Taxes for Gig Workers | FAQ w/ a Tax Attorney
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- Опубліковано 1 чер 2024
- I interviewed tax attorney Patrick Thomas. He discusses tracking mileage, expenses, estimated payments, how much to set aside, etc.
Connect with Patrick- / patrickw_thomas
His Clinic- law.nd.edu/academics/experien...
Notre Dame Law School- / notredamelawschool
Use Stride or Quickbooks to track mileage and expenses:
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Use Stride or Quickbooks to track mileage and expenses:
50% off Quickbooks - fbuy.me/pfxYU
Stride - stride.app.link/jFjZ6ib6l6
I've been trying to find like an example of what pay would look like after expenses and taxes for a gig worker. Like just come up with random figures. Person makes $1000 a month. Drove 250 miles worked for 80hrs etc. What would that breakdown look like. I'm just a visual person and want to see an estimate of what a scenerio could look like
I’m writing off a lot of miles and using an app to track.
This is such a great conversation and much needed for the self-employed. Thanks for sharing!
I agree. Thanks Dylan.
I found stride to get the best app for keeping track of milage and expenses. You can turn on the milage tracker when when you are doing instacart, also you can take pictures of receipts, and upload them to the app, and when it comes time to do your quarterly taxes Stride will send you a full report of expenses, deductions and earning.
Love it!! Your providing great value to the gig economy space!
Thanks, I thought it was needed!
One important thing to add is some cities have income tax. Philly is a flat 3.88%, NYC ranges from 3-3.8%, etc. Some states mention the local taxes on your state tax form (like NY), but some states do not (like PA)...in those cases you just have to know about it.
If you make under $50,000 a year then 20-25% is enough!
I see these same questions asked over and over again...thanks for doing this interview Steph!
Me too! You're very welcome!
I’ve been asking these questions for the longest time lol this was very helpful thanks
Yay!
Great Video!! Thanks to both of you.
So good! So helpful! Thank you both.
Thanks for the video steph so much information! 👍🏻❤️
Steph. A central question that should be addressed is: If I drive more miles and therefore the IRS owes me money. I believe it is some type of loss on the part of gig worker (1099ers) -- operational loss. Thanks!
Thanks for this video Steph..great info for not only Gig work,but very common tax issues for W2 jobs !!!
That's very true! Thank you!
Steph On The Pedal Love the positive and helpful videos like this, keep them coming!!
So helpful! Especially since I Notre Dame is part of my zone for IC! So now I know who to come talk to for things!!
That's awesome!
Wow, I didn’t know about reporting cash tips. I did just google this and if you don’t make more than $20 in cash tips in a month, you don’t have to report it!
IC shows hours online so you can determine how much you use your phone
Great video, Steph & Patrick! 👍🏼 FYI: first quarter estimated taxes are now due on July 15th, 2020.
Thank you!
Great information
Thanks, girl!
Hi Steph, another great vid. And you looking good. Has anyone else noticed that the Federal Reserve got merged with the Treasury Department? Taxes "postponed " until July? The Jubilee for the world is on 5.29.20, which means all debts are forgiven. Is it possible that the IRS is NO mas....thanks to our farmers who created it years ago. This Jubilee was passes in 2001 by Congress, but never enacted, until now. Food for thought but drivers should still follow the attorney's advice if we still have tax obligations.
Car washes and detailing are deductible and not included in mileage? Instacart says they pay you mileage so you can not use those miles as a deduction.
This is awesome
I work under my business name and all my income goes into that account which helps with keeping up with everything. I file yearly because I've been a victim of identity theft since 2010 and they steal my income refund some years so I don't file quarterly.
Hey Steph, do we actually have to file a sole proprietership and give our business a name? Will we get sent tax documents in January? BTW, I really enjoy your videos!
For Instacart and doordash: For milage tracking what do you count? I mean obviously the milage from the pick up to the drop off but do we claim the milage say from home to the pick up? From the drop off to the next order?
can you pay the taxes at the end of the year or can you only do that quarterly?
What if I only do this part time and have a regular 9 to 5 do I just report what I make on Instacart
I have "Gap" insurance to cover me between deliveries and/or rides. Can I deduct the "Gap" insurance?
How do I pay self employment tax? Or do I need to contact someone in my state?
I've been to the IRS website and it has forms for gig workers, but not quarterly, just annually. I'd love to do my quarterly taxes myself and not pay an accountant. Can anyone help?
How do we pay these taxes?? Where? Why??
is it true that if you don't receive more than $600 you don't need to pay taxes for Instacart?
What is this quarterly? I thought its to only be done once a year?
Find Patrick on Twitter- twitter.com/patrickw_thomas
Nice
Can you do your miles manually in a notebook? I don't like the mile track age apps.
Yes
@@StephOnThePedal Thank you Steph, love your videos.
Sounds like a good idea. I was wondering if an app would give you a condensed summary to print. Worthless if it won't.
I use a separate phone for business.
Does food bought while working count as an expense? Just curious.
Oof, I don't think so, but I'm not 100% sure.
Steph On The Pedal
Another question. If I have someone working with me is it important for myself for taxes or something to track what I "pay" that person?
Taxes?? Nah. Just don’t file!! SHEEEEEEEEEEEEEEEEEEEEEEEH!!!!
Need to determine if IC sends you a tax form reporting it. Then you know it is documented whether you want to report or not. It's out there. I think if it's under a certain amount, you don't need to report.