I know you thought it sounded pretty good when you decided to pick up a few extra dollars by driving for Lyft and Uber. Moreover, most of you didn’t realize how little ‘profit’ (not cash) you would actually generate. To make it worse, this past year, you probably got very few gigs, since folks were (are) petrified of getting sick from traveling in your car. But, if you did make money, there are still big issues.
Continue reading So You’re A Gig Worker
Confession time.
I have a low threshold for boredom.
So, besides helping create medical, pharmaceutical, water treatment, among other products; serving as CFO or Managing Partner to a few law firms; financial advisor to small and medium businesses; non-profits, and unincorporated entities; I also am a consultant to two national tax providers.
Tick, tock. The clock is running.
The IRS believes that folks with self-employment income- those who file Schedule C with their 1040- are hiding income. How much? Enough to add $ 125 billion to the US Treasury. (Notice that is the total of the taxes due, not how much revenue is being unreported.) And, these folks are responsible for about 27% of the total taxes not being paid per the law.
Continue reading Dewey, Cheatem, and Howe?
