On-demand work is a rapidly growing alternative to the nine-to-five job. Companies such as Uber, AirBNB, and GrubHub are effectively reshaping the economy. With on-demand work, workers can set their own schedule, work a variety of jobs at the same time, and find specific work in their area of expertise.
According to an Intuit study, 63% of on-demand workers are using on-demand jobs to supplement their income. 46% of on-demand workers say that they take on-demand jobs in order to control their schedules. On-demand work is well within reach thanks to popular services like Uber and hiring networks like Moonlighting.
While on-demand work provides flexibility and freedom that a traditional nine-to-five job cannot always provide, on-demand workers are considered to be self-employed in the eyes of the IRS. This means that on-demand workers must track their business (on-demand work) finances separate from their personal finances and submit quarterly estimated tax payments to the IRS.
With some planning and financial know-how, you can learn how to manage your finances and taxes as an on-demand worker. Here’s how to get started.