![]() ![]() Or keep track of everything so that you only have to pay on what's left over. It's like any business, it costs money to operate your business. Which is why our taxes are based on what is left over. ![]() But if it costs us to get the stuff done, that comes out of OUR pockets, not theirs. If we can do it well and do it inexpensively, there's more left over. Doordash and Uber Eats and Grubhub don't care what it costs and it really isn't their business. The thing is, we have to do these deliveries on our own dime. It's based on what is left over after our expenses.īut if you don't have a record of your expenses, Uncle Sam is happy to tax you based on the larger amount. Our tax is based on our profit, not the money we get from gig companies. AND there's Social Security and Medicare.Īs independent contractors we're treated like a business. There's federal and state and maybe even local. I won't stop you.īut if you'd rather keep some of that money, here's how you do it. Would you prefer to pay taxes on a lot or on not as much? You're completely free to pay way too much in taxes. Failure to track and record your expenses could result in hundreds if not thousands in additional unnecessary taxes Why would failure to keep records cost us thousands of dollars? I don't know about yo, but I'd rather keep my thousands of dollars. You could choose to not do bookkeeping, but that choice can cost you thousands of dollars. Okay, time to stop reading and move on, right?īefore you check out though, please pay attention to this one statement: It's totally okay to do this without bookkeeping. What will allow you to accomplish what you need to accomplish in the way you want to accomplish it? Do you need something easy? Or do you want to analyze the heck out of stuff? Is cost an issue or are you willing to spend what it takes to make sure it's done well? Why is bookkeeping even necessary for independent contractors? I said “I like my stuff in a way”Īnd really, that's what it boils down to. I like my stuff in a way that I can analyze the life out of it. I'm sure that how I do it is probably not the best way to do it, just because I'm nerdier than the average bear. There is no one WAY of doing it that everyone has to do. Organizing your finances though? Good diea. ![]() I'm the type to see this level of organization in your closet as overkill. This is what bookkeeping is for contractors, in a nutshell: Keep track of your income and expenses, and organize them. Let's de-mystify the process a little, and once we do that we can figure out the best ways to do your bookkeeping for your delivery work with Doordash, Grubhub, Uber Eats, Postmates and all the others. In fact, I believe you can do it and do it well. An “I don't know how to do this” kind of thing. This is often a “this is out of my league” kinda thing. I'm going to guess that bookkeeping is one of those things you may wish were never part of the deal.īookkeeping ranks high on the intimidation factor for a lot of people. Not many of you are going to say bookkeeping is your favorite part of the delivery biz. We've talked a couple of times about taxes before, but today I wanted to focus more on, HOW do you track everything? Bookkeeping for delivery contractors doesn't have to be THAT difficult These seven rules can make bookkeeping easier as an independent contractor for gig economy apps like Grubhub, Doordash, Uber Eats, Postmates, Lyft and others. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |