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Starting January 1, 2022… If you sell anything… whether offline or online, and you are receiving payments totaling more than $600 through your Cashapp, Venmo, Paypal, Apple Pay or even Zelle. Then you’re likely going to have to pay taxes on it... Subscribe: https://bit.ly/2HJlq46 Book a Discovery Call: https://schedule.lyfetaxes.com/discov... Because in the hundreds of pages in the American Rescue Plan act there was a provision that lowered the federal threshold for issuing the 1099-K form to $600. Here are the questions we are going to be answering today: #1 - What Did the American Rescue Plan Act Change? (1:22) #2 - Does this mean your taxes will actually increase? (3:15) #3 - How does the IRS "know" about your Cashapp or Cash income? (4:10) Suggested video to watch next: "The IRS to Monitor Your Bank Account! [Biden's Tax Plan]" • The IRS to Monitor Your Bank Account! [Bid... More Popular Uploads: 5 Grants to Start a Small Business: • 5 Grants to Start a Small Business (for St... Single Member LLC, What You Must Know: • Single Member LLC: What You Need to Know T... Tax Planning for Beginners: • How to Build a Tax Plan (Tax Planning for ... Tax Secrets: • Tax Secrets: What “They" Don’t Want You to... How to Start a Business: • How to Start a Business in 2024: Your Step... Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos! /// Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).