"Tax Tactics for Freelancers & Gig Workers: Stay Ahead in 2025!"

Trivia Question❓

In 1799, which country became the first in the world to introduce a tax on income?

Answer at the bottom of the newsletter

The Countdown Is On To April 15th Deadline!

"Five Crucial Tax Strategies for Freelancers and Gig Workers in 2025"

In this insightful article, experts share five essential tax strategies for freelancers and gig workers in 2025.

Readers can learn about maximizing deductions, staying organized with expenses, leveraging retirement accounts, understanding estimated tax payments, and utilizing technology for efficient tax management.

These strategies aim to help individuals in the freelance and gig economy navigate the complexities of income tax laws and optimize their financial planning.

By implementing these recommendations, freelancers and gig workers can minimize tax liabilities, maximize savings, and ensure compliance with changing regulations, ultimately empowering them to achieve financial success in the evolving landscape of work.

Key Filing Tips:

Gather All Documents: Collect W-2s, 1099s, Form 1095-A, and receipts for deductions/credits. Access IRS Individual Online Account for digital copies.
Double-Check Personal Info: Ensure names, SSNs, and birthdates match Social Security records. Use ITINs if applicable.
File Electronically: Use IRS Free File or Direct File for fewer errors and faster refunds. Choose direct deposit for speed and security.
Report All Taxable Income: Include all sources—wages, interest, gig work, unemployment, and digital assets. See Publication 525 for more info.
Answer the Digital Assets Question: All filers must check "Yes" or "No," even if they didn’t engage in crypto or other digital asset transactions.
Verify Bank Info: Ensure routing and account numbers are correct for direct deposit.
Sign and Date the Return: Both spouses must sign joint returns. Use last year’s AGI to e-sign when filing electronically.
Pay Any Taxes Due by April 15: Use IRS Direct Pay, EFTPS, or credit/debit cards to avoid late penalties and get confirmation of payment.
Request an Extension if Needed: File Form 4868 or pay your tax online and indicate it’s for an extension. Extensions give time to file—not to pay.
Keep a Copy of Your Return: Save a signed copy with all schedules and documents for your records and potential amendments.

For full details, visit the IRS File Your Tax Return page.

Q/A Questions

Q: What are some key tax changes for the upcoming year?

A: Some key tax changes for the upcoming year include adjustments to income tax brackets, standard deduction amounts, and retirement account contribution limits.

Q: How can I maximize my tax deductions as a small business owner?

A: As a small business owner, you can maximize your tax deductions by keeping detailed records of business expenses, utilizing deductions for home office expenses, and taking advantage of tax credits available for small businesses.

Q: What are some common tax deductions that individuals often overlook?

A: Some common tax deductions that individuals often overlook include deductions for student loan interest, medical expenses, and charitable contributions. Be sure to claim all eligible deductions to reduce your taxable income.

JKJ Enterprises Trust

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Tip of The Day

Today's tax tip: Keep track of your charitable donations throughout the year.

Not only can it help reduce your tax bill, but it's also a great way to give back to your community!

#TaxTip #GiveBack

💡 Answer to Trivia Question:

The United Kingdom.