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Are You a Gig Worker? Special Tax Considerations You Should Know About

Roughly one-third of US workers are involved in the gig economy in some way. Maybe you are a full-time freelancer or you drive for a ride-sharing company on the side. Either way, you should be prepared to settle up with the IRS for any money you made as a gig worker this past year. Here are a few of the special tax considerations you should know about.

Understand What Taxes You’ll Have To Pay

It is important that you understand what taxes you are required to pay and when they need to be paid. Since gig workers are considered self-employed, you will be responsible for self-employment taxes. These cover Medicare and Social Security taxes that would otherwise be shared by employers and employees. You will also need to pay federal and state income taxes.

Learn About Deductions and Expenses

Taxes are only paid on the profits your work generates, so you’ll want to keep detailed records for any expenses incurred during the course of business. Beyond the tools and supplies necessary to perform your work, you may also be able to deduct home office space, vehicle mileage or expenses, and certain healthcare costs. Because there can be confusion about allowable expenses and deductions, you may want to consult with a United CPA Association professional about what you can and can’t deduct.

Know When to File and Pay

It’s not all about what you have to pay. Sometimes the when is just as important. For example, if you think you will owe more than $1,000 in self-employment taxes, you should make estimated payments throughout the year to avoid a penalty. Stay on top of deadlines for filing, reporting, and paying taxes to avoid unnecessary fines or fees. If you think you will miss a deadline, request an extension to avoid penalty.

Taking part in the gig economy offers you the opportunity to do work you enjoy when you want. It also brings special considerations to make sure you are adhering to IRS rules. Staying organized and having a plan in place to ensure you meet them on time can help you maximize the benefits of self-employment.…

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How to Choose The Best Emergency Loan in 2020

Unforeseen events that require urgent money within the shortest period? Banking facilities are very slow regarding the issuance of credits. Relatives and friends are undesired parties to be aware of your problems. So, the last but life-saving solution is online lenders. They perfectly accommodate the borrowers’ needs in terms of an emergency loan, and from their side, there are no exorbitant fees for the service. Check the guide on how to choose such loans without revealing the purpose.

Emergency Loan Help: Online Financial Support

The first and a must requirement toward any issuance of such loans should be the speed level. It means that individuals who need cash do not have to wait for ages for approval. Usually, banks may take a few days just to confirm your eligibility for an emergency loan, and you waste precious time. Then, you may also need to explain the purpose of your emergency. But, agree, there are many reasons why people are not eager to share the details. So, online lenders are perfect. Follow the next tips when choosing a reliable lender.

  •  Check your credit history. Before you start filling in an application form, understand your eligibility. Some companies do not work with borrowers who failed to repay previous debts that affected history. But, even for them, there is an option such as a designated for such purposes emergency loan bad credit.
  •  Amount of cash. Today, creditors issue up to 800€ with no trouble and without much paperwork. However, check what is the first possible amount to request. Regularly, new applicants can ask for 300€ only for an emergency loan. But, it is a formality that allows online companies to protect themselves from negative outcomes connected with delays in repayment.
  •  Compare the online market. You can do it on your own or there are services that allow people to compare. Filter your requirements by amount, repayment period, interest, and check who charge the most.
  •  Find out extra fees. Make sure, your selected creditor does not hide any fees for his services. Compared to banks, there should be no extra charges but only a requested amount, and interest that both can be calculated on the home page of a creditor. In case, you face additional costs for your emergency loan, probably you did not read the agreement properly, or a lender plays false.
  •  No security. Such loans should not require the security of houses, cars or any other assets. It is because the issued amounts are small. So, if a lender asks you to provide such a guarantee, you had better choose another option.
  •  Never borrow more than you can return. A marketing trick promising to offer you the biggest emergency cash loan may lure you into a debt pit.

At last, such creditos online should not require much documentation. Only Spanish ID, a valid mobile number, a valid bank account to transfer money, a source of income, and of course free Internet access. Other papers have nothing to do with issuing fast and urgent loans.