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Is the Gig Economy Right for You? Key Tax Insights and Tips to Get Started
ARTICLE | January 13, 2025
Authored by Vasquez + Company
Nontraditional working arrangements, particularly gig work, are rapidly growing and are projected to make up 50% of the U.S. economy by 2027. This article examines the rise of gig work, the tax implications for gig workers, and offers practical tips for entering the gig economy. Topics covered include tax filing requirements, self-employment taxes, and tax deductions available to self-employed individuals. Additionally, the article provides strategies for successfully entering the gig economy, such as identifying target markets, building a portfolio, leveraging online platforms, and networking. Gig work offers flexibility but requires careful planning and management of administrative responsibilities.
Read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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