However, it's crucial to differentiate these from business transactions, which have different tax implications. When using Venmo for business purposes, be prepared to report these earnings to the IRS.

If you use third-party payment platforms, like PayPal, Venmo or Cash App ... earnings were already taxable so this is not a change in tax law, but rather just a reporting change.

Fintech companies such as Venmo, PayPal, Zelle and Stripe make the process swift and safe through their mobile apps. Be aware that you will often need to pay income tax on your earnings.

This article was expert reviewed by Lisa Niser, EA, an enrolled agent and tax advisor. If you run a side hustle or a small business and accept payments on Venmo, Cash App, or an online marketplace ...