Freelancers, 1099 contractors and gig workers face unique challenges when it comes to taxes: itemizing all business expenses, covering their own Social Security and Medicare taxes and a lack of an employer to withhold taxes. That last one catches a lot of first-year freelancers off-guard, leading to a big tax bill in April.
“A lot of people think if they made less than $14,600, which is the standard deduction for single filers, they don’t have to pay,” said Bill Park, founder of TaxHakr.
