Are you a digital payment service user? If so, you might need to prepare for a new tax form in 2025. According to the IRS, if you received or made payments through PayPal, Cash App, or Venmo for part-time work or goods and services, you'll need to report these transactions on your tax return. But here's where it gets controversial... The IRS has a money and transaction limit for the 1099-K form to be sent out. However, taxpayers must report all income, including payments for goods and services, regardless of the amount. So, if you're one of the millions of people who use digital payment apps, make sure you're aware of this new requirement. And this is the part most people miss... While payments to friends or family as gifts or to repay personal expenses are not taxable income, you still need to report them. Don't worry, you can read more about the 1099-K form and see frequently asked questions on the IRS website. So, are you ready to tackle your taxes with confidence?
