Gig economy Industry
Overview
If you use any of the online platform applications available to:
- Rent a house
- Provide car rides
- Connect and provide other goods or services
This is the gig economy, also known as the shared, digital, or peer-to-peer economy.
New for 2021 tax year: 1099-K, third party network transactions
Gig income and taxes
If you receive income from a gig economy activity, it’s generally taxable, even if you do not receive a tax form:
This is true even if:
- It’s a side job
- It’s a part-time business
- You are paid in cash
All income from gig-related goods and services is taxable, whether you get a tax form from the platform or business.
For California purposes, drivers for app-based transportation and delivery companies (e.g., Lyft, Uber, DoorDash, Instacart, and Postmates) are classified as independent contractors if specified conditions are met. Visit Secretary of State’s Proposition 22 for more information.
If you are unsure of your worker classification, refer to Worker classification and AB 5 frequently asked questions.
Estimated taxes
If you are an independent contractor making money from gig work you are considered self-employed. You may be required to make estimated tax payments. Avoid a penalty by making your payments on time.
Keeping good records
Some or all of your business expenses may be deductible (subject to the normal tax limitations and rules). Keeping good records of your business expenses will help you to claim the business expense deductions that you are entitled.
Visit Business Expenses (FTB 984) for more information.
What form to file
Most independent contractors report their gig income on:
If you operate a business entity, visit Business filing information for what form you should file based on your business type.
How to pay
Visit Payment options.
Resources
- New: Gig economy filing tips (YouTube)
- Gig economy and taxes (YouTube)
- Sole proprietors
- Filing information
- Form 540
- Information on Federal Schedule C
- Federal Schedule C Video walkthrough
- Form 540 Schedule CA:
- Volunteer Income Tax Assistance (VITA)
- Business expenses (FTB 984)
- California Earned Income Tax Credit and Young Child Tax Credit (CalEITC and YCTC)
- Estimated tax payments
- IRS Self-Employed Individuals Tax Center
- IRS Information about 1099-K