Gig Economy Workers and their Tax Responsibilities

The IRS has information to help gig workers—whether full- or part-time—meet their federal tax obligations. This means understanding that earnings are taxable even if they don’t get 1099s. This applies to payments by credit card, cash, property, goods, or virtual currency. Gig workers may need to pay quarterly estimated taxes. They also pay self-employment tax on their net earnings from gig work. #IdeaoftheDay