Tax Implications of Your Side Gig

The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. But what are the tax implications of your side gig?  I'm talking about people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking dogs or providing other services. Basically, if you receive income from one of the online platforms offering goods and services, it’s generally taxable. That’s true even if the income comes from a side job and even if you don’t receive an income statement reporting the amount of money you made. IRS report details The IRS recently released a report examining two decades of tax returns and titled “Is Gig Work Replacing Traditional Employment?” It found that “alternative,...