IRS helps workers, businesses with new Gig Economy Tax Center
Gig Economy Tax CenterFreya Allen Shoffner, Esquire featured Professional Speaker, Presenter, Professor.
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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 TaxableYou 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 WorkersFind forms, keep records, deduct expenses, file and pay taxes for your gig work.
Digital Platforms and BusinessesClassify 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
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