A side hustle like DoorDash can be a terrific way to make some extra cash. If self-employment is for you, you can also plunge headfirst into the gig economy and become a full-time delivery driver. Either way, it’s important to understand that although working as an independent contractor for DoorDash and other companies offers some … Read more
As a small business owner, you probably won’t manage to reduce your tax liability as low as some of the infamously rich, but that doesn’t mean you shouldn’t try. There are several self-employed tax write offs you can use to save on your tax bill. The trick is to find them and then use them … Read more
Being self-employed is great in so many ways. You have a flexible schedule, you can choose your own clients and of course you get to keep all the upside from your hard work. One big drawback though are the self-employment taxes that you owe every quarter. Thankfully there’s a fairly simple way to avoid those … Read more
When you love the work but hate the corporate politics that come with it, life as an independent contractor (IC) is sometimes the perfect solution. As an IC, you set your own pay rate and hours, doing the work your way on your time. Before you clean out your desk and go rogue, however, understand … Read more
A growing number of people across the country are bringing in extra income as drivers for ridesharing apps like Uber or Lyft. If you’re driving full-time or part-time and bringing in an income from one of these apps, it’s important to understand how to file your taxes. There are some key differences from the income … Read more
You may have heard us mention before that the federal income tax is a pay-as-you-go tax. As the name implies, this means that you pay your taxes as you earn income. This is why your employer withholds federal taxes from your paycheck every week. Self-employed people, however, don’t have an employer to withhold taxes for … Read more
Airbnb can be a great way to bring in extra cash, along with other home-sharing companies like VRBO and HomeAway. You might list your home when you travel, rent out a private room or even operate a second property as a vacation rental on Airbnb. However, it’s important to remember that running an Airbnb is … Read more
With the rise of the “gig economy,” an increasing number of people are working as independent contractors, and thus having to pay their independent contractor taxes. Whether you perform freelance work on the side or are running a long-time independent business as your primary source of income, you will need to report your income as … Read more
Being a freelancer comes with a lot of perks. You work on your own time, on the projects of your own choosing, at whatever rate you decide. Whether it’s your full-time job or just a side gig, it’s a great way to earn some extra money doing something you’re good at – or even better, … Read more
Do you own a rental or investment property? If so, it is crucial that you declare the rent collected from tenants as rental income when filing your taxes. It is important to note that you are able to deduct expenses incurred for maintaining your investment property. For first-time landlords, the additional tax declarations can be … Read more
