LoriLeighEA
Employee Tax Expert

Business & farm

Welcome to the Event, JLS36!

It is a good idea to have separate accounts for your personal transactions and business ones.

Here is an excellent resource that explains how Venmo works:

 

https://thttps://turbotax.intuit.com/tax-tips/self-employment-taxes/paypal-and-venmo-taxes-what-you-... 

You are required to report all income to IRS and pay taxes on it. It is important to keep track of your expenses - they can offset your total income earned. 

State taxes are different - you can check with your state to see what is taxable there.

Here is another great resource from Venmo:

https://help.venmo.com/hc/en-us/articles/4407389460499-Venmo-Tax-FAQ

 

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