it to the IRS.

Now you know Uncle Sam does not play any games and he is always going to get his coin lol! Good news is if you use the cash apps to pay a loan, or go in on a gift with other people then you're all good, that won't need to be reported. But if you use the apps to pay rent you will need to report that too. Whatever you do, keep a paper trail of every transaction you make so you can have your records ready to go if you get audited.


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