Self Employed 1099 Tax Calculator
Even the most successful freelancer can admit it: freelance work can be pretty volatile. You can be overwhelmed with contracts one month— and encounter a virtual drought the next. Anxiety about when the next gig is coming, and how you’re going to pay that tax bill each quarter, is nearly inevitable.
But nearly is the key word here. With the right tools, peace of mind is possible.
To alleviate some of your anxiety, we designed a freelance income tax calculator for all types of 1099 workers: the self-employed, independent contractors, and freelancers. You can use this calculator to estimate your 1099 income by week, month, quarter, or year by configuring how much and how often you plan to work. It’s easy to use— and totally free.
Try Our Self-Employed Taxes Calculator
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Gig Economy Jobs Like Uber
As an independent contractor, driving for an on demand economy company gives you the ability make money with your extra time. Drive during your lunch break, at night, or during busy weekends – it’s up to you. However, these companies don’t only provide taxi-style services; companies like HopSkipDrive enable the driver to chauffeur kids to their activities around town, similar to a nanny. Other rideshare companies allow the individual to use their vehicle to make extra cash by renting it out or sharing a ride to work. If you have a car, then there’s an on demand economy opportunity out there for you.
Gig Economy Sites Like Airbnb
Make money off renting out your home, car, boat, tools, or almost anything with these sites like Airbnb. If you are out of town, make money while you are away. If you have free space in a home you live in, you can leverage that too. You can also choose specifically who you would like to rent to – say, a college sports fan. Check these hosting companies out below.
Gig Economy Delivery Jobs Like Postmates
Delivery jobs vary in their specific functions, but they all allow independent contractors like yourself to travel, create a flexible schedule, and deliver goods (as opposed to passengers). Jobs like Postmates give you the ability to work short gigs during times like your lunch break or at night, while others like Roadie allow you to use space in your car for somewhere you are already going to deliver a package.
Unskilled On Demand Jobs
If you’re looking to help someone out and make some quick cash, then this section is for you. These companies function as automatic lead generators: instead of finding gigs by yourself, these companies give you the gigs. If you enjoy working with people and assisting them with their problems, many of the companies listed allow you to do just that.
Gig Economy Jobs for Freelancers
Freelancing allows individuals to work wherever they want, whenever they want, with whoever they want. Freelance occupations range from bloggers, lawyers, chefs, stylists, caregivers, techies, and many more. If you like the freedom to travel and be your own boss, check out the companies below.
Rideshare Companies With Jobs Like Uber
As an independent contractor, driving for an on demand economy company gives you the ability make money with your extra time. Drive during your lunch break, at night, or during busy weekends – it’s up to you. However, these companies don’t only provide taxi-style services; companies like HopSkipDrive enable the driver to chauffeur kids to their activities around town, similar to a nanny. Other rideshare companies allow the individual to use their vehicle to make extra cash by renting it out or sharing a ride to work. If you have a car, then there’s an on demand economy opportunity out there for you.
Sites Like Airbnb
Make money off renting out your home, car, boat, tools, or almost anything with these sites like Airbnb. If you are out of town, make money while you are away. If you have free space in a home you live in, you can leverage that too. You can also choose specifically who you would like to rent to – say, a college sports fan. Check these hosting companies out below.
Delivery Jobs Like Postmates
Delivery jobs vary in their specific functions, but they all allow independent contractors like yourself to travel, create a flexible schedule, and deliver goods (as opposed to passengers). Jobs like Postmates give you the ability to work short gigs during times like your lunch break or at night, while others like Roadie allow you to use space in your car for somewhere you are already going to deliver a package.
Unskilled On Demand Jobs
If you’re looking to help someone out and make some quick cash, then this section is for you. These companies function as automatic lead generators: instead of finding gigs by yourself, these companies give you the gigs. If you enjoy working with people and assisting them with their problems, many of the companies listed allow you to do just that.
Freelance On Demand Jobs
Freelancing allows individuals to work wherever they want, whenever they want, with whoever they want. Freelance occupations range from bloggers, lawyers, chefs, stylits, caregivers, techies, and many more. If you like the freedom to travel and be your own boss, check out the companies below.
How To Use Our Tax Calculator
Using our self employment tax calculator is simple. All you need is the following information:
- The average number of hours you work per week
- Your hourly rate
- The average cost of business-related expenses per week
- The city and state where you work
If you want to get extra fancy, you can use advanced filters, which will allow you to input:
- Any W2 income
- Your marital status
Once you’ve input your information, you can determine your take home pay and your tax burden broken down by week, month, quarter or year. We’ve also added a handy feature that will show you how much money using the Hurdlr app can save you.
Understanding Your Self-Employment Taxes
For self employed individuals, maximizing your tax deductions is critical to generating a healthy bottom line. Unfortunately, many people leave money on the table by not writing off everything available under the U.S. tax code.
Want to know the types of lesser known business expenses you can deduct on your year-end taxes? Consider our list.
Preparing For Tax Filings As A Freelancer
The best way to prepare for your taxes is by carefully tracking your business spending. Whether you use the spreadsheet method or an app like Hurdlr, you should be logging relevant business expenses such as the cost of office supplies, business lunches, conference fees, etc. That way, come tax time, you know exactly what and how much you can write off with no problems from the IRS.
How Hurdlr Can Help You
With our app, you can save a significant amount of money on your year-end self-employment taxes. Hurdlr allows you to track your business spending for you, so you never have to worry about holding onto all those receipts again.
Give it a try and see for yourself how the app can put some extra cash in your pocket.
