8 Ways Gig Workers Can Build Financial Stability

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Know And Plan For Your Tax Obligation

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When you are a gig worker, nobody is paying your taxes for you. Your clients do not take those out of your paycheck and it is on you to calculate and pay your tax obligation on a quarterly basis. It is very important as a gig worker to have a tax professional create those quarterly estimates for you, so that you do not face underpayment or late penalty fees at the end of the year. A good rule of thumb is to set aside 30 percent of your income for taxes if you work for yourself.

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