New 1099-K Rules! Is ZELLE Now the Best Payment App for Business?

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Күн бұрын

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Chapters:
0:00 Intro
0:33 New Rules for Payment Apps
1:26 Why Are Business Owners Upset?
2:08 Do the New 1099-K Rules Apply to Zelle?
2:54 Do You Still Have to Report Your Earnings from Zelle to the IRS?
3:19 The Best App for Business Payments
4:45 Advantages of Zelle
6:50 Should You Ever Use Venmo and Cash App?
7:42 What Other Payment Methods Can You Use?
8:38 The Bottom Line
9:04 Outro
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.
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*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

Пікірлер: 98

@karltondennis 2 ай бұрын

What do you think of Zelle, Venmo, and Cash App?

@minerofallcoins 2 ай бұрын

Great Video! Thanks for the content! I'm a newbie to this stuff. What about Paypal for businesses?

@CohnWolfeFitness 2 ай бұрын

@@minerofallcoinsI was going to ask the same thing.

@NikkitaChante 2 ай бұрын

This is why my hair stylist rejected my cash app card 😂. I keep my spending money on there, never used it for business!

@Rabideen 2 ай бұрын

I use Zelle, Venmo, CashApp, and PayPal in my real estate business. Make small contractors (painters, plumbers, handyman, cleaning services) do not use a bank that offers Zelle and want payment now rather than waiting for a check in the mail and then 72 hours for funds to be available.

@WilliamRamsay-sf9ld 2 ай бұрын

I love Zelle. It has been safe and easy to use so far.

@marvinbechtol7447 2 ай бұрын

Thank you keep that info flowing

@growingtolive2040 2 ай бұрын

A great video! You hit so many key points on lots of levels with great advice, especially on the business & tax side. This 9-minute video is packed with so many tips every viewer should watch 2-3 times to catch everything you have packed into it. Awesome!

@karltondennis 2 ай бұрын

Glad it was helpful!

@RealTalkTVMedia 2 ай бұрын

How does this video only have this many likes? Thank you Karlton

@eshun-niiroyal8093 2 ай бұрын

Thanks for sharing and what about living overseas and you have businesses in the USA

@Rodriguezpaul-9 2 ай бұрын

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Patricia Annie Brooks

@Jessecote875 2 ай бұрын

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Nguyenvictory83 2 ай бұрын

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

@carolynvo7802 2 ай бұрын

You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.

@Charlottehornets4 2 ай бұрын

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

@Rodriguezpaul-9 2 ай бұрын

she's mostly on Instagrams, using the user name

@MarketUAgency 2 ай бұрын

Great video!❤‍🔥❤‍🔥

@deegs1749 2 ай бұрын

Im not sure that anybody will stay below 600$ who uses payment apps regularly even for personal reasons only.

@simon_liu 2 ай бұрын

exactly what i was thinking too

@arnoldbuckley667 2 ай бұрын

Agree that’s such a low threshold. If you have dinner with 4 friends and they pay your for it then you trigger a 1099. Crazy

@4EVRTRB 2 ай бұрын

Do you have any current youtube shows about EIN and how it relates to your businesses/ LLC / SCORP?

@RayRay-rm3yl 2 ай бұрын

Zelle need to pay this Man!!!!

@Twanersempire 2 ай бұрын

Great video can you also do a video on if I should form an LLC if I drive for Uber and Lyft.

@michaelphillip1758 2 ай бұрын

No bro that's a bad idea

@Twanersempire 2 ай бұрын

@@michaelphillip1758 why

@Macdaddy. 2 ай бұрын

@@michaelphillip1758explain

@danisgay100 2 ай бұрын

What will be the policy on personal accounts and will the policy be different if a person has 2 personal accounts

@MsTwilightSpeaks 2 ай бұрын

Tax Alchemy is 🔥

@soundtrackwithlife 2 ай бұрын

Is this new IRS rule for business venmo/cashapp accts only?

@xquantx 2 ай бұрын

Is this true for Apple Pay?

@lostinthesmoke_ 2 ай бұрын

What if you use cash app but don't have a business account just regular account, should I still delete

@floram3722 2 ай бұрын

I would do automatic payment through my checking account because they probably is just select the rest of them cash apps

@JW-tk1sr 2 ай бұрын

The 1099k is only triggered to a business account or a personal account that the sender tags as a payment for goods and services. It does not apply to personal transfers to friends and family.

@quitkclee 2 ай бұрын

Is this true? Can anyone confirm

@NobleChief118 2 ай бұрын

How do you recommend keeping track of Zelle transactions?

@MsTwilightSpeaks 2 ай бұрын

Your editor is fiye

@Liz-Leia Ай бұрын

My Excel Fed CU personal banking charges 1$ for every outbound(500$ limit/week) Zelle transaction, and my Truist business bank account charges a percentage for every inbound Zelle transaction. I only know of Chase and NavyFed having no fees on their personal end. Are there many more? Why is it that some personal accounts cannot Zelle funds to a business account? Does every financial institution set it's own parameters?

@shaimesh1 2 ай бұрын

Does upwork limit $ u can send per day as Zelle does?

@yappering 2 ай бұрын

What about paper checks?

