It appears that America is seeing a big shift in the way people work.
When people think about earning a living, the main thing that may come to mind is holding a traditional job. However, there are other options out there. Among them is freelancing. A recent report suggests that freelancing has become pretty common among American workers lately.
This report, commissioned by Freelancers Union and Upwork, is based off of findings from a survey of 6,000 American workers. According to the report, around 57.3 million people in the U.S. did freelance work in 2016. It found freelancing was particularly common among millennials, with just a little short of half of the Americans in this generation doing freelance work.
The report predicted that freelancing will continue to grow in prevalence. In fact, it made a prediction that, by 2027, freelancers will make up a majority of the American workforce.
What do you think of the report’s findings? Do you think upcoming years will be seeing lots of U.S. workers making the decision to take on freelance work?
When a person decides to become a freelancer, there are many things it can be critical for them to be aware of. Among these is what their switch to freelance work will mean for them when it comes to their taxes. Freelance work differs from traditional employment in what tax issues it raises and in what it requires of a person when it comes to doing taxes. If a person fails to adjust their tax planning to account for these differences following a shift to freelancing, they could be opening themselves up to a range of serious problems in the future.
So, when becoming a freelancer, among the help a person may want to reach out for is the help of an experienced tax attorney when it comes to addressing the tax planning issues particular to freelancing.
Source: Small Business Trends, “Majority of U.S. Workers Will be Freelancers by 2027, Report Says,” Gabrielle Pickard-Whitehead, Oct. 21, 2017
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