As a freelancer, you are considered an independent contractor by the IRS. This means that you are responsible for your own taxes.
You will need to file a Schedule C when you file your taxes each year.
When you file your taxes, you will need to include your UpWork earnings as income. To do this, you will need to download a 1099-K form from UpWork.
This form will show how much money you made through UpWork in the previous year.
You will also need to include any other income that you earned as a freelancer in the previous year. This includes any earnings from other platforms, such as Fiverr or Guru.
Be sure to keep track of all of your income so that you can accurately report it on your taxes.
As a freelancer, you are also responsible for paying your own self-employment tax. This tax is equal to 15.3% of your net earnings from freelancing.
Be sure to set aside money each month so that you can pay this tax when it is due.
You are considered an independent contractor by the IRS when you work as a freelancer, which means that you are responsible for paying your own taxes.
To claim your UpWork earnings on your taxes, you will need to download a 1099-K form from UpWork and include it with your tax return.
You will also need to pay self-employment tax, which is equal to 15.