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Wednesday February 19, 2020
Gig Economy Tax Center Launched
In IR-2020-4, the Service announced the new Gig Economy Tax Center on IRS.gov. With the explosive growth of ride-sharing, home rentals and other gig businesses, millions of taxpayers have gig income and new tax obligations.
Ride-sharing, renting your property, selling goods online, renting equipment, providing creative services or freelance work are all parts of the new gig economy. Gig workers must know how to keep records, pay estimated taxes, prepare to file and then file their required tax forms. The Gig Economy Tax Center covers many types of work.
IRS Commissioner Chuck Rettig notes, "The IRS developed this online center to help taxpayers in this emerging segment of the economy. Whether renting out a spare bedroom or providing car rides, we want people to understand the rules so they can stay compliant with their taxes and avoid surprises down the line."
Gig economy workers generally do not receive Forms W-2 or 1099. Many are part-time workers or business entrepreneurs. While most gig workers do not receive IRS reporting forms, their income is taxable.
Published January 10, 2020