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IRS Introduces Gig Economy Tax Center

 

The IRS has launched the Gig Economy Tax Center aimed at helping freelancers in the gig economy understand and meet their tax obligations.

Gig economy workers must comply with the same tax rules governing small businesses. In other words, they must withhold their own income and self-employment taxes, make quarterly estimated payments, and apportion expenses between business and personal use to determine taxable income.

At first glance, The Gig Economy Tax Center appears to help gig economy participants determine what their obligations are and answer common questions related to freelance work. This ranges from locating tax forms to how to deduct expenses to how to file and pay federal income and self-employment taxes.