The “gig economy” refers to a workforce environment of short-term engagements, temporary contracts, and independent contracting. This may also be referred to as the on-demand, sharing, or access economy. Taxpayers who work in the gig economy need to understand how their work affects their taxes. Pre-Planning can help make sure gig-economy workers are prepared when tax time rolls around.
A tax tip from the IRS outlines the tax implications of gig economy income and provides options for the taxpayer. Visit: https://www.irs.gov/newsroom/gig-economy-work-can-affect-a-taxpayers-bottom-line to learn more.