Learn how to use the software to prepare your tax return.
My journey into gig work began in 2017. The flexibility and extra income from gig apps like UberEats, DoorDash, and GrubHub empowered me to pay off debts, buy groceries, and fill up my gas tank without relying on credit cards. It was a liberating start for me.
During my time in the field, I connected with fellow gig workers who, like me, were using gig apps to improve their financial situations. One crucial lesson I learned was the significance of tracking the miles we drove for our gigs. For instance, if a gig worker drives 100 miles a week, they could deduct $ 58 from their taxes. Failing to track these miles means working for free. Understanding and utilizing this deduction can significantly reduce your tax burden.
Do your own taxes.
Gig jobs offered through UberEats, DoorDash, GrubHub, and InstaCart, to name a handful, don’t pay fair wages (gig workers depend on tips), don’t deduct Social Security or Medicare tax, and most don’t inform you that you can list Instant Cashout Fees as a business expense. People working the gig apps must learn about tax deductions and understand that they must pay Social Security and Medicare. Many gig workers don’t know they are working and putting themselves in a poor financial position.
I’m a gig worker classified as an independent contractor who started to use software programs to pay her taxes. Taking the time to learn how to do my taxes has taught me to pay fewer taxes, which has helped increase my income. I earn more than most gig workers because I learned about the AGI (Adjusted Gross Income) tax deduction. In simple terms, it means that I can deduct certain expenses from my total income, which reduces the income subject to tax. For instance, I can deduct my miles and Instant cash fees as a business expense. I watched the software tax estimator lower my Federal taxes by a couple of thousand dollars.
If you are a gig worker and want to learn how to pay fewer taxes at tax time, take the time to listen to the video. In this video, you’ll understand how financial education can help you keep more of your income. The video will cover topics like tracking your expenses, understanding tax deductions, and managing your income effectively. You’ll also learn about specific deductions you can claim, such as mileage and instant cashout fees, and how to use software to estimate and lower your taxes.
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Another perk to learning how to prepare your tax return is that you can write off the TurboTax fees as a deduction. At the time and date of writing this article, the entire cost of purchasing software can be deducted from the year it is used. Learning how to do your taxes teaches you to keep more of the money you earn by paying less income tax. The more financial education you have, the more you understand how to receive more, motivating you to learn and eager to save money.
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