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Everything Freelancers Need to Know About Their Big New Tax Break

Source: - Jan 12, 2018

It’s not easy making your way in the gig economy. But the new tax law should take out some of the sting.

The Tax Cuts and Jobs Act, signed by President Trump in December, aims to deliver cuts almost across the board. However, freelancers — whether Uber drivers, wedding photographers, or journalists — get a special perk.

The new benefit, which allows taxpayers to shave their taxable income by roughly one-fifth, applies to so-called “pass-through” (or business) income, starting in 2018. While the pass-through measure was mainly intended to promote hiring and investment by small business owners, the new rules apply broadly to anyone who is their own boss.


Category: General Business