The gig economy has given us the promise of being our own boss and working on your own schedule. Driving with Uber, working at Taskrabbit and renting out an extra room on AirBnB have all made you owners of your own business. To add to this the formal economy has moved from Salaried jobs with a steady paycheck into a more independent contractor basis. These two shifts have created a tax and liability issue for many people who do not know or understand how to file their taxes properly. This can result in people paying more taxes than they should and at times they miss out on exemptions that are allowed.
Being an independent contractor means that you are your own boss and have your own business. You are required to file a Schedule C with your tax returns and keep tabs on your income, expenses and miles. In order to benefit from the advantages of this move you have an extra steps you need to take or you will find yourself paying a lot more in taxes. Your long term financial health weighs heavier on your shoulders and you require more protection.We at BTST view independent contractors as small business owners. We give year round advice for your business, your personal wealth and financial safety. This means paying estimated taxes, getting health insurance, saving for retirement and much more. We pride ourselves on giving independent contractors the education that you need to have a successful and long term business.