Tax season officially opened Monday. Each season comes with its own wrinkles. This year is no different says Esther Gulyas, President and CEO of EG Tax.
In a new reporting requirement, the Internal Revenue Service (IRS) wants to know if you had a side hustle or gig income last year. You’re required to report the earnings on your 2021 income tax return. Income from gig work is taxable.
A new federal requirement requires companies that offer platforms for selling goods and services, such as Etsy and Airbnb, to issue IRS Form 1099-K to anyone who received more than $600 per year via those platforms.
The companies must also send a copy to the IRS.
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