Gig Economy brings tax challenges and questions
Gig Economy
The Gig Economy presents new challenges to individual taxpayers looking to stay compliant with taxing agencies at the federal, state, and local levels. Ride sharing apps, delivery apps, and freelancing marketplaces have made it easier for individuals to source additional income but are these users ready for the compliance (and potential cost!) that comes with gig economy work?
Gig Worker Taxation Challenges
Gig Economy participants are facing several challenges that impact their business and tax filings.
- Not properly licensing or registering their activity with local, state, and federal tax jurisdictions.
- Not classifying income correctly.
- Not calculating income correctly on their tax form.
- Incorrectly identifying, calculating, classifying, and documenting expenses as deductions their tax returns.
- Not making estimated tax payments for independent contractor work and receiving a surprise at tax time.
- Assuming all gig economy work is the same and can be treated the same for compliance reporting.
Many gig economy participants are reluctant to reach out to finance professionals because of the perceived cost associated.
Our Solution
Our Tax Planning & Education Sessions can help you understand common tax compliance concepts and requirements applicable to the gig economy.
We offer several options to meet the needs of customers looking to educate themselves on compliance matters.
- Information Session Webinar: 60 min overview of requirements and compliance concepts top of mind for gig workers and freelancers.
- One-on-One Information Sessions: individual sessions with you to cover requirements and compliance concepts, and answer your specific questions.
- Series of one-on-one sessions: For those looking to learn more about their specific situation or cover off on requirements in greater detail.
Need more than information?
Ask us about our tax advisory and tax filing services!
Contact Us
Have More Questions? Ready to join an information session?
Please contact us by phone and email to set an appointment.
Owsiak Accounting & Tax Services LLC
Snohomish, Washington, United States
Phone: 360.919.3300 Email: clientservices@owsiakATS.com Virtual: Teams call available by appointment
