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."
James Gallagher, CEO and Co-Founder of GreenLite, discusses the challenges of rebuilding the fire-affected LA area and how permitting complicates the process.
Super Bowl Champion, Julian Edelman, talks Chiefs' conspiracies, his fave TSwift song and his bet for Super Bowl LIX. Plus, the best time for a bathroom break.
Ron Hammond, Sr. Director of Government Relations at the Blockchain Association, breaks down Trump’s plan to strengthen U.S. leadership in financial technology.
BiggerPockets Money podcast is now available on Cheddar Wednesdays at 10am ET! Mindy Jensen shares how her podcast is helping people gain financial freedom.
The social video platform's future remains in doubt, as players scramble to profit from the chaos. Plus: Big oil gets bigger, DOGE downsizes, and tariffs!
Ty Young, CEO of Ty J. Young Wealth Management, joins Cheddar to discuss Trump's moves as he returns to Washington D.C. and how it may affect the U.S. economy.
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
