As the gig economy expands, freelance workers face the challenge of understanding their tax responsibilities, including reporting income over $400 and paying around 15.3% in taxes without automatic deductions. To avoid financial pitfalls, it’s vital for gig workers to track their earnings and expenses, set aside 25-30% for taxes, and consider quarterly payments while claiming legitimate deductions. Proactive tax planning can ensure compliance and stability in this evolving landscape.
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