With just under a month left to file taxes, Cheddar News is keying in on freelance workers and wants to provide some tips so those Americans maximize either their refunds or what they have to pay back to the IRS.
Matthew Frankel, CFP and writer at the Motley Fool, joined Cheddar News to dish some insight into what freelancers can expect at filing time and how they can better plan in future filing years to avoid paying huge sums to the government.
"Freelancers are more responsible than the average person for keeping track of their own taxes and part of that requires putting money aside," he said. "It's important to know that you need to set money aside if you're just starting out as a freelancer or you will possibly get caught owing money."
The landscape of the U.S. labor market has shifted since the onset of the pandemic. 39 percent of Americans were freelance workers last year, which was a three percent jump from 2021.
Frankel noted that there are some breaks available to freelance workers that the general public is not allowed to take advantage of. Some of those include home office deductions, retirement accounts, self-employed health insurance and using your own vehicle for work can also be deducted.
"Honestly, the biggest mistake I see is people not asking for help when they need it. Not everyone is certified financial planner or tax attorney or anything like that," he said. "Being disorganized is definitely a big problem. I found this out the hard way early on in my career: to keep important records."
The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future.
Ahead of the WNBA season and in the midst of March Madness, New York Liberty CEO Keia Clarke discusses the team’s new deal with Barclays and bringing even more attention to women’s sports.
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
