How To Report Total Cash App Business Income on Tax Return Without 1099s - Using "Other Self-Employed Income" Section
I have a small business and all my customers pay me through Cash App. Do I need to list each payment separately or can I just put the total amount from Cash App on my tax return? I kept track of everything but not sure how to report it correctly. I'm currently filling out my tax forms and I'm on the section for "Other self-employed income" which says it's for "money made that wasn't reported on a 1099-NEC, 1099-MISC or 1099-G." The form specifically mentions that if I was "paid by check or cash, or made money from a barter or exchange," I should list it here. There's a field where I need to enter the "Type of income" and I've put "Cashapp" since that's how all my customers pay me. Then there's an "Amount" field where I guess I'd put my total. There's also an option to "Add another row" so I'm wondering if I should be breaking this down by customer or by month instead of just putting one lump sum. None of my customers sent me 1099s since they're all individuals who use my services, not businesses. I've tracked all transactions meticulously throughout the year, but I'm not sure if I need to attach a detailed breakdown or if the total is sufficient. Is the IRS going to want to see every single Cashapp transaction or is the yearly total enough?
14 comments
Kaylee Cook
Tax professional here. Yes, you can report income received through Cash App, but you need proper documentation. Cash App will send you a 1099-K if you received over $600 in payments. Make sure you're tracking all income, expenses, and keeping receipts. Use Schedule C to report your business income.
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Morgan Washington
what if i didnt get a 1099k but have all my transactions in the app? do i still report it?
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Kaylee Cook
YES! You must report ALL income regardless of receiving a 1099-K. The IRS requires reporting of all income, even if paid in cash or digital payments.
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Oliver Alexander
Hey there! I was in the same boat last year trying to figure this out. I found this tool called taxr.ai that helped me understand exactly how to report my Cash App income. It costs $4.99 but saved me so much headache. Check it out: https://taxr.ai
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Lara Woods
Does it actually work? Im kinda skeptical of tax tools tbh 🤔
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Oliver Alexander
100% works! It analyzed my whole situation and showed me exactly where to put everything. Even caught some deductions I would've missed 💯
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Adrian Hughes
bruh just make sure u save like 30% for taxes... learned that the hard way last year 😭
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Molly Chambers
Remember to track ur expenses too! Gas, supplies, everything. It all adds up and reduces ur tax bill.
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Morgan Washington
can i write off my phone bill since i use it for business?
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Molly Chambers
You can deduct the % you use for business. Keep good records tho!
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Ian Armstrong
Its so annoying that these payment apps report to the IRS now. Thanks Biden 🤮
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Eli Butler
Actually this helps prevent tax fraud and levels the playing field for everyone 🤷♂️
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Marcus Patterson
dont forget about self employment tax too! its like an extra 15% on top of regular taxes
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Morgan Washington
omg seriously??? 😱 i had no idea
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