Venmo and Taxes

If you receive income through a currency exchange platform such as Venmo, you are required to report it on your tax return. This includes payment for any artistic or administrative work such as rehearsal pay or performance stipends. Even if you earn less than $600, it is generally recommended to report this income. Venmo and similar platforms do not send 1099 forms to users who receive payments, so it is your responsibility to keep track of your income and report it accurately.

It is recommended that you keep track of all payments received through Venmo by exporting your transaction history and saving it for your records. We recommend consulting with a tax professional for guidance on reporting income received in this way and any associated deductions.

Pentacle recommends Mazzola Financial for NYC-based artists in need of a tax accountant.

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