H&R Block Contest Encourages Millions of Gig Workers to "Make It Legit"

Core Insights - The article discusses the growing gig economy and the launch of H&R Block's "Make It Legit" contest aimed at supporting gig workers in establishing themselves as legitimate small business owners [1][3][5] Group 1: Contest Overview - The "Make It Legit" contest will accept entries until May 4, providing three winners with professional business services and marketing support [2] - Winners will receive free business formation services, year-round tax expertise, and custom marketing materials, including a commercial [5] Group 2: Gig Economy Context - There are over 70 million individuals classified as gig workers in the U.S., many of whom do not view themselves as legitimate business owners despite being taxed as such [3][4] - A recent change in the 1099-K reporting threshold now requires independent workers to report earnings of $5,000 or more, significantly lowering the previous threshold of$20,000 [3] Group 3: Awareness and Education - A study by H&R Block found that nearly half of gig workers were unaware of the 1099-K change, and 50% remained unclear on the details as tax season began [4] - Many gig workers may be missing out on tax credits and deductions available to small businesses, potentially limiting their income [4] Group 4: Brand Promotion - H&R Block is promoting the contest through creative content creators who have successfully turned their passions into legitimate businesses, showcasing their stories through commercials [6]