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Before the COVID-19 pandemic hit, the number of people engaged in the \u201cgig\u201d or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.<\/p>\n
Bottom line: If you receive income from freelancing or from one of the online platforms offering goods and services, it\u2019s generally taxable. That\u2019s true even if the income comes from a side job and even if you don\u2019t receive an income statement reporting the amount of money you made.<\/p>\n
Basics for gig workers<\/strong><\/p>\n The IRS considers gig workers as those who are independent contractors and conduct their jobs through online platforms. Examples include Uber, Lyft, Airbnb and DoorDash.<\/p>\n Unlike traditional employees, independent contractors don\u2019t receive benefits associated with employment or employer-sponsored health insurance. They also aren\u2019t covered by the minimum wage or other protections of federal laws and they aren\u2019t part of states\u2019 unemployment insurance systems. In addition, they\u2019re on their own when it comes to retirement savings and taxes.<\/p>\n Pay taxes throughout the year<\/strong><\/p>\n If you\u2019re part of the gig or sharing economy, here are some tax considerations.<\/p>\n Keeping records<\/strong><\/p>\n It\u2019s important to keep good records tracking income and expenses in case you are audited by the IRS or state tax authorities. Contact us if you have questions about your tax obligations as a gig worker or the deductions you can claim. You don\u2019t want to get an unwanted surprise when you file your tax return.<\/p>\n \u00a9 2021<\/em><\/p>\n <\/body> Before the COVID-19 pandemic hit, the number of people engaged in the \u201cgig\u201d or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6,10],"tags":[8,11,12],"class_list":["post-15476","post","type-post","status-publish","format-standard","hentry","category-articles","category-individual-tax","category-news","tag-articles","tag-news","tag-updates"],"_links":{"self":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/15476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/comments?post=15476"}],"version-history":[{"count":0,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/posts\/15476\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/media?parent=15476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/categories?post=15476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sfw.cpa\/news-and-guides\/wp-json\/wp\/v2\/tags?post=15476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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