If you filed for a tax extension by the April 15 deadline, that gave you until October 15 to submit your return. But there's a big catch: the extension applies only to the paperwork, not the payment.

This year, some gig workers, freelancers and small business owners received an unfamiliar IRS tax form: a 1099-K. If you're one of them, how you report this form on your tax return could ...

3. New deduction for tip income Starting in the 2025 tax year, freelancers and gig workers who earn tips can deduct up to $25,000 in qualified tip income and up to $12,500 in qualified overtime pay.

Applies to sole proprietors, freelancers, gig economy workers, partnerships, S-corps and some trusts and estates The increase to a 23% deduction means more of your eligible business income is tax-free ...

The DOL was also clear that gig economy workers can still qualify as independent contractors based on the 2019 Opinion Letter FLSA2019-6, particularly if they retain their autonomy, maintain ...

The massive new tax law brings several tax-law changes for self-employed, freelance and gig workers, including some that should lower their tax bills.