As a NoGigiddy gig worker, you might be wondering how taxes are handled. We understand that taxes can be a bit overwhelming, so we’ve created this guide to help you stay informed and prepared.
You're an Independent Contractor
When you work with NoGigiddy, you're classified as an independent contractor (not a W-2 employee). This means NoGigiddy does not withhold taxes from your payments. You're responsible for managing and paying your own taxes.
What Does This Mean for You?
Set aside a portion of your earnings.
Because taxes aren’t withheld, you’ll need to budget accordingly. The exact amount depends on factors like your income level, tax bracket, and filing status.Consider making estimated tax payments.
To avoid a large tax bill at the end of the year, many gig workers choose to make quarterly estimated payments to the IRS.Keep detailed records.
Track your income and any work-related expenses throughout the year. This makes filing taxes easier and may help you claim deductions for things like mileage, home office use, or equipment.Consult a tax professional.
A licensed tax preparer or accountant can help you understand your obligations and ensure you’re setting aside enough and filing correctly.
Tax Forms from NoGigiddy
At the end of the year, you'll receive a Form 1099-MISC from NoGigiddy if you’ve earned $600 or more. This form will detail your total payments and must be included when you file your tax return.
Need Help?
If you have questions about taxes or your 1099 form, don’t hesitate to contact our support team. We’re here to help guide you through the process.
By staying informed and organized, you can manage your taxes confidently and continue thriving as a NoGigiddy gig worker!