One result of the COVID-19 pandemic is the rise of the gig economy, sometimes called the on-demand economy. The IRS reminds taxpayers that all gig income must be reported on their tax returns. Here are some points to remember: Income is generally taxable even if you are paid in cash, and even if you don’t receive a W-2 or Form 1099 from the payor. Independent contractors may be able to deduct business expenses, subject to certain rules, so be sure to keep track of these costs. You may need to make estimated tax payments through the year to cover your gig income taxes or have extra withheld from your paycheck if you have another job. For more information: https://bit.ly/2OPTDm5 Call or visit our website for more information! www.mjscpa.com/
