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Taxes In Todays Gig Economy
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Book Synopsis Taxes In Today's Gig Economy by : Leonardo Tillberry
Download or read book Taxes In Today's Gig Economy written by Leonardo Tillberry and published by . This book was released on 2021-08-11 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the 2018 Freelancing in America report published by the Freelancers Union, almost 57 million Americans earn their living on a per-contract basis. This number represents a 3.7 million worker increase since 2014. Last year, the Freelancers Union speculated that 50% of Americans will be full-time freelancers by 2027. If you're working in the gig economy, you should read this book! If you're doing your own taxes and you want to know many of the issues ahead of time, you should read this book! If you're using a tax preparer, you should read this book so that you know how to keep records properly throughout the year, and so you know what records to bring along with you when you meet with your preparer! If you're a CPA, Enrolled Agent, or tax preparer who needs an easy way to inform your clients about how their taxes work and what records they need to bring to you, you should give them this book! If you're thinking of working in the United States and you need to know something about the income tax issues you might face here, you should read this book!
Book Synopsis Taxing the Gig Economy by : Kathleen DeLaney Thomas
Download or read book Taxing the Gig Economy written by Kathleen DeLaney Thomas and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to advances in technology like mobile applications and online platforms, millions of American workers now earn income through “gig” work, which allows them the flexibility to set their own hours and choose which jobs to take. To the surprise of many gig workers, the tax law considers them to be “business owners,” which subjects them to onerous recordkeeping and filing requirements, along with the obligation to pay quarterly estimated taxes. This Article proposes two reforms that would drastically reduce compliance burdens for this new generation of business owners, while simultaneously enhancing the government's ability to collect tax revenue. First, Congress should create a “non-employee withholding” regime that would allow online platform companies such as Uber to withhold taxes for their workers without being classified as employers. Second, the Article proposes a “standard business deduction” for gig workers, which would eliminate the need to track and report business expenses. Although this Article focuses on the gig economy as an illustration of how the workplace has evolved in recent years, the proposals could apply more broadly to taxation of small, individually run businesses. In an era when the use of cash is on the decline and information can be shared rapidly and at little cost, it is time for policymakers to institute a more modern tax enforcement regime for small businesses.
Book Synopsis The Future of Work : the Gig Economy and Pressures on the Tax System by : C.M. Black
Download or read book The Future of Work : the Gig Economy and Pressures on the Tax System written by C.M. Black and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In a number of common-law jurisdictions, gig workers (that is, workers who provide services through the use of web-based digital platforms) have recently sought to claim labour protections reserved for employees, such as the minimum wage, sick leave, and protection from unfair dismissal. These cases often involve the application of the multifactorial common-law test of employment to this new context, and the outcomes turn on the specifics of each case. In addition, classification as an employee has ramifications for a variety of tax matters. In this paper, the author considers whether the tax rules currently in place to capture non-standard employment arrangements have sufficient flexibility to capture gig workers. The focus of the analysis is Australian taxes (in particular, income tax, compulsory retirement savings contributions, and payroll tax), but reference is also made to similar issues under the laws of Canada. The author submits that, with respect to Australian income tax, gig work does not present a substantial risk to the tax base as a legal matter; however, a risk to the national revenue base comes from the compliance gap that is exposed when workers are no longer covered by employers' withholding mechanisms but are not picked up by tax administration regimes designed with larger businesses in mind. The author suggests that reliance on the registration of small businesses through the Australian business number, coupled with a new mandatory reporting regime for gig work platforms, would go a long way toward filling the transparency gap, and that doing so would both foster the voluntary compliance of gig workers and provide revenue authorities with data that could be used to detect non-compliance. A real risk exists that many gig workers will be outside the scope of the retirement contributions scheme and payroll tax and that the government, in consequence, will need to consider whether it is appropriate policy to change the law to include these on-demand workers.
Book Synopsis Tax Tips With Jenn by : Jennifer Lynn Davis
Download or read book Tax Tips With Jenn written by Jennifer Lynn Davis and published by Independently Published. This book was released on 2024-07-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Welcome to your guide on maximizing tax deductions for self-employed and gig economy workers. Whether you drive for Uber, deliver food with DoorDash, host on Airbnb, create content on YouTube, or sell on Etsy, understanding how to track and claim your expenses is essential for minimizing your tax liability. This book is here to help you navigate the often confusing world of tax deductions and ensure you keep as much of your hard-earned money as possible.
Book Synopsis The Impact of the Growth of the Sharing and Gig Economy on VAT/GST Policy and Administration by : OECD
Download or read book The Impact of the Growth of the Sharing and Gig Economy on VAT/GST Policy and Administration written by OECD and published by OECD Publishing. This book was released on 2021-04-19 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report aims at assisting tax authorities in designing and implementing an effective Value Added Tax/Goods and Services Tax (VAT/GST) policy response to the growth of the sharing and gig economy. The rise of this phenomenon, powered by digital platforms, has transformed a number of industries within just a few short years.
