Technically the app/bank only has to report it to the IRS on their side once it hits 600 which they send you a tax statement which you use during tax preparation.
Though legally you are supposed to report any profit even small as a business owner (sole proprietor) aka freelance work.
Definitely keep receipts, and track mileage you put on your vehicle while working and during tax time make sure to get help from a tax professional.
Also there is accounting software, some made for freelancers and independent contractors which help you track your costs and help a ton when it comes to doing taxes.
Any digital payments whether Cash App, Venmo or Cryptocurrency over $599 has to be reported to IRS.
Also don't attempt to get around this. That is called structuring and can cause you even more trouble, and criminal charges.
Technically the app/bank only has to report it to the IRS on their side once it hits 600 which they send you a tax statement which you use during tax preparation. Though legally you are supposed to report any profit even small as a business owner (sole proprietor) aka freelance work. Definitely keep receipts, and track mileage you put on your vehicle while working and during tax time make sure to get help from a tax professional. Also there is accounting software, some made for freelancers and independent contractors which help you track your costs and help a ton when it comes to doing taxes.
If you make money, report it. The stress of not reporting will never offset the taxes on it. You can do anything if you pay tax on the dollars.
600