
Clarify the disclaimer, outline the course purpose for gig work income reporting, and explain IRS rules for reporting income and claiming deductions.
Understand how a W-2 employee differs from an independent contractor through employer control over work and how wages are taxed under FICA and withholdings.
Discover how to resolve misclassified worker status by filing form ss-8 with the IRS to obtain a determination of employee versus independent contractor; processing may take at least six months.
Learn how subcontractors fit under you as the independent contractor in gig work, deduct payments, and file 1099-NEC reports for contractors paid over $600, with PayPal or credit card exceptions.
Learn to deduct furniture and decor costs for gig workspaces, including home, office, or offsite setups. Cover desks, chairs, shelving, lighting, and decor such as curtains, rugs, plants, and artwork.
Deduct interest on business loans or business-use credit cards, and deduct licenses and permits required for gig work, including local, state, and federal agencies.
Learners identify deductible software expenses, including one-time purchases, ongoing subscriptions for scheduling, task management, and accounting software, plus cloud-based storage and business apps.
Keep track of gig income and expenses, organize records by year and type, and retain receipts and supporting documents for required retention period to simplify tax filing and substantiate deductions.
This course is designed to help you, a self-employed independent gig worker, understand and meet your federal income tax filing obligations by recognizing types of gig income and learning what qualifies as gig work expenses and which of those gig work expenses you can deduct.
You'll learn all the fundamentals of reporting and filing a tax return for gig work. You will also learn about all the deductions you can claim for expenses you paid while completing your gig work or deductions towards a part of your home you used solely for your gig work.
You’ll learn how to determine what type of gig worker you are and you’ll learn about tax forms such as 1099-MISC, 1099-NEC, 1099-K and 1099-B, Schedule C and Schedule SE. You’ll also learn about record keeping and what supporting documents to keep to help verify your expenses and income.
This course contains 51 lectures and almost 1 hour of content. It's gig worker taxes made easy and is designed for anyone, regardless of tax experience or level of tax understanding.
By the end of this course, you'll have a good understanding of the IRS’s gig income filing definitions, rules and requirements, as well as a good understanding of qualifying gig work expenses and deductions.