I understand you are in the process of forming a corporation. You plan to file an election to be taxed as an S corporation. You should keep tabs of all the income as well as all the expenses in connection with the Gig business. Accounting software is helpful. At the end of the year you will have to file a tax return for the S corporation. Remember make sure you file immediately after you incorporate a form 2553 to be taxed as an S corporation. You are required to file a tax return at the end of the year. You will report all the income you have received and the expenses in connection with that business in the tax return. The company will issue a form K-1 to you as a stockholder. You will report the information in the form 1120 S K-1 in your personal return when you file your personal income tax return.
