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There is a new tax rule on the books that will affect millions of small business owners, independent contractors and freelancers. If you receive $600 or more this year from a digital payment service like Zelle, Venmo, PayPal or CashApp, they’ll report that amount to the IRS.
Not fun for SWFL musician Josh Kerwin who uses a virtual tip jar when performing. If you’re not good at keeping records, no worries. Your payment service will be doing the work for you.
So it’s a good idea to create separate accounts, both professional and personal … just for the Zelle of it.