December 30, 2022
Notes from Haley

Venmo Tax

Written By:
Haley Sacks
(aka Mrs. Dow Jones)

Bonjour Rich Person,

I have some tax news for you… The government has finally cracked down on payments on third-party-payment apps like Venmo, PayPal and Cash App so if you use them, you may owe taxes on that money!

I know we all thought getting paid on these apps was a total safe-haven, but unfortunately the government has caught on to the number of people getting paid through these platforms and is now forcing the companies to report business transactions that exceed $600 year. It used to be that you only had to pay taxes on income that exceeded $20k gross or you did 200 or more transactions. But now that threshold has been dramatically lowered!!

So what does this change for you? Well if you were living it up, getting paid for business transactions on these apps & not reporting the money bc the government had no way to track it, you’re gonna have to tighten up! I don’t want you to go to jail for tax fraud like Martha Stewart! However, if you are using Venmo for personal transactions like to send the Maid of Honor at the last bachelorette party you were at $600 for the weekend, you’re fine.

Take a breath.

This new rule only applies to payments received for goods and service transactions. Not personal stuff like Tulum trips with the girlies.Anyways, hope you’re having a nice wrap up to the year. I’ll be around next week with some tips to get January started right but wanted to just say HI and HAPPY HOLIDAY WEEK & encourage you not to do tax fraud.

Watch my video here to learn more & as always, stay rich, bitch.