There are many useful features in the new IRS Gig Economy portal. Some of the highlights include forms for tracking income and expenses and tools to help estimate quarterly taxes. There’s also an online tool that enables you to make payments, links and explanations for the different types of income tax forms, instructions on subtracting expenses, and a list of filing options. The new portal also assists with issues such as withholding taxes, deducting business expenses, and filing taxes from a main W-2 job along with 1099 income.
Last tax season, freelancers, gig workers, and independent contractors saw their tax burden lessen due to the Tax Cuts and Jobs Act. Under the 2018 law, most independent contractors can deduct 20% of their income while remaining eligible for the $12,000 (single) or $24,000 (joint) standard deductions.
Learn more about the IRS’ new Gig Economy Tax Center by clicking here.