Book Synopsis The Sharing and Gig Economy: Effective Taxation of Platform Sellers Forum on Tax Administration by : OECD
Download or read book The Sharing and Gig Economy: Effective Taxation of Platform Sellers Forum on Tax Administration written by OECD and published by OECD Publishing. This book was released on 2019-03-28 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report looks at approaches to help ensure the effective taxation of those earning income from the sale of goods or services in the sharing and gig economy.
Download or read book The Gig Economy written by Diane Mulcahy and published by AMACOM. This book was released on 2016-11-15 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, most Americans are working in the gig economy--mixing together short-term jobs, contract work, and freelance assignments. Learn how to embrace the independent and self-sufficient world of freelance! The Gig Economy is your guide to this uncertain but ultimately rewarding world. Packed with research, exercises, and anecdotes, this eye-opening book supplies strategies--ranging from the professional to the personal--to help you leverage your skills, knowledge, and network to create your own career trajectory. In this book, you will learn how to: Construct a life based on your priorities and vision of success Cultivate connections without networking Create your own security Build flexibility into your financial life Face your fears by reducing risk Corporate jobs are not only unstable--they’re increasingly scarce. It’s time to take charge of your own career and lead the life you want, one immune to the impulsive whims of an employer looking only at today’s bottom line. Start mapping out your place in the gig economy today!
Book Synopsis RetireSmart II by : Mark Anthony Grimaldi
Download or read book RetireSmart II written by Mark Anthony Grimaldi and published by Page Publishing Inc. This book was released on 2022-05-25 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Millions of hard-working Americans wake up every day and go to work as part of the gig economy. But gig workers often aren’t prepared for the next step—retirement. Why? Because we were all told a huge lie about saving for retirement, and gig workers are even more vulnerable to this misinformation. In this book, noted Economist and multiple award-winning author Mark Anthony Grimaldi sets forth his easy to follow 3 step plan on how to create a tax-free retirement as a gig worker. Buckle your seatbelt, because the secrets that the rich have used for decades are now EXPOSED!—and they’re available to you as a gig worker. Save, Growth, Spend and Pass-on all Tax Free! Image a Retirement plan that: • Has no contribution limits • Has no investment choice limitations • Lets you touch your money when you need it most • Knows the tax difference between income and capital gains • Has no age restrictions on your money • Has no distribution minimums • Understands the tax code • Has no 10 percent excise taxes on distributions • Has no 1099Rs • Has no administration expenses • Can be funded from any source • Has no CPA expenses • Has no vesting requirements It’s in your hands, now it up to you to RetireSmart!
Book Synopsis The Sharing Economy by : United States. Congress. House. Committee on Small Business
Download or read book The Sharing Economy written by United States. Congress. House. Committee on Small Business and published by . This book was released on 2017 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Time for the Gig Economy by : Noah P. Barsky
Download or read book Tax Time for the Gig Economy written by Noah P. Barsky and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This case discusses the implications of the USD 600 taxable income reporting threshold required by the 2021 American Rescue Plan Act. The new law requires popular online platforms such as Etsy, eBay, StubHub, and AirBnB to report more user revenue to the IRS. Initially required for the 2022 tax year, implementation was deferred until 2023 to allow e-commerce sites, their users, and tax preparers additional time to prepare recordkeeping. Students are asked to consider what each "gig economy" stakeholder must do to best comply with the new reporting requirements.
Book Synopsis Tax Treatment of Gig Economy Workers by : Cilluffo
Download or read book Tax Treatment of Gig Economy Workers written by Cilluffo and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Taxation of Workers in the Gig Economy : a European Perspective by : G. Murdoch
Download or read book Taxation of Workers in the Gig Economy : a European Perspective written by G. Murdoch and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Progressive digitalization is leading to a change in the labour market and thus to the emergence of new employment models across Europe and beyond, including the so-called gig economy, sharing economy or crowd work. This article discusses existing risks from an employment, social security and tax law perspective relating to gig workers and online platform providers. It also provides some guidance on how to manage such risks and ensure compliance in all three areas. The article examines how the six largest economies in Europe - the UK, Germany, the Netherlands, Italy, France and Spain - are dealing with this issue. As labour courts have already been ruling on the classification of gig workers for employment law purposes in all six countries, this article presents for each country: (1) the relevant employment cases, followed by (2) the social security and tax position. The analysis concludes with a short comparison of the current status of legal developments in the six countries and a request to policy makers to take action.
Book Synopsis The Sharing and Gig Economy: Effective Taxation of Platform Sellers Forum on Tax Administration by : OECD
Download or read book The Sharing and Gig Economy: Effective Taxation of Platform Sellers Forum on Tax Administration written by OECD and published by . This book was released on 2019-05-16 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report looks at approaches to help ensure the effective taxation of those earning income from the sale of goods or services in the sharing and gig economy. It considers the different ways that tax administrations can best engage with platform sellers, sharing and gig economy platforms, and each other to enable more effective tax compliance. The report is divided into four chapters. The first chapter sets out the background to the sharing and gig economy and the role of online platforms. The second chapter provides some examples of current approaches that are being taken by OECD Forum on Tax Administration members that participated in this work. Chapter three sets out a range of options that tax administrations may wish to consider to help enable compliance in this sector. Finally, chapter four sets out three recommendations and considerations for possible further work: joint work between tax administrations and platforms on providing information and support to platform sellers; improving the evidence base to enhance understanding of the tax at risk in relation to platforms; and assisting in the possible development of a legislative model for standardised reporting by sharing and gig economy platforms.
