Tax Tips for Those Who Make Money in the Gig Economy

from NYTs

Since losing her job in advertising during the financial crisis, Dina Scherer has spent her days helping women cultivate their own personal styles — finding flattering color palettes, editing closets and taking customers on shopping excursions.

As a one-woman enterprise, she can be considered a card-carrying member of the so-called gig economy, receiving about half her client leads through Thumbtack, an online marketplace that connects consumers with an array of service providers, whether wedding photographers, music teachers, plumbers or organic cleaning services.

But there’s a reason the gig economy is also known as the 1099 economy, with the number a reference to the tax form issued to independent contractors: Workers in such arrangements are not employees of any company, and the onus is on them to run what are essentially their own businesses, even if the business is simply renting a room through Airbnb or providing rides through Lyft or Uber.

More here.

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