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The gig economy has expanded substantially in the past ten to fifteen years. Now, tens of millions of Americans do freelance or gig work every year. From driving Uber to doing graphic design or social media management, there are many different types of gigs that workers can choose from.
In this video, tax expert Karlton Dennis explains how freelance and gig economy workers can save money on their taxes. After all, even though gig economy workers might not earn salaries like W-2 workers, they still can have massive tax bills. Luckily, there are strategies that gig economy workers can apply in order to dramatically reduce tax burden.
In many cases, gig economy workers can actually have significantly higher tax burdens compared to their W-2 counterparts due to having a high self-employment tax burden. People who earn a lot of money in the gig economy without knowing how to mitigate high self-employment taxes.
CHAPTERS:
0:00 Intro
0:21 Claim the Home Office Deduction
1:22 Switch From an LLC to an S Corp
2:36 Using Retirement Accounts
4:18 Deduct Health Insurance Premiums
5:10 Deduct Costs for the Business Use of Your Vehicle
6:58 Subscriber Question!
8:00 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#freelancer #gigworker #freelancetaxes
