Saving Gig Economy Taxpayers Act

Bill 118 HR 190, also known as the Saving Gig Economy Taxpayers Act, is a piece of legislation currently being considered in the US Congress. The bill aims to provide tax relief for individuals who work in the gig economy, such as Uber drivers, freelance writers, and TaskRabbit workers.

The main provisions of the bill include allowing gig economy workers to deduct certain business expenses from their taxable income, similar to how traditional small business owners are able to do. This would help offset some of the costs associated with working in the gig economy, such as vehicle maintenance, equipment purchases, and marketing expenses.

Additionally, the bill seeks to simplify the tax filing process for gig economy workers by creating a standardized form specifically for reporting income earned through gig work. This would make it easier for individuals in the gig economy to accurately report their income and expenses, reducing the likelihood of errors on their tax returns. Overall, the Saving Gig Economy Taxpayers Act aims to provide much-needed tax relief and simplification for individuals working in the gig economy. By allowing for deductions of business expenses and creating a standardized reporting form, the bill seeks to level the playing field for gig economy workers and ensure they are not unfairly burdened by the current tax system.