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It usually includes businesses that operate an app or website to connect people to provide services to customers. The IRS Gig Economy Tax Center on IRS.gov can help people in this growing area meet their tax obligations through more streamlined information.The gig economy is also known as the sharing, on-demand, or access economy.
See the Instructions for Forms 1099-MISC and 1099-NEC for more information and additional reporting requirements. File Form 1099-NEC, Nonemployee Compensation, for each person to whom you have paid during the year in the course of your trade or business at least $600 in services (including parts and materials), who is not your employee. See the Instructions for Forms 1099-MISC and 1099-NEC for more information and additional reporting requirements.įorm 1099-NEC. File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year in the course of your trade or business at least $600 in rents, prizes and awards, other income payments, medical and health care payments, and crop insurance proceeds. Visit a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) site.įor details on these fast filing methods, see your income tax package.įorm 1099-MISC. For tax year 2020, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 57.5 cents per mile.
The election to expense certain costs of qualified film, television, and live theatrical productions has been extended to include costs of productions that begin before January 1, 2026. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides eligible employers with an employee retention tax credit if they keep employees on their payroll, despite experiencing economic hardship related to COVID-19.įilm, television, and live theatrical production costs. The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, provides certain employers with tax credits that reimburse them for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.