A current piece by TikTok financial advice has terrified the hearts of payment app users, claiming that anyone who earns more than $ 600 on platforms like Venmo, Cell, or CashApp will receive a 1099-K tax form starting next year.

Of course, everyone immediately freaked out in the comments on these videos. What should we do for payments like rent sharing with roommates? Or pay for a large group trip? We must – gasp – use cash?

Take a deep breath. These…

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