How to Plan Your Taxes as a Gig Worker (Self-Employed)

Gig workers are one of the many facets that exist in the workforce. As society's views towards work-life balance are starting to shift to favor a gig worker's lifestyle, many are leaping into it one form or another.

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These changes are accompanied by several differences one may not think of in terms of taxes. One of these changes includes how one will execute their taxes.

So now you want to be a gig worker. On the other hand, you may already be one. However, what does this mean for your taxes? Contrary to what many of you may think, there are some factors you need to take note of.

Toby Mathis is here to give all of you an insight into the world of gig workers' taxes. Making plans on such matters as taxes can make all the difference in the outcome. Be sure to watch our video till the end to get the most out of his words of wisdom.

Thank you for taking the time to watch our video. We hope that you found the content helpful on your journey to financial freedom and stability. If you plan on becoming a gig worker, we hope that this video proves helpful for self employment tax.

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It is always a pleasure spreading our knowledge, and we look forward to having those of you at home join our community again as we upload regularly.

0:00 - Looking at your 1099
3:45 - Do you need an entity?
7:01 - Why a corporation is beneficial
8:08 - How your LLC can be taxed
11:11 - Summary and how should you be taxed as a gig worker?
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. of the information contained herein without seeking professional legal advice.

#SelfEmployed #TaxesforGigWorkers #1099Taxes

[shaolin]

Can you do a video on how an active trader should set themselves up? What are the pros of doing it as a business entity verse meeting the trading status and using the schedule D and C to show profits and expenses on personal taxes. I understand the Warren Buffet approach, but need a few years to build to that capital to have 100 shares for covered calls and dividends to live off of. Thanks in advance.

[Vshamann]

I'm just curious how I'm supposed to have money to go to somebody to help me with these taxes when they're trying to take over 30%. This is so insane

[Vshamann]

How do they get away with taking 30 percentage

[nigal]

What is the best way to file taxes for myself. I am 70 years old and own a sole proprietorship that grosses around 60, 000. What would you do? I owned this sole proprietorship for over 25 years. Since i retired i slowed down quiet a bid as far as income.. I used to make close to 90.

[kimshar]

If we're on track to earn more than the income ceiling to file a 199A deduction, does it make sense to become an S corp?

[RDMB]

This video is the tits. Sharing this with my other gigers. Thank you

[GetEmTigerGamer]

I have a stupid question.. so I was advised to put my doordash into my business but when it comes to taxes how do I file this now? So I'm being paid but the money is being put into my business account so now do I have to file taxes twice on what I earned?

[shaolin]

Does any of this change if the gig job is your only job? If no, do you pay the self employment/FICA on the earnings, or on the amount after you get the standard federal deduction?

[allyh]

Thank you for making this video. But I am really lost because every video I have watched says you should receive a form for each gig job worked. I live in Texas, I was trying out gig work for the first time so I tried several different companies. I worked Uber Eats delivery, spark (walmart delivery), Shipt, doordash, and favor (grocery/food delivery).
I only received an actual form, 1099-k, from Spark. But they listed some income as NEC in a "tax packet" but it was not on an separate form. Does that mean I need to file both?
Where do I put all the other income that I didn't receive a specific form for? I made more with Uber Eats than Spark, but my account with Uber says my earnings were below the IRS threshold. They gave me a "tax summary". I made less than $300 on the rest of the apps each. I made about $800 with spark and $1100 on Uber Eats.

[xthatwhiteguyx]

So, let's say a Self-Employed food delivery driver's only source of income was this gig work, and he didn't make much. For the sake of simplicity, let's say he earned $10, 000, but also drove 10, 000 miles while on the job. Is his "income subject to SE tax" 10, 000? Or is it 10, 000 - (Miles x Mileage Deduction), which is $3, 450 in this case?
Also, even if he earned this meager amount of money, he's still going to pay that 15.3%, regardless, and not get any tax refund?
Also, would you believe the guy asking this majored in accounting 10 years ago? Unfortunately it wasn't tax accounting, and the one tax class I took, I got a D... -_-

[sjgeneralcontractors]

What about a business as a sole proprietor/Dba set up at bank then became an S-corp in Texas but franchise tax expired so went back as a gig worker as sole prop. Then prior to COVID hitting paid fines to re-instate entity with hopes of
Opening brick and mortar location. Fell through due to COVID but did side gig work in medical sector and some online consulting. In past paid taxes as sole prop. How would I set up as an LLC and do taxes as an S-corp now. Bc I never opened officially and I had started by getting sales tax and all other licenses but don’t quite know how to form the s corp as an LLC since I did in reverse. Really need help on this. I live in Texas as stated and was told to discontinue sales tax so I don’t continue to have issues on that end but I’m looking for storefront locations again and of course tax tie. Is right around the corner. Btw purchased more business equipment and supplies with ppp and loan thinking COVID would have been over sooner and I would open the location I was going to lease but it’s just sitting in storage instead due to building shutting down entirely after a winter freeze and significant water damage