Category
Taxes
Economy · Taxes
Tax Reporting for Gig Economy Income | IRS Forms Overview
Overview of tax forms required for independent contractors and self-employed individuals. It explains the use of forms 1099-MISC, 1099-NEC, and 1099-K, detailing the types of payments each covers. Note personal payments from family and friends.
Economy · Taxes
Gig Worker Taxation in California: Key Information
Income from gig economy activities is generally taxable and should be reported on IRS Schedule C and FTB Form 540. App-based drivers are classified under Proposition 22; most other California workers are assessed under AB 5's ABC test. It's important to keep good records and make timely estimated tax payments to avoid penalties.