![]() ![]() But even if you don’t receive a form, you’ll need to report your income-and of course, offset that income with related expenses. Some companies, like certain ride-sharing businesses, will track information for you and send you an informational form. You want to be able to verify your income and your expenses. The IRS requires you to keep adequate proof of income and expenses. But you must report all income received from your freelance work on your tax return, even if you do not receive a corroborative form from the payer. I suspect that’s related to the Form 1099-NEC (formerly Form 1099-MISC for non-employee compensation) reporting threshold. There’s a persistent rumor that you only have to report individual payments of $600 or more on your tax return. There is no “per job” reporting threshold If you’re a member of the growing gig economy, here’s what you need to know about taxes. Those numbers were slated to grow to most of the workforce by 2027, though the pandemic has altered many plans.įreelance work remains appealing for many Americans with its combination of income and flexibility. A study by Upwork and Freelancers Union estimated that over a third of the US workforce-36%, or 57.3 million Americans-were freelancing in 2017. And one I would remember when, later, I had the opportunity to do some freelance writing and speaking.Ĭhances are that you’ve had a side gig or freelance job at some point, too. We had a push mower, and since we were too young to drive, that meant pushing the mower to the property-sometimes a mile or so away-with the gas can strapped to the top before the work could even begin.īut I got paid for work on a schedule I picked. It was hot and humid in the summer, often reaching over 100 degrees Fahrenheit. ![]() ![]() My older brother mowed lawns in our neighborhood, and whenever he could not do the work, I filled in. I landed my first job as an independent contractor at age 12, although, technically, I was a subcontractor. ![]()
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