6 Things Every Gig Worker Must Know About Taxes
40% of Americans are still earning less than 1% on their savings accounts — yet some banks are offering 3% to 4%

6 Things Every Gig Worker Must Know About Taxes

Freelance Tips Freelancer Taxes Self Employment Uncategorized Work From Home - Other

1 of 7 Photos in Gallery ©DisobeyArt / Shutterstock.com If you made extra income on the side last year, such as by selling an amazing piece of artwork or walking your neighbor’s dog, then you are one of the more than 58 million gig workers, freelancers and other self-employed workers in the United States. Just because you may not be an employee of a company, doesn’t mean that you are exempt from paying taxes. The IRS expects you to pay taxes on your self-employment income just as it expects traditional workers to pay taxes on the income they receive from their employers. But the process of paying taxes on self-employment income can be a lot more complicated than paying taxes on traditional income from an employer. Here’s what everyone who earns gig, freelance or any other type of self-employment income — whether part time or full time — needs to know about federal income taxes. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Add $1.7 million to your retirement A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million! Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free financial adviser matching tool . In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now. Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

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