Need some last minute advice and guidance about getting those taxes done? Here’s Billfold pal Alizah Salario in Fusion:
Like many millennials, you’re probably part of the freelance/gig/sharing economy. When you earn non-employee income (you should receive a 1099-MISC form for all jobs with $600+ in earnings), the client doesn’t withhold taxes — but you still have to pay them. For 1099 rookies, this may be a shock to the system. (Full disclosure: I angry-cried my way through taxes my first year freelancing.) You can cut what you owe by carefully itemizing deductions, but here are a few pro tips.
Alizah has lots of answers for you, including the one to the question, “What if I can’t pay? Should I still file?”
And, of course, if you’re part of the freelance/gig/sharing economy, remember that estimated quarterly taxes are also due on April 15th.
Hyperventilating? Trembling? We can help.
Thursday is a great day to do that 1 thing you don’t want to do but also don’t want to continue thinking about doing.
Ester Bloom: oh [profanity] it’s thurs. we didn’t Do 1 Thing did we Mike Dang: Can you do one? Maybe it could just be like, estimated taxes were due today Ester Bloom: [more profanity]! were they? EVERYTHING IS TERRIBLE
Well, I know what my do 1 thing is, either for today or first thing tomorrow. How about you?
A year and a half ago, I wrote about my surefire tax estimation system for freelancers
for the Billfold, in the hopes that a system that has worked for me would help the many Billfold readers who live partly or entirely on freelance income avoid quarterly or annual financial panic when it came to dealing with their taxes. "This system is incredibly useful!" some said. "This system is insanely complex,
how can you expect anyone to actually do
this," said many others. "Please help me," said an unsettling number of emails I've received.