@dewaynehugh7236 2 ай бұрын

@karltondennis I saw your video on how to transfer your vehicle to a llc. What about transferring a rental to a llc?

@dilipsoni8630 2 ай бұрын

What about 1099 issue when we give someone zellle

@andreatate6702 Ай бұрын

My Navy Federal business account doesn’t allow me to send or receive funds through Zelle. Why is that?

@kefek6992 2 ай бұрын

What about Remitly?

@JaysUniversal 2 ай бұрын

Is PayPal good to use?

@irainkoolaidTTV 2 ай бұрын

why do i gotta buy real estate with you in order to get a tax consultation?

@hemanth1072 2 ай бұрын

Is rental income considered as business payment? In short, can I use Venmo to collect rental income ??

@JW-tk1sr 2 ай бұрын

Yes, but if you have your property in an LLC then you should have your venmo account linked to your LLC bank account and never use the same account for personal stuff. If you do not have an LLC then commingling is not an issue.

@csexecutiveservices 2 ай бұрын

Zelle to a business account makes it easy to keep funds seperate

@davidcurran6297 2 ай бұрын

Why do business owners care if payment apps issue a 1099-K if they report all of the income anyway?

@EssenceAlexis 2 ай бұрын

This is my question 😂 I report it all anyway so……

@janetthomas7492 2 ай бұрын

What about PayPal?

@mschief-central4940 2 ай бұрын

Same rules

@alfonzocovington8795 2 ай бұрын

How can I become a client

@GAPOWERade 2 ай бұрын

So what if you never signed up for a “Business” cashapp account ? if you only have a personal account but receive more than $600. Is there still a 1099K trigger? Thanks Side note: it looks like cashapp is under investigation by the DOJ for allowing people easy access to send money 😂 just a random fact and honorable mention of how free we are

@CallmeRose_1st 2 ай бұрын

Zelle had better pay you for this. You just gave them free promo lol

@joeriveracomedy 2 ай бұрын

I only accept cash for my side hustles.

@joeriveracomedy 2 ай бұрын

I still use checks too, slick. I don't even make digital transfers to any of my multiple taxed brokerage accounts.

@theetravelhippie 2 ай бұрын

im sure it will apply to Zelle soon enough

@deboking9 2 ай бұрын

Looks like it’s time we all shift to Zelle.

@elijahbrown9738 2 ай бұрын

Been my go to for day laborers for 3 years

@robm5903 2 ай бұрын

Fjb

@WebDeva7 2 ай бұрын

I don’t understand why ppl aren’t setting their business up properly in the first place. Just use a payment processor and pay the transaction fee. Your prices for goods and services should be set to absorb those costs. Why quibble over cents when you could lose dollars and face prison time?

@rogermccaslin5963 2 ай бұрын

The people complaining about the new rules are the ones who are trying to skirt the tax laws and not paying tax on income. If you are already claiming the income, it won't matter if Venmo sends you a 1099. If you've been earning up to that old $20K limit and not reporting the income, then the new rules will affect you (and you obviously won't like getting caught).

@csexecutiveservices 2 ай бұрын

Stripe + zelle (to my LLC account) is my personal go to method.

@theodoresloan8812 2 ай бұрын

Zelle just steal your money and they make excuses not to give it back...

@Fedgery007 2 ай бұрын

Ahhh yes….more government!

@irainkoolaidTTV 2 ай бұрын

iif you just file ur taxes legitimately, the app u use shouldnt maatter. i dont wanna fuck with the irs

@Romelio007 Ай бұрын

Answer: NO! Zelle is the most unsafe for anyone...

@Godlovesu591 2 ай бұрын

It’s simple , pay your taxes.

@arkadandfortuna1582 2 ай бұрын

Btw your just got outed from @taxleverage channel bro. Your spreading incorrect info apparently according to her she watched one of ur posts. she’s a tax attorney.

@robertbarbosa4070 Ай бұрын

HELL FUCKING NO.

@keithconti2189 2 ай бұрын

THERE IS NO FDIC INSURANCE on 3rd party apps meaning RISK .. no safety... dont bother..

@keithconti2189 2 ай бұрын

GOod report to IRS unless you are sneaky and winy now.. and There is no FDIC insurance on any 3rd party apps.. meaning if it gets stolen its on you for bad transaction..dangerous and stupd..

@johnmichael642 2 ай бұрын

What about PayPal?

@jesusosorio4816 2 ай бұрын

PayPal is too expensive and sometimes they hold portion of your money. I be careful

@jesusosorio4816 2 ай бұрын

PayPal is too expensive and sometimes they hold portion of your money. be careful

@faith.111 2 ай бұрын

I used PayPal for a freelance job, when my client proccesed the first half of the payment, paypal sent me an email saying that after I reached $600 if I have not added my taxid on my account they would automatically withhold 24% and send it to the IRS, but only of I did not added my TaxId. I immediately did, but plan not to use them for the long term. Just temp for now. Hope it helps.

@Whosurdaddy71 2 ай бұрын

@@jesusosorio4816friends and family is free 😂

@diygaragedoorparts8206 2 ай бұрын

Same as venmo