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3 Things to Consider if You're new to gig work
Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market We're pleased that the guidance we offer, the information we provide as well as the tools we design are impartial, independent simple, and completely free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the website) However, it doesn't affect our advice or suggestions that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. .
3 Things to Know If You're Not Experienced with Gig Work
by Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet authority on small-business. She joined NerdWallet in 2015 and spent the next six years working as a financial journalist and spokesperson before switching gears to focus on the issues and financial decisions that small-business owners face. Kelsey's work has appeared throughout The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She also writes a column about the millennial generation and money for The Associated Press along with some other NerdWallet writers. Kelsey has appeared on the "Today" program, NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice as well as other publications. Prior to being a part of NerdWallet, Kelsey covered college (and how to pay for the cost) in U.S. News & World Report. The location of her work is Washington, D.C.
Jan 29, 2021
Editor: Kirsten VerHaar, the Senior Assisting Editor for eBay, Yahoo! Kirsten VerHaar edits of personal finance. She holds an English literature degree from the University of Colorado Boulder. In the past, she was a lead editor at eBay and was in charge of a team of writers who created coverage for eBay's content team across the globe. She also wrote for Yahoo. In the years since she joined NerdWallet in 2015, she has covered topics as wide-ranging as vacuums (yes, really) as well as budgeting and Black Friday.
Many or all of the items featured on this page are provided by our partners, who pay us. This influences which products we write about and the location and manner in which the product appears on a page. However, this does not affect our assessments. Our opinions are our own. Here's a list and .
Shutdowns and layoffs as well as the reduction in wages caused by the have caused millions of Americans searching for alternative sources of income. Anyone who has recently switched to working gigs could be weeks away from a financial shock in the form of unexpected tax bills and insurance coverage fine print.
"These are the two most crucial aspects that many entrepreneurs are unaware of," says Chris Russell who is a professional certified in financial planning who has a specialization in business owners and self-employed.
Are you not a small-business owner? Let's get started.
To the IRS it is a small business
Sure, you're just running food deliveries. This simple fact makes your business a small one according to the IRS. This is the only one that counts when it comes to taxation.
"Basically you're to be an independent contractor" says Garrett Watson, a senior policy analyst with the Tax Foundation, a nonprofit organization. "You don't have to do anything super complicated. It's not necessary to incorporate or things like that."
But you will need to pay taxes on any money you earn from gig work. This fact is often an unwelcome, and expensive unexpected surprise for newly hired gig workers. As an employee, your income and payroll taxes are automatically withheld from your paycheck. However, this is not the case with freelancers, Russell says.
"No taxes are deducted from the money you make as a business owner" Russell says. "Meaning that you'll likely be owing a significant amount towards the IRS as you prepare your tax returns."
A good rule of thumb: For every dollar you earn doing gig work, save 30% to be able to apply to your income and . As time goes on, prepare to calculate and pay taxes every quarter to avoid paying a penalty due to the IRS.
If you're thinking "I haven't made a lot of money. I won't report it. How will the IRS know?" Don't. It'll know.
Maximize the value of your cash
Keep track of all your expenses at a glance , so you can see your spending patterns and spot opportunities to reduce your expenses.
Tracking expenses is your best friend
It's not just about money that you deposit in the bank. There are costs to consider, too. Make a note of these expenses since you could deduct some of them and lower that tax bill we talked about a second ago.
"Keep accurate and truthful records in order to benefit from the deductions you are entitled to," says Ryan Greiser an expert certified financial planner in Doylestown, Pennsylvania.
Apps such as Stride, Hurdlr and MileIQ automatically track your mileage and expenses for free or a minimal cost to assist you in calculating taxes. In the case of your particular situation, Greiser suggests QuickBooks may be worth looking into.
"It is a modest investment to , estimate your quarterly taxes, track your mileage and pay your quarterly taxes on the internet," Greiser says.
It is also important to research the details of what could and shouldn't be deducted, based on the portion of your gig working, Watson says, pointing at ride-hailing services as an example.
Imagine you drop a rider off and then drive to catch your next ride He says. Is it possible to deduct the price of gas used in between rides? (You can. )The is a great place to find answers to your concerns.
The insurance process can be confusing
The IRS isn't the only one who needs to be aware of your new source of income. Your insurance agent needs to be informed, too. Not disclosing your work could result in you being removed from your policy in some circumstances. In addition, your insurance agent can help you understand what aspects of your gig work are covered.
Transporting food or people? You should know if your personal car insurance policy will cover accidents while working (It most likely won't.). Rideshare or commercial auto insurance could fill any gap.
Although the platform you're working on may provide you with commercial policies, it only kicks in only in certain circumstances. It's important to know the specifics of the protection.
Uber and Lyft offer commercial insurance for drivers, but it applies only if there are passengers in the car or are on the way to pick up a passenger after having accepted the ride. DoorDash offers liability insurance only and just for food items in the car. Grubhub and Instacart don't offer commercial insurance for delivery drivers via their platforms.
The article originated from NerdWallet and first printed in The Associated Press.
About the author: Kelsey Sheehy is a personal finance writer at NerdWallet. Her work has been highlighted by The New York Times, USA Today, CBS News and The Associated Press.
Similar to...
Dive even deeper in Personal Finance
Do all the right financial moves
If you cherished this report and you would like to acquire more info concerning online payday loan no credit check (paydayloanonline.ru) kindly stop by our web page.
Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market We're pleased that the guidance we offer, the information we provide as well as the tools we design are impartial, independent simple, and completely free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the website) However, it doesn't affect our advice or suggestions that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. .
3 Things to Know If You're Not Experienced with Gig Work
by Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet authority on small-business. She joined NerdWallet in 2015 and spent the next six years working as a financial journalist and spokesperson before switching gears to focus on the issues and financial decisions that small-business owners face. Kelsey's work has appeared throughout The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She also writes a column about the millennial generation and money for The Associated Press along with some other NerdWallet writers. Kelsey has appeared on the "Today" program, NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice as well as other publications. Prior to being a part of NerdWallet, Kelsey covered college (and how to pay for the cost) in U.S. News & World Report. The location of her work is Washington, D.C.
Jan 29, 2021
Editor: Kirsten VerHaar, the Senior Assisting Editor for eBay, Yahoo! Kirsten VerHaar edits of personal finance. She holds an English literature degree from the University of Colorado Boulder. In the past, she was a lead editor at eBay and was in charge of a team of writers who created coverage for eBay's content team across the globe. She also wrote for Yahoo. In the years since she joined NerdWallet in 2015, she has covered topics as wide-ranging as vacuums (yes, really) as well as budgeting and Black Friday.
Many or all of the items featured on this page are provided by our partners, who pay us. This influences which products we write about and the location and manner in which the product appears on a page. However, this does not affect our assessments. Our opinions are our own. Here's a list and .
Shutdowns and layoffs as well as the reduction in wages caused by the have caused millions of Americans searching for alternative sources of income. Anyone who has recently switched to working gigs could be weeks away from a financial shock in the form of unexpected tax bills and insurance coverage fine print.
"These are the two most crucial aspects that many entrepreneurs are unaware of," says Chris Russell who is a professional certified in financial planning who has a specialization in business owners and self-employed.
Are you not a small-business owner? Let's get started.
To the IRS it is a small business
Sure, you're just running food deliveries. This simple fact makes your business a small one according to the IRS. This is the only one that counts when it comes to taxation.
"Basically you're to be an independent contractor" says Garrett Watson, a senior policy analyst with the Tax Foundation, a nonprofit organization. "You don't have to do anything super complicated. It's not necessary to incorporate or things like that."
But you will need to pay taxes on any money you earn from gig work. This fact is often an unwelcome, and expensive unexpected surprise for newly hired gig workers. As an employee, your income and payroll taxes are automatically withheld from your paycheck. However, this is not the case with freelancers, Russell says.
"No taxes are deducted from the money you make as a business owner" Russell says. "Meaning that you'll likely be owing a significant amount towards the IRS as you prepare your tax returns."
A good rule of thumb: For every dollar you earn doing gig work, save 30% to be able to apply to your income and . As time goes on, prepare to calculate and pay taxes every quarter to avoid paying a penalty due to the IRS.
If you're thinking "I haven't made a lot of money. I won't report it. How will the IRS know?" Don't. It'll know.
Maximize the value of your cash
Keep track of all your expenses at a glance , so you can see your spending patterns and spot opportunities to reduce your expenses.
Tracking expenses is your best friend
It's not just about money that you deposit in the bank. There are costs to consider, too. Make a note of these expenses since you could deduct some of them and lower that tax bill we talked about a second ago.
"Keep accurate and truthful records in order to benefit from the deductions you are entitled to," says Ryan Greiser an expert certified financial planner in Doylestown, Pennsylvania.
Apps such as Stride, Hurdlr and MileIQ automatically track your mileage and expenses for free or a minimal cost to assist you in calculating taxes. In the case of your particular situation, Greiser suggests QuickBooks may be worth looking into.
"It is a modest investment to , estimate your quarterly taxes, track your mileage and pay your quarterly taxes on the internet," Greiser says.
It is also important to research the details of what could and shouldn't be deducted, based on the portion of your gig working, Watson says, pointing at ride-hailing services as an example.
Imagine you drop a rider off and then drive to catch your next ride He says. Is it possible to deduct the price of gas used in between rides? (You can. )The is a great place to find answers to your concerns.
The insurance process can be confusing
The IRS isn't the only one who needs to be aware of your new source of income. Your insurance agent needs to be informed, too. Not disclosing your work could result in you being removed from your policy in some circumstances. In addition, your insurance agent can help you understand what aspects of your gig work are covered.
Transporting food or people? You should know if your personal car insurance policy will cover accidents while working (It most likely won't.). Rideshare or commercial auto insurance could fill any gap.
Although the platform you're working on may provide you with commercial policies, it only kicks in only in certain circumstances. It's important to know the specifics of the protection.
Uber and Lyft offer commercial insurance for drivers, but it applies only if there are passengers in the car or are on the way to pick up a passenger after having accepted the ride. DoorDash offers liability insurance only and just for food items in the car. Grubhub and Instacart don't offer commercial insurance for delivery drivers via their platforms.
The article originated from NerdWallet and first printed in The Associated Press.
About the author: Kelsey Sheehy is a personal finance writer at NerdWallet. Her work has been highlighted by The New York Times, USA Today, CBS News and The Associated Press.
Similar to...
Dive even deeper in Personal Finance
Do all the right financial moves
If you cherished this report and you would like to acquire more info concerning online payday loan no credit check (paydayloanonline.ru) kindly stop by our web page.
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