Do you need to make estimated tax payments?

A popular way for young people to earn money is through the “gig economy.” That means they provide on-demand work, goods or services, often through an online platform. Many fully employed people also do gig work to supplement their income. The IRS wants gig workers to know that any money they earn this way is taxable income, regardless of the form of payment. Taxpayers who earn more than $600 may be sent a Form 1099. They may need to make estimated quarterly payments on the income and pay employment tax. For gig workers to stay on the right side of tax issues, good recordkeeping is essential. Here are more details from the IRS: https://bit.ly/3pssmZE