You've Joined the Ranks of Uber & DoorDash? - Welcome to the World of Self-Employment Taxes
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You've Joined the Ranks of Uber & DoorDash? - Welcome to the World of Self-Employment Taxes
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About this listen
If you've joined the ranks of millions of other Americans in deciding to drive for Uber or DoorDash to make extra money to make ends meet, you'll be receiving a 1099 in January showing how much you've earned. Do you know what this means for your taxes?
We'll take a look at how becoming self-employed affects your tax return and total taxes due at year end. And how to mitigate unfortunate tax surprises after the new year. Many individuals receiving a 1099 for the first time aren't aware of how additional FICA taxes will affect them. But you can be prepared.
This applies to any work you do as an independent contractor, whether it's Uber, DoorDash, Lyft, or countless other work opportunities. And this applies to young adults that may be making extra cash on the side as well.
Be proactive and ready for tax season. I'll show you how!