LLC Owners Should NOT Use Cash App or Venmo

LLC Owners Should NOT Use Cash App or Venmo - New IRS Rule Explained

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5 ай бұрын

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The IRS announced that it will start requiring payment app companies to issue Form 1099-K to everyone who receives $600 in income through their payment apps starting in tax year 2025. For 2024, the income threshold to receive Form 1099-K is $5,000. The IRS will receive copies of all 1099-K forms that are issued by payment app companies.
A lot of business owners use Cash App and Venmo for payments. Unfortunately, there are some significant risks associated with this practice that many business owners are not aware of. In this video, tax expert Karlton Dennis discusses all of the risks associated with using payment apps like Cash App and Venmo to send and receive business payments.
Considering the fact that making and receiving payments is such a crucial aspect of many businesses, it is imperative for business owners to fully understand how to prevent accidentally commingling personal and business funds with apps like Cash App and Venmo.
*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.
#taxes #taxfreeliving #taxexpert #taxreduction #llc

Пікірлер: 204

@travisboykins8124

Both accounts cash app and Venmo have business accounts and personal, so if you set up as a business then you would only conduct business transactions

@kaitlyncranwick

The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.

@lmnop445

Zelle doesn't report to IRS even over $600 and they will not issue a 1099K. It's on their website. It makes sense because Zelle doesn't operate as a third-party app like the others. Zelle facilitates direct bank to bank transactions. It's as if you're transferring money from one bank to another more quickly.

@sarab9337

Why are they coming after these small payments? Shouldn’t they be going after the top 1%. This is so Ridiculous

@circasurvive9891

America DOES NOT need to tax every single little avenue of income when it has no problem aiding other countries to the point where they have a surplus of funds whilst America's health goes disregarded..

@kellio8087

The IRS will squeeze every last hope out of us. They are getting 50% of what we make if you total all the taxes we pay, including taxes on the stuff we buy!

@JoesExpressLLC

Actually no you can't use Venmo for business and PayPal for personal Venmo is owned and operated by PayPal it would still cause the comingling of funds

@croomcas

How about Zelle?

@Elder-Bryant

Cash is king

@trezantrez

Didn’t report some cash app on taxes and irs was trying to take property for 600$ , but paid it right away and haven’t used those apps since

@dhillaz

6:47

@mishahudson873

Great information and heads-up! Thank you!

@josettedessalines6389

hello, I just want to say thank you for sharing your knowledge

@BarbaraMVega-xn6wh

Thank you for sharing such informative content. I truly enjoy your videos. You are very well spoken and professional and have control and knowledge of your topics. Outstanding video!👏👏👏👏✨💫❤️