Let’s face it–no one really enjoys doing their taxes. It can be costly (if you pay someone to do them) and confusing, especially for those picking up temporary work. Undoubtedly the best part of tax season is getting a refund; the possibilities for what to do with it are endless! In this post, we’ll be covering tips for filing your taxes, including getting your W2’s from Shiftgig, and what you can do with your tax return.
What do I need to know?
Taxes can be filed once you receive your W2 or 1099 in January. Without this information, you won’t be able to file. The deadline is April 15, and there are several free (or inexpensive) websites that make filing taxes easy such as H&R Block, Turbotax, and TaxAct.
The process for filing taxes can differ depending on if you’re an independent contractor or a temporary worker. Independent contractors will receive a 1099 if they earn over $600 during the fiscal year, while temporary workers are considered employees and automatically have taxes withheld from their paychecks.
What should I do with my refund?
Taxpayers will often get a refund on their income tax, which could be anywhere from tens to thousands of dollars. You’ll get a refund if you owe less income tax than what’s already been withheld. Receiving a semi-unexpected sum of money can make a big difference to your wallet. Here are some ways you can use your tax refund:
1. Catch up on bills. Use the extra cash to pay off some holiday expenses or catch up on credit card payments.
2. Save it. Putting your refund in a savings account that can be used for emergencies could really come in handy in the future.
3. Treat yourself. Celebrate your hard work with a night out, a great dinner, or a gift. You deserve it.
4. Learn something new. There are tons of classes you can take online or in person. Expand your skill set so you can make even more money in 2019.
5. Put it towards a financial goal. Saving up for a vacation, a new car, a house? Keep your refund tucked away and use it once you’ve hit your goal.
Want to make some extra cash in 2019? Pick up local side gigs with a staffing agency powered by Shiftgig.