On January 21, 2020, the IRS has sent a notification via the E-News for Payroll Professionals a link to the new Gig Economy Tax Center at https://www.irs.gov/businesses/gig-economy-tax-center.
What is the Gig Economy? This is activity where people earn income providing on-demand work, services or goods. Often it is through a digital platform like an app or a website.
Gig Economy income is Taxable Generally gross income includes wages and salaries, interest, dividends, stock sales, self-employment income, income from business entities, prizes, rents, real estate sales, bartering, babysitting and most other forms of income. Basically any money you receive from any source is almost always part of gross income.
What is Gig work?
Gig work is a certain activity you do to earn income, often through an app or website.
If you have questions about the Gig Economy and how it could affect your taxes, contact me at 757-651-5935