Page 15 - Business Reference Guides
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Gig Economy
Reporting
- In 2020, many people joined the gig economy to help make ends
Gig Economy meet during the pandemic. Whether it?s a side business or a
primary source of income, all taxpayers need to understand how
Income their gig work affects their taxes. The bottom line is taxpayers
must report gig economy income on their tax return.
- Here is quick overview of Gig Economy:
- The gig economy is also referred to as the on-demand,
sharing or access economy.
- People involved in the gig economy earn income as a
freelancer, independent worker or employee.
- They use technology known as online platforms to connect
them with customers to provide goods or services.
- This includes things like renting out a home or spare
bedroom and providing delivery services.
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