Part 2: Cash
I say Part 2 because I am finally getting around to another live post in the series of things that can be disguised as other things – but you can catch up HERE: Disguised As ___, Part 1
This is mainly for my #smallbusiness and #soleproprietor friends and clients:
➡️ RECAP: all cashapp platforms have to report payments to the IRS beginning in 2022, and 1099s WILL get issued.
THIS is why I’ve been telling you to use these payment platforms ONLY for gifting, reimbursements, and buying goods – NOT for paying individuals for services rendered – AND to help me make sure we keep good records!
Otherwise, both your Accountant and Tax Preparer will hate you, you might miss out on deductions, and the IRS finds out and considers it taxable contract labor anyway, so it’s a lose/lose/lose trying to pay people who did work for you with cash apps.
I know, I know. It’s easier.
But I promise it’s more work later on everybody, especially you.
I won’t get started on the whole ‘cashless society’ business right now – but the only way cash is really cash anymore is if it is REALLY cash.
Just like the only way to keep a secret is to REALLY keep a secret (but I won’t start THAT here, either).
✅ Don’t wait until tax time when it’s too late, and make me use #MyAccountantVoice – talk to me now about what to do instead!
➡️ Set a time to talk HERE: https://calendly.com/qbpaige/15min
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