Do you work in the “gig economy”? Learn more about your tax responsibilities.

June 30, 2020

Do you work in the “gig economy?” It’s also called the sharing or access economy, and generally depends on a digital platform.

Gig work has been popular for a while, and in light of COVID-19, many furloughed employees have turned to it for income. Companies that have had to shift the way they do business depend on delivery drivers more than ever, and gig workers fill much of that need.

To help gig workers understand their tax responsibilities, the IRS has created a special webpage. Key points: Gig income is taxable, even if a worker is paid in cash and/or the work is only part-time. In addition, gig workers may be required to make quarterly tax payments.

Here’s more: http://bit.ly/2Zh28Ig