Q&A of the Week January 26, 2022

Question:

Do I need to report income from my gig work on my taxes?

Answer:

Yes! Gig work is taxable - whether it's your full-time job or a side hustle. Here is what you need to know:

• You will need to fill out IRS Form 1099-K.

• You need to correctly determine how you are classified: employee or independent contractor.

• You may need to make quarterly estimated tax payments.

The IRS has a Gig Economy Tax Center that is your best resource for the most updated information: https://www.irs.gov/businesses/gig-economy-tax-cente