Dear Constant Reader,
It’s Friday! To some of you I wish a peaceful Good Friday and a joyous Easter. To others, Chag Sameach and a zisn Pesach! For everyone else, happy Friday!
It’s also traditionally tax day, so here’s a tip in honor of that:
If you are getting paid for your gigs as an independent contractor, set aside some of the money against taxes.
If you make over $600 for a particular employer, they have to file a 1099 and you will owe taxes on the income. I like to put part of every payment into a saving account, since I don’t know how much I’m going to make from whom over the course of the year. If I exceed the $600 in any case, I’ve got the money for the taxes. If not, I’ve got the money for me and it’s racked up an infinitesimal amount of interest.
(Note: I am not a tax professional)