S1: E12: Maximizing Tax Deductions For Gig Workers & Freelancers With The Finance Rebel Camari Ellis
Oct 3, 2022
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Financial rebel Camari Ellis shares tax strategies for gig workers and freelancers, emphasizing record-keeping and proactive planning. Discusses maximizing deductions, video content creation challenges, and the importance of treating oneself as a business owner in the gig economy.
Sign up for the side hustler society newsletter to access valuable tax advice content.
Plan and strategize for tax deductions proactively by being aware of tax-saving strategies earlier.
Maintain accurate records for business expenses to support tax deductions and avoid potential IRS audits.
Deep dives
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Replay of Interview with Financial Rebel Camari Ellis
In this episode of the Side Hustler Society podcast, an insightful interview with Camari Ellis, known as the financial rebel, is replayed. The interview emphasizes tax advice for gig workers, freelancers, and app drivers like Uber, Lyft, and DoorDash. The timeless tax advice and valuable insights shared are beneficial for maximizing tax deductions.
Timing of Tax Advice Release
The podcast advocates for releasing tax advice content towards the end of the year to empower individuals to plan and strategize for tax deductions proactively. By being aware of tax-saving strategies earlier, individuals can maximize deductions, ensuring they make informed financial decisions.
In-depth Discussion on Business Tax Deductions
The podcast delves into the importance of documenting business expenses effectively to support tax deductions. It highlights the significance of maintaining accurate records for expenses like mileage, meals, phone mounts, and other business-related costs to back up deductions and avoid potential IRS audits.
Tax Implications of Operating as a Business Owner
The episode stresses the transition from being a gig worker to a business owner, emphasizing the need for proper record-keeping, tax compliance, and understanding of tax deductions specific to business operations. It underlines the significance of maintaining a balance between being informed about tax codes and seeking professional advice for tax optimization.
When it comes to being a gig worker (Uber, Lyft, Uber eats, Doordash, Postmates, Grubhub, etc), there are many tax advantages that you can use. Often times, many Uber drivers, uber eats drivers, doordash drivers and other gig workers don't use all the tax deductions that they have access to. That's why in this video, I'll be playing back a Q & A on taxes that I did with tax professional Camari Ellis, also known as The Finance Rebel. He loves helping people solve their financial problems. Over his 20+ year career, in the areas of life insurance, financial advising, stock market investing, accounting and tax planning. This q and a also has a lot of value for freelancers since gig work and freelancing often overlap when it comes to the tax deductions that can be used.
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