Venmo & PayPal 1099-K Tax Changes- What You Need to Know This Tax Season (2025)

New IRS tax rules are here. If you use Venmo, PayPal, or Cash App for business, freelancing, or side hustles, you might receive a 1099-K tax form this year. The IRS is lowering the reporting threshold, meaning millions of people will need to report digital payments as income. In this video, we cover: What is a 1099-K? Who will receive a 1099-K in 2024? How to report it properly on your tax return What to do if you receive a 1099-K by mistake Tax rules for selling personal items on PayPal or Venmo How to avoid IRS audits and tax penalties Make sure your PayPal and Venmo payments are correctly labeled to avoid incorrect tax reporting. Subscribe for more finance and tax updates. #1099K #Venmo #PayPal #Taxes #IRS #TaxTips #SideHustle #SmallBusiness #Freelancer #CashApp #CryptoTaxes #Finance #TaxSeason Tags: 1099-K, 1099-K tax form, IRS 1099-K, Venmo taxes, PayPal taxes, Cash App taxes, freelance taxes, small business taxes, IRS tax rules 2024, tax changes 2024, IRS 1099-K reporting, Venmo 1099-K, PayPal 1099-K, side hustle taxes, gig worker taxes, online business taxes, self-employed taxes, IRS tax audit, tax tips 2024, how to file taxes, tax filing mistakes, tax return tips, digital payments tax, third-party payment tax, 1099-K PayPal, 1099-K Venmo, cash app 1099-K, eBay 1099-K, IRS tax thresholds, IRS tax reporting, new tax laws 2024, capital gains taxes, IRS tax compliance, freelancer tax guide, tax deductible expenses, tax refund tips