Gig Worker Taxes 2023: Join Ron (Enter Courier) and myself as we take a look what gig workers need to know before filing taxes in 2023.
- Intro
- You're being taxed as a small business owner
- You're on your own for withholding and paying your taxes
- Your gig taxes are based on profits, or what's left over after expenses
- You can write off your business expenses even if taking the standard tax deduction
- Mileage is usually your best write off, and it's not even close
- The important tax form you need is Schedule C
- You also have self-employment tax (Social Security and Medicare) based on IC profits
- Add your IC profits to other income (W2's etc) to determine taxable income for income tax purposes
- Total taxes (income+self-employment) minus payments credits and withholding determine your final pay-in or refund amount
- Outro
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