Business owners could face taxation while using third-party apps
The American Rescue Plan Act lowers tax requirements from $20,000 to $600 starting next year.
WASHINGTON D.C., DC — A viral video on Instagram has 441,000 views and has been liked more than 8,500 times. It claims that starting in January 2022, if you receive more than $600 per year through third-party apps like Cash App, Venmo or Zelle, you will be taxed.
“So if you are a small business owner or gig worker and you get money through these apps, you want to start getting your paperwork together now because you will be taxed on that,” the viral video claims.
Let’s VERIFY: Will business owners receiving more than $600 a year with these apps need to start paying taxes next year?
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