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1. Gig economy income is taxable and must be reported on a tax return, even if no 1099 was received.
2. Workers should report income based on their worker classification – either as an employee using Form W-2 or as an independent contractor using Schedule C (Form 1040).
3. Expenses related to gig economy income may be deductible, and taxpayers should keep records of their business expenses.
4. Gig economy workers may be required to make quarterly estimated tax payments to cover income and self-employment tax. The last payment for 2022 is due on January 17, 2023. – Individuals involved in the gig economy can cover their taxes by submitting a new Form W-4 to have more taxes withheld from their paycheck or by making quarterly estimated tax payments.
– Making quarterly estimated tax payments throughout the year is another way for gig economy workers to cover their taxes.
– If individuals have another job where they are considered an employee, they can submit a new Form W-4 to have more taxes withheld from their paycheck to cover the tax owed from their gig economy activity.

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