Dear Diary,
The government wants their money. I do not want any trouble so I will be paying my taxes.
~Bitch, you better have my money
Hello today I am here to talk to you about the knew tax law for Cashapp and Paypal.
It has been going around and it is true that you have to pay taxes for your cashapp and PayPal for anything that you receive above $600. What is not being made clear is that is those are for people who have a business cashapp or a business Pay Pal. If you are just receiving money on an account that is not a business account, then you are not required to pay taxes on anything above the $600 received.
They will not send you a 1099 for you to have to pay your taxes. You must understand that even if you’re not using a business account, but you are running a business yes you should still be paying your taxes. Do not get confused about whether or not you need to pay taxes. Your taxes are always meant to be paid whether you are using a business account or a just general account on any of those platforms.
What all that is about is they will not send you a 1099 form as an independent contractor with those platforms. In the US anything over $600 You have to pay taxes on if you are running a business. Do not get caught up in thinking that you do not have to pay your taxes because you just know that they’re not going to send you a 1099 if you do not have a business account on PayPal or Cashapp. The government still wants their money Hahaah.
Until next time…