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IRS helps workers, businesses with new Gig Economy Tax Center
January 15, 2020 | Freya Allen Shoffner, Esquire | Main Office

IRS helps workers, businesses with new Gig Economy Tax Center




Gig Economy Tax Center

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What is the Gig Economy?

The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website.

Gig Economy Income is Taxable

You must report income earned from the gig economy on a tax return, even if the income is:

  • From part-time, temporary or side work
  • Not reported on an information return form—like a Form 1099-K, 1099-MISC, W-2 or other income statement
  • Paid in any form, including cash, property, goods, or virtual currency

What to Do

Gig Workers

Find forms, keep records, deduct expenses, file and pay taxes for your gig work.

Digital Platforms and Businesses

Classify workers, report payments, pay and file taxes for a digital marketplace or business.


What is Gig Work?

Gig work is certain activity you do to earn income, often through an app or website (digital platform), like:

  • Drive a car for booked rides or deliveries
  • Rent out property or part of it
  • Run errands or complete tasks
  • Sell goods online
  • Rent equipment
  • Provide creative or professional services
  • Provide other temporary, on-demand or freelance work
Note: This list does not include all types of gig work.

What are Digital Platforms?

Digital platforms are businesses that match workers' services or goods with customers via apps or websites. This includes businesses that provide access to:

  • Ridesharing services
  • Delivery services
  • Crafts and handmade item marketplaces
  • On-demand labor and repair services
  • Property and space rentals
Note: This list does not include all types of digital platforms.

ORIGINAL ARTICLE>
https://www.irs.gov/businesses/gig-economy-tax-center



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