Side Hustles and Taxes: What You Need to Know

Have you ever used PayPal or Venmo? These third-party payment apps have gained the attention of the IRS. Many Americans use these apps casually for group outings, while others have been using them for their side-hustle transactions. Filing requirements have drastically changed in 2021, now requiring taxpayers to report income of $600 or more using one of these apps. Philip Hwang, Lead Tax Attorney, and Optima CEO, David King provide useful tips so that you can understand whether or not you owe, and when you should file your side-hustle income.