Gig work, such as driving a car for booked rides, selling goods online, renting out property, or providing other on-demand work, is taxable and must be reported as income on the worker's tax retuGig work, such driving a car for booked rides, selling goods online, renting out property, or providing other on-demand work, is taxable and must be reported as income on the worker's tax return!
Here are a few important things you should know as a gig worker:
- Earnings from gig economy work is taxable, regardless of whether an individual receives information returns. This is true even if the work is full-time or part-time. - Gig workers may be required to make quarterly estimated tax payments. - If they are self-employed, gig workers must pay all their Social Security and Medicare taxes on their income from the gig activity.
If you have additional questions regarding gig work, contact us at (720) 712-7724 or book a FREE consultation using the link: https://calendly.com/rpfs/consult-with-ea
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