Quick Links for Self-employed & Gig Workers!

[KarenL]

Having a business is both exciting and rewarding! But it can be confusing if you don’t know what it means for your tax returns. Whether you’re starting off and plan to conquer the world with your new business, have a side gig for a little extra cash, or are an independent contractor who doesn’t receive a W-2 form - you’ll want to get your taxes done correctly and take advantage of any tax breaks you’re entitled to! Do you know which expenses you can deduct? Perhaps you don’t have a clue what to do with your 1099-K form or if you can write off your home office. You have questions and we have the answers you need! 

Let’s start with some of our most popular and helpful resources to guide you and make your tax preparation just a little bit easier:

• How does starting a business affect my taxes? - Overview that includes links with more info on side jobs and freelance work.
• What self-employed expenses can I deduct? - Great resource with common deductions for specific industries too! 
• Reporting Self-Employment Business Income and Deductions
• Business Use of Vehicles - A fan favorite because it can be a doozy of a deduction for some people!
• Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...  Here’s a little help navigating the TurboTax software.
• Tax Considerations for Gig Economy Workers with Multiple Jobs  - That’s you Uber and Lyft drivers  - and so many more these days!
• Am I considered self-employed? - It’s about your actions and activities - not tax forms or business entities.
• Self-Employment Taxes in Today's Gig Economy
• What is the self-employment tax? Yes, it’s a thing! 
• What is the Qualified Business Income (QBI) deduction? - Check it out! Did you know there’s a special deduction for most businesses that show a profit?!
• When the IRS Classifies Your Business as a Hobby - Uh oh! Don’t let this happen to your business.

BONUS: Here’s the scoop on all those important 1099 forms!

• 1099-MISC, 1099-NEC, or 1099-K: What’s the Difference?

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!