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The past two to three years have caused Americans and taxpayers to utilize some creative measures to sustain or increase their monthly income. In some circumstances taxpayers have left their old jobs, moved to a new position with another employer, and utilized or captured opportunities from supplemental income. These supplemental activities are referred to as a “Gig”. In the 1920s, a “gig” became a slang term used by jazz musicians to express a musician’s date or engagement.
If you earned more than $600.00 in any calendar year, the person for whom you worked has probably already reported that earned income to the Internal Revenue Service using either a 1099-MISC (Miscellaneous) or the new 1099-NEC (Non-Employee Compensation). Regardless, the IRS already knows about your “Gig” income before you even file your tax returns. In a nutshell, this is not the time to invite procedural exchanges with the Internal Revenue Service!!