Six Tax-Saving Tips Freelancers Should Know
Jennifer Chin is a Community Manager at SL Tax Centers (financial future planning) in New York City. She’s managed social media and marketing efforts for top companies in a number of industries and has extensive experience in finance.
If you’re running a freelance gig or a side hustle, you’re not alone. More and more people are realizing that a side job can be a great way to boost your income, and “gig economy” apps like Uber and Lyft make it easy to take on the extra hours. But reality comes crashing in at the beginning of the year when 1099 forms start hitting the mail, and you realize just how much you’ll owe on that "extra" money you've been bringing in.
Fortunately, there's some good news for freelancers and independent contractors. There are tax laws you can take advantage of to reduce what you owe the government.
Here are six tips you can use to pay fewer taxes and keep more of your earnings.