Tax code changes cutting freelance take-home pay
Key Questions
What changes to the tax code are affecting freelancers?
A quiet change imposes tighter reporting and backup withholding rules for freelancers on platforms like Upwork and Fiverr starting this year. This affects millions of workers and may reduce their take-home pay.
How can freelancers adjust to these new tax rules?
Workers must adjust financial planning to avoid reduced paychecks from backup withholding. The rules require better preparation for tighter reporting requirements on gig platforms.
Which platforms are impacted by the tax code changes?
Platforms such as Upwork and Fiverr are specifically mentioned in relation to the new rules. The changes apply broadly to freelance workers using such services.
A quiet change to the tax code imposes tighter reporting and backup withholding rules for freelancers on platforms like Upwork and Fiverr, starting this year. Freelancers must adjust financial planning to avoid reduced paychecks.