ephykileen

Now that April 15th is in the rear window, no need to think about taxes, right? Nope, this is the time to think strategically, so next year’s tax bill doesn’t break the bank. 1 Not Setting Aside Money for Taxes This is the #1 mistake new gig workers make. Employees have taxes withheld from every paycheck while gig workers need to handle that on their own. What to do: As a general rule of thumb, set aside 20-25% of every payment you receive into a separate savings account or bucket....

So you missed a year. Maybe two. Maybe you don't even want to look at how long it's been. Life happened, money was tight, it felt overwhelming, and suddenly the problem was too big to face. You're not alone. This happens to a lot of taxpayers, especially freelancers and self-employed people. The good news: the IRS would genuinely rather work with you than against you. This can be fixed. Step one: don't keep ignoring it The longer you wait, the more penalties and interest pile on. The IRS...

Whether you’re a contractor, independent artist, freelancer, or gig worker, understanding your tax deductions can save you thousands each year. These are some of the most valuable self-employed deductions. 1. Home Office Deduction If you use part of your home regularly and exclusively for business, you may qualify for the home office deduction. Deductible expenses include: Rent or mortgage interest Utilities and electricity Internet Property taxes Home insurance 2. Equipment, Tools, and...