In addition to offering its tax-filing service, Cash App also serves as a peer-to-peer payment app. While you won’t have to pay taxes on any personal transactions you use the app for, you will have to pay taxes on business transactions. Cash App will send you Form 1099-K if you have more than $600 of payments in your business account. You’ll have to report this income when you file your tax return and you can expect to pay taxes on it just like any other form of income.