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.