The IRS has announced the beginning of its new Gig Economy Tax Center, aimed at assisting “people in this burgeoning sector meet their tax obligations through more streamlined information.” Information available through the Gig Economy Tax Center deals with:
• Filing requirements
• Quarterly estimated tax payments
• Self-employment tax, Social Security, Medicare and Additional Medicare
• Business Expense Deductions
• Important rules for reporting vacation home rentals
The IRS site also contains information for digital platforms (businesses that match workers’ services or products with customers through apps or websites).