Dr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment tax exposure and why estimated payments matter to avoid penalties.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Gig workers and freelancers face increased tax reporting requirements as the platform economy expands with Form 1099-K and Form 1099-NEC. In 2025, enforcement efforts focus on accurate income reporting.
Many gig workers are newly exposed to self-employment tax, and they’re not sure exactly how they’re supposed to be doing it, especially paying estimated tax.
Understanding current gig economy tax rules is essential to avoid penalties, and that includes making estimated tax payments. If you need help doing taxes, or maybe you just got some love letters and you’re like, I have no idea what the IRS is talking about, give our office a call, 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.