MANAGE TAXES FOR YOUR GIG WORK
February 3, 2020 - Douglas Myser
Manage taxes for your gig work. What is the gig economy ? The gig economy--also called sharing economy or access economy--is a activity where people earn income providing on demand work, services or goods. Often, it's through a digital platform like an app or website. The gig economy is taxable. You must report income earned form the gig economy on a tax return, even if the income is from part time work, temporary or side work, or not reported on an information return form--like a IRS Form 1099-K, 1099-Misc, W-2 or other income statement, or paid in any form, including cash, property, goods, or virtual currency. You must file a tax return if you have net earnings from self-employment of $400 or more from gig work, even if it's a side job, part time or temporary. You must pay tax on income you earn from gig work. If you do gig work as an employee, your employer should withhold tax from your paycheck. If you do gig work as an independent contractor, you may have to pay estimated taxes. Unsure if you are an employee or independent contractor ? Ask your employer or check your worker status. Manage taxes for your gig work.
Gig work is certain activity you do to earn income, often through an app or website 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. The Internal Revenue Service launched a new Gig Economy Tax Center on IRS.GOV to help people in this growing area meet their tax obligations through more streamlined information. "The IRS developed this online center to help taxpayers in this emerging segment of the economy," said IRS commissioner Chuck Rettig. "Whether renting out a spare bedroom or providing car rides, we want people to understand the rules so they can stay compliant with their taxes and avoid surprises down the line."
If you didn't figure out your gig taxes right and now owe the IRS, we can help. We are the Fourth Oldest Tax Resolution Company in America. Our Tax Resolution process will allow you to file all past due tax returns, then pursue Tax Relief in the IRS Code, including the IRS Fresh Start Program and options not in that program. Our Tax Resolution Services are seamless and will help prevent you from being inactive on these issues, potentially having to deal with IRS Wage Garnishment or Bank Levy actions. Call for a Free Tax Consultation Today. 1-888-689-7861