Your New Gig: Taxes. Navigating Taxes if You’re Self-Employed

Your New Gig: Taxes. Navigating Taxes if You’re Self-Employed
Gig work or freelancing often involves self-employment tax, but also potential tax savings from itemized deductions.Vitalii Vodolazskyi/Shutterstock
Kent McDill
Updated:

Maybe you call it freelancing, or you call it contract work, or you call it gig work. Maybe you have multiple part-time jobs in which you are paid hourly, with no benefits. Perhaps you have started your own business out of your home.

In any of those scenarios, you are considered “self-employed’’ by the Internal Revenue Service (IRS). But, because you are making money in what you are doing, you must pay taxes on the revenue you earn.

Kent McDill
Kent McDill
Author
Kent McDill has been a professional writer his entire career, spending 20 years as a sportswriter in Chicago before transitioning to business writing. He has written specifically about personal finance since 2013. He has four children and resides in suburban Chicago.
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