“Anyone who doesn’t get forms indicating how much taxable income they earned risks underpaying. IRS data show that 63 percent of the taxpayers who are not subject to withholding by their employers or don’t get 1099s misreport income, often unintentionally.
When quarterly or annual errors surface, unsuspecting delinquent taxpayers may incur penalties and owe interest. They also miss out on claiming the deductions and credits they may have otherwise been entitled to, which would have cut their tax bill. Often, taxpayers may not realize that they owe taxes on income for work that doesn’t generate any IRS paperwork.”
Unlike other companies, Delivery Drivers Inc. keeps a record of all drivers’ earnings no matter what amount they made during the year. We are here to help you with any questions that come up during tax season, and we can even set aside some of your income for taxes throughout the year!
If you are an independent contractor, we highly recommend that you read the full article on The Conversation here: https://theconversation.com/congress-failed-to-fix-tax-woes-for-gig-workers-90522