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.
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