Tax Tips for Gig Workers

Tips for Independent Contractors filing taxes
Photo credit Getty Images
By 106.3 WORD

It's tax time... are your taxes in order?   

April 15th isn't that far off.  Gig workers... have you kept record of all business expenses?

A gig job, as described by the South Carolina Department of Revenue, is a job where income is received from temporary employment.... some examples would be working on digital platforms, musicians, Uber/Lyft/Taxi drivers,... essentially an Independent Contractor.

Whether paid in cash or goods, that is income and that must be reported to the state, and Uncle Sam, regardless if a W-2 or 10-99 is issued. 

Ahhh, the good ole honor system. 

A couple of tips for state filing... keep a good record of receipts, as Independent contractors, you may be able to deduct business expenses.

And make quarterly estimated tax payments...  so you're not driven into a panic attack with a whopper of a bill come tax day.

One reminder from the IRS, earning income from a rental property is fully taxable. 

Other filing tips and to check out this report from the SC Department of Revenue, CLICK HERE.