Being a gig worker comes with tax consequences

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Being a gig worker comes with tax consequences

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May 23, 2023 , , , , ,

gig worker tax

In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be expanding. Today, some nurses have become gig workers and writers in Hollywood who recently went on strike have expressed concerns that screenwriting is becoming part of the gig economy.

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Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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March 21, 2023 , ,

RMD Distribution

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers:

  1. Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 during 2022.
  2. Tuesday, April 18 is the deadline for making the first quarterly estimated tax payment for 2023, if you’re required to make one.

Continue Reading: Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

Working in the gig economy results in tax obligations

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May 11, 2021 , , , ,

Gig Economy

Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.

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Estimated tax payments:

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March 9, 2021 , ,

estimated taxes

The deadline for the first 2021 installment is coming up.

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The next self-employment tax deadline is January 15 if you have to make a payment

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December 22, 2020 , ,

Self-employment tax

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.

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Do you have a side gig? Make sure you understand your tax obligations

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December 17, 2019 , ,

Gig work

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services.
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The next estimated tax deadline is September 16: Do you have to make a payment?

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September 3, 2019 , ,

Self-employment tax due

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.
Continue Reading: The next estimated tax deadline is September 16: Do you have to make a payment?