Venmo tax

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Why venmo makes doing taxes hard? Venmo 1099 reporting and threshold

26 views | 21 Jan. 2021

Hi guys and welcome to my

Hi guys and welcome to my channel! In this video we gonna talk about Venmo tax information! And yes, Venmo report to IRS!

In compliance with IRS regulation IRC 6050W, Venmo and other payment providers are required to report to the IRS the total payment volume received by business profile account holders whose payments meet or exceed both of these levels in a calendar year: 

- $20,000 USD in gross payment volume from sales of goods or services in a single year*, AND

- 200 payments for goods and services in the same year

*State Exceptions 

-For residents of Massachusetts, Maryland, Vermont, and Virginia, the threshold is $600 USD, irrespective of the number of transactions 

-For Illinois residents, the threshold is $1,000 USD with 3 or more transactions 

If the total payment volume received by your business profile does not meet or exceed these thresholds, a Form 1099-K will not be issued.

If you have some questions - please write them in the comments section!

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Venmo tax

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WHAT IS HORSE THERAPY? #lifeonthefarm #homestead #farmministry

87 views | 9 Feb. 2021

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My husband (farmer Mike) and I wanted to homestead but soon realized our farm dream wouldn't be just for us! After years of prayer and hard work we are celebrating 3 years on the farm and serving our community!

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Thank you all so much for watching! We are 27 away from 500 subscribers! Thanks for sharing with family and friends! ~jc