The Internal Revenue Service has launched the Gig Economy Tax Center on IRS.gov this week. The center is designed to provide information to the increasing number of individuals who are part of the gig economy.
The IRS says many such workers do not receive Forms W-2, 1099 or other information returns. It notes workers must pay taxes on this income and may be required to make quarterly estimated income tax payments, pay their share of Federal Insurance Contribution (FICA), Medicare and Additional Medicare taxes if they are employees and pay self-employment taxes if they are not considered to be employees.
Information on the site include the following topics
*Filing requirements;
*Making quarterly estimated income tax payments;
*Paying self-employment taxes;
*Paying FICA, Medicare and Additional Medicare;
*Deductible business expenses;
*Special rules for reporting vacation home rentals.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Thursday, 09 January 2020
