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Here are three things you gotta know about how Venmo affects your taxes.
Also seethree records you should keep indefinitely once your taxes are filed.
But the second you start accepting business income on Venmo, that money will need to be reported.
Youll typically receive this form once your income is at or higher than the threshold set by the IRS.
For 2025, thats $2,500.
Reporting Thresholds May Change
Its important to note that reporting thresholds can change.
Meaning if customers or clients paid you at least that amount through Venmo, you will receive a 1099-K.
If not, its up to you to reach out and request that the mistake gets fixed.
Whatever method you choose, you want to be sure that youre keeping detailed records.
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