Workers who earn money driving for a ride-booking service, making food deliveries for an app-based business or working short-term assignments as an independent contractor are part of America’s gig economy. Clients who earn income through multiple side “gigs,” however, can make tax filing confusing.
The U.S. gig economy continues to grow quickly. A recent survey found 57 million Americans freelanced in 2019, and a 2018 Gallup poll reported 36% of U.S. workers have a gig job in some capacity.
With many new ways of becoming one’s own boss, CPAs should know how to counsel self-employed clients on how to properly track their income and prepare the right forms. The Illinois CPA Society recommends sharing these tax tips to gig economy clients.