If you’re working in the gig economy, it pays to know your tax obligations. Pre-planning can ensure you are prepared when it’s time to file your tax return.
Just like any other job, money earned through the gig economy is taxable. If you make money from a gig economy activity, it’s generally taxable even if you don’t receive a Form 1099-MISC, Form 1099-K, W-2 or other information return.
Here are a few things you can do to throughout the year to avoid surprises at tax time:
- Pay your taxes as you go.
- Keep good records.
- Check your Withholding now
More information is available at Gig Economy Tax Center on IRS.gov.