New 1099-K Rules! Is ZELLE Now the Best Payment App for Business?
April 29, 2024
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9:33Now PlayingNew 1099-K Rules! Is ZELLE Now the Best Payment App for Business?
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The IRS recently changed reporting requirements for payments like Venmo, Cash App, and more. Now, in 2024, these app companies are required to file form 1099-K for any business owner who earns more than $5,000 in revenue through the app. In 2025, the threshold drops down to just $600.
What this means is that the IRS will be scrutinizing the earnings that small businesses generate through these apps much more thoroughly. Therefore, it is now a lot more important for small business owners to choose which payment apps, and how they use these payments a lot more carefully. Mistakes like commingling funds or failing to accurately report earnings can be costly.
In this video, tax expert Karlton Dennis explains the new rules for payment apps and also articulates why he thinks that business owners who are going to use payment apps should use Zelle instead of Venmo or Cash App. Considering the fact that millions of people use these apps, this video is highly relevant for many business owners.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#zelle #1099k #paymentapp
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