If you’re a gig worker preparing your 2025 federal tax return, make sure you know how last year’s One Big Beautiful Bill Act (OBBBA) may affect you. You’re probably already aware of the new deduction for tips. The OBBBA also restores former reporting rules for payment app and online marketplace income. If, in 2025, you received more than $20,000 from an app or marketplace and had over 200 transactions, you should have received a Form 1099-K. Even if you didn’t receive this form, you must report all income. Also note that you may be eligible to deduct up to 20% of qualified business income and 100% of certain business equipment acquired after Jan. 19, 2025. Contact us for more information.
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