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Judy1505
New Member

I want Toto understand about side gigs and getting paid through Venmo

 
1 Reply
KochuK
Employee Tax Expert

I want Toto understand about side gigs and getting paid through Venmo

Hi Judy 1505, thanks for posting the question.

 

Side gigs could be self employment (profit motive) to be reported on Schedule C, Profit or Loss from Business.

Payment received from Venmo is part of your gross revenue streams - reported on Schedule C as gross income.

Below are some useful links.

 

Gig Economy Tax Center

https://www.irs.gov/businesses/gig-economy-tax-center

 

General FAQs on Payment Card and Third Party Network Transactions

https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements

 

What Online Business Owners Should Know about IRS Form 1099-K

https://turbotax.intuit.com/tax-tips/small-business-taxes/what-online-business-owners-should-know-ab...

 

Hope the above helps.

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