How Your Gig Work Income Could Take a Hit with New Tax Rules for Payment Apps

If you are one of the millions of Americans who makes an income through gig work or a side hustle, you probably get paid through an app like Venmo or PayPal or Cash App. They make it easy to exchange money for services and products – no muss, no fuss – until now. Starting this year, the IRS is requiring third-party apps like the ones I just mentioned to report any income for goods and services that total $600 or more, and that’ll probably have an effect on what’s expected of these workers come tax season. And that’s not all the financial news that could affect your budget. The stock market had a wild week, and interest rates are set to go up soon.

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