If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services or goods. Often, the gig is acquired through a digital platform, such as a smart phone app. Taxpayers must report income earned from the gig economy on their tax returns, even if the income is from part-time, temporary or side work. It also must be reported if it’s not reported on an information return, such as Form 1099-K, 1099-NEC or W-2, or if you’re paid in cash or virtual currency. If you’ve earned income as a gig worker, make sure you’re properly reporting it to the IRS.
