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Independent Contractor – Side Hustles

Independent Contractor – Side

Hustles

If you received income last year from a contracting platform like Uber, Fiverr, or Wag, you were being paid as an independent contractor.

As an independent contractor, your taxes work a bit differently than those for a 9-5 job.

This applies to side hustles, too!
It’s a common misconception that the personal standard deduction means part-time contractors don’t benefit from tax write-offs. Fortunately, that’s not the case. Every single dollar you claim in tax write-offs will save you money, up to the point where you might not owe any taxes on your contracting income whatsoever!

Forgot to keep paper receipts? No problem
It’s a common myth that paper receipts are required for taxes. In reality, any digital record of a purchase made with a credit card, or bank account, constitutes a legitimate expense record for the IRS. The only exception is cash purchases over $75.

You can even use the software, to automatically scan your card and bank statements for tax write-offs and save lots of time sifting through your transactions.

TaxTurbo Finance Accounting

1 (469) 720-8012

Email: support@tax-turbo.com

Website: https://www.tax-turbo.com

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