Part of the problem is that independent contractors and gig workers are not always supplied with tax forms, Bruckner said. And taxpayers are 63% more likely to misreport their income when they aren't subject to payroll withholding at a job or don't receive a 1099 tax form, she said."If it's not your primary source of income, you're not going to remember when it comes tax time that you earned $1,000 last summer driving for Uber," Bruckner said.
Nonetheless gig economy workers are responsible for making advance federal and state income tax payments each quarter of the year if their income triggers $1,000 or more in taxes, according to Bruckner. "The amount a person earns is usually accessible via a platform's dashboard but that is not the taxable income - it's gross profit," she said. "Expenses need to be accounted for and deducted from that to get to taxable income."
Source: Financial Digest (financialdigest.net)
Because they under report their income, they may get screwed on their Social Security. Maybe they are under reporting to save for their own retirement, or perhaps they are ignorant and by writing this article you are showing them the light.😏
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