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Here are some things gig economy workers should know about their tax responsibilities

Many people take up gig work on a part-time or full-time basis, often through a digital platform like an app or website. Gig work, such driving a car for booked rides, selling goods online, renting out property, or providing...

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  • June 28, 2022

Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping

Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases, the money...

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  • March 22, 2022

Tip Income; How It Affects Your Taxes

If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: • Show all tips on your...

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  • April 4, 2016

Four Things You Should Know if You Barter

Bartering is the trading of one product or service for another. Often there is no exchange of cash. Small businesses sometimes barter to get products or services they need. For example, a plumber might trade plumbing work with a...

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  • March 5, 2014

Important Reminders about Tip Income

If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable. You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes...

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  • February 20, 2014