TECHNICAL TIPS CORNER

Businesses are increasingly adopting Cash App to accept payments, but it's crucial to know the tax ramifications of doing so. This article will provide you a thorough rundown on how to use cash.app/taxes for company tax reporting. Recognizing Your Tax Duties Generally speaking, you are regarded as self-employed while utilizing Cash App for business. This implies that you must pay both self-employment tax and income tax. Social Security and Medicare taxes are combined to form the self-employment tax. Monitoring Your Cash App Revenue You must maintain thorough records of every Cash App transaction in order to report your revenue properly. This comprises: Income: The total sum of money you have received for commercial transactions with Cash App. Expenses: Any expenses linked to operating your business, such supplies, promotion, or cash.app/taxes fees . To keep your personal and professional funds apart, think about opening a separate business account. It may be simpler to keep trac