Book Synopsis Maximize Your Tax Deductions by : Ea Michael J Hovell
Download or read book Maximize Your Tax Deductions written by Ea Michael J Hovell and published by Independently Published. This book was released on 2023-10-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In America, there are two tax systems, one for the informed and one for the uninformed..." -- Judge Hand In Maximize Your Tax Deductions, veteran tax resolution specialist and IRS Enrolled Agent Michael Hovell draws on years of advanced federal tax code research and consulting for high-profile tax professionals to provide you with powerful (and legal!) tools to save your family and small business thousands of dollars in income tax liability every year. You see, the US government has given business owners many tax loopholes and business tax deductions, which benefits both the government and taxpayers. Hovell has helped many individuals successfully structure businesses to help them drastically reduce taxes, and now in this revolutionary new tax book, he provides the same vital information to readers, so that you can set up your business, start employing tax reduction strategies and use your new business entity as a valuable tax shelter. In this easy-to-understand business tax guide, you will learn: An overview of each type of business entity and potential tax benefits of each How to use business tax incentives to reduce taxable income, including deducting rent at the highest possible rate for the use of your house in your home business The best way to maximize tax deductions for personal vacations, in conjunction with business travel, including Hovell's Tax-Optimized Travel Itinerary How to pay your children up to $13K per year in tax free income, while taking a business deduction each year and paying your spouse for child care, while taking a valuable deduction The top 4 new business ideas for 2022-2023. These 4 businesses all have no start-up costs, require minimal time and effort, and run themselves, while generating profits By applying the proven tax tips provided in Your Business Inc, you can start the process of structuring your business to reduce your tax burden next tax filing season. Page Up and Order Now.
Book Synopsis Small Business Taxes by : Matt Kingsley
Download or read book Small Business Taxes written by Matt Kingsley and published by Matt Kingsley. This book was released on 2024-02-12 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are you tired of watching your hard-earned money disappear into the taxman's pockets year after year? Do you want to maximize your wealth, secure your financial future, and still stay on the right side of the IRS? Look no further! "Your Income Tax 2024" is the definitive guide you need to navigate the complex world of taxes and unlock the potential of tax-free wealth building. Why This Book Is A Must-Have: Straight-Talking, No-Nonsense Style: Ditch the jargon and confusion. Our expertly crafted guide speaks your language, delivering clear, actionable advice that cuts through the complexity of tax laws. Up-to-Date for 2024: With the latest tax laws, including predictions on upcoming changes and their impacts, you're always one step ahead. Ensure your financial planning is both current and future-proof. Tailored Strategies for Everyone: Whether you're a freelancer navigating the gig economy, a seasoned investor looking for tax-free growth, or planning for a secure retirement, this book offers tailored strategies to maximize your tax advantages. Real-Life Success Stories: Be inspired by success stories of individuals who have mastered the art of tax-free wealth. Learn from their experiences and apply these lessons to your own financial strategy. Expert Advice: Compiled by leading tax professionals, "Your Income Tax 2024" provides you with the insider knowledge previously only available to the wealthy elite. From retirement and health savings strategies to philanthropy and estate planning, we've got you covered. What You'll Discover Inside: The Best Kept Secrets of Tax-Free Investing: Learn how to grow your wealth through strategic investments in IRAs, HSAs, real estate, and more, without handing over a significant portion to taxes. How to Dodge Common Pitfalls: Avoid the common mistakes that could derail your tax-free wealth building, saving you from unnecessary losses and headaches. Strategies for Every Life Stage: Whether you're just starting out, looking to maximize your peak earning years, or planning for a comfortable retirement, find strategies tailored to your specific financial situation. Emerging Opportunities: Stay ahead of the curve with insights into emerging opportunities for tax-free investing, from digital assets to green energy projects. Protect Your Wealth: Learn how to safeguard your wealth against future tax changes with adaptable, forward-thinking strategies that ensure long-term growth. Don't let another year go by watching your potential wealth get taxed away. With "Your Income Tax 2024," you have the key to unlock financial freedom and build lasting wealth. Say goodbye to tax-time anxiety and hello to smarter, more strategic financial planning. Grab your copy today and take the first step towards securing your tax-free future!
Book Synopsis Improving the Federal Tax System for Gig Economy Participants by :
Download or read book Improving the Federal Tax System for Gig Economy Participants written by and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Withholding and Estimated Tax by :
Download or read book Tax Withholding and Estimated Tax written by and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
