We know it’s not always easy to get moving on taxes, but as we near the extended tax deadline of July 15th, it’s time to wrap it up. For most independent contractors in the gig economy, doing taxes can become complicated more quickly, and so we’d like to share resources to help you get your independent contractor taxes done right.
Don’t Do It Alone
- Visit the IRS website – The IRS has resources available, specific to gig economy workers. If you’re looking for a place to get your bearings, there’s nowhere better than the place you submit your taxes anyway.
- Find the right Tax Partner – Whether you plan to file online through an online tax platform, or work with a tax professional, it’s important to find a product that works for independent contractors.
- Contact Your Account Manager – Your dedicated account managers are available to provide documentation and other resources that can help you stay on top of your taxes. Contact us at (888) 334-9675.
Important Items to Keep in mind:
- Income received from being an independent contractor is taxable.
- Taxpayers may also be required to make quarterly estimated income tax payments.
Be Prepared for 2020 Taxes
Now is the time to plan on being on top of your taxes for next year too! Many independent contractors may also be required to make quarterly estimated income tax payments, so it’s important to investigate requirements. Additionally, now’s the time to stay organized. Using tools like mileage trackers allows you to easily do itemized deductions, which can maximize your tax benefit.