New to gig work? Experienced gig workers and tax pros shared some tips for dealing with taxes
, says lots of gig workers fail to pay estimated taxes and end up owing a lot of money at tax time. “This would be okay if they had the money,” Logan says, “but most are part of the gig economy because they do not have much money or they’ve fallen on hard times.”
“Gig workers need to know that not only will their net profit be subject to income taxes, but they will also need to pay the self-employment tax of 15.3%,” says Bret Scholl, CPA withDo separate your personal and business finances In the past, the home office deduction was rumored to be a “red flag” that could get you audited. But home offices aren’t that unusual anymore.
, a CPA in Rockledge, Florida, recommends getting in the habit of keeping good mileage records right away. “If you drive for your gig, keep a detailed mileage log, either written or use an app like MileIQ., around 30% of people who make their main income from gig work set aside no money for retirement regularly.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Tax Dos And Don’ts For New Gig WorkersNew to gig work? Experienced gig workers and tax pros shared some tips for dealing with taxes
Baca lebih lajut »
26 Best Trips For The New Year (And The New You)What's your resolution for 2020? Travel can help you achieve it. Check out these amazing trips.
Baca lebih lajut »
Shakira 'charged' with £12.2 million tax fraud two days before Super Bowl showThe 'Hips Don't Lie' hit-maker has allegedly been confirmed of committing tax fraud just two days before she's set to perform at the iconic Super Bowl halftime show
Baca lebih lajut »
Venezuela to impose tax up to 25% on purchases in foreign currencyVenezuela will begin applying an extra sales tax on purchases of goods using for...
Baca lebih lajut »
Perspective | Tax code isn’t neutral on race, researchers findThe IRS doesn’t ask about race, but the 1040 has baked-in biases that worsen income and wealth inequalities.
Baca lebih lajut »
Bloomberg Offers Trillions in Tax Increases to Pay for His AgendaDemocratic presidential candidate Michael Bloomberg is proposing tax increases on corporations, top earners and estates that would make the wealthiest Americans pay for programs in areas such as education, infrastructure and climate change.
Baca lebih lajut »