Tax Tips for those in the Gig Economy

    For those who provide on-demand work or services, it can be difficult at times to get all your paperwork together to file your taxes. Keep in mind that no matter what your activity is in this field, all income is taxable. The biggest concern is that you are classified correctly as either an employee, or an independent contractor. Lawsuits have been filed over this issue because states have different standards they apply to make this determination.

    An employer will withhold some income from their Employees to pay their share of Social Security, Medicare, and Medicaid taxes. Independent Contractors must estimate those payments every Quarter. They must keep good records to make sure they are current with their tax responsibilities. If you were providing ride-sharing or home rentals or any other access economy activity in 2019, make sure to report it all on your Tax Return by July 15.

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