Gig Economy Taxation
The gig economy, also called the sharing economy or access economy, is activity where people earn (taxable) income providing on-demand work, services or goods. Often, it's through a digital platform like an app or website.
YES, ALL gig economy income IS FULLY TAXABLE INCOME
You must report income earned from the gig economy on a tax return, even if the income is;
1-From full-or-part-time, temporary, seasonal, or side work
2-Not reported to you on an information tax form like a 1099-Miscellaneous Income, 1099-K, W-2, or other tax statement.
3-Paid in any form, including cash, check, property, goods, services, or virtual currency.
For gig workers and gig income deemed self-employment income, business expenses incurred to earn the income is deductible on Schedule C, Form 1040 the same as for any other self-employed individual. Self-Employed individuals may be required to pay quarterly estimated taxes as well.
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