It's tax time... are your taxes in order?
April 15th isn't that far off. Gig workers... have you kept record of all business expenses?
A gig job, as described by the South Carolina Department of Revenue, is a job where income is received from temporary employment.... some examples would be working on digital platforms, musicians, Uber/Lyft/Taxi drivers,... essentially an Independent Contractor.
Whether paid in cash or goods, that is income and that must be reported to the state, and Uncle Sam, regardless if a W-2 or 10-99 is issued.
Ahhh, the good ole honor system.
A couple of tips for state filing... keep a good record of receipts, as Independent contractors, you may be able to deduct business expenses.
And make quarterly estimated tax payments... so you're not driven into a panic attack with a whopper of a bill come tax day.
One reminder from the IRS, earning income from a rental property is fully taxable.
Other filing tips and to check out this report from the SC Department of Revenue, CLICK HERE.
