Taxes are tough. Between confusing tax codes and available withholdings, even in the simplest of settings, doing taxes can be, well, taxing. And, for alternative workers, the already complicated process of completing taxes becomes that much more difficult. Because gig workers often have income from a number of sources, including part- or- full-time W2 work and multiple side hustles, preparing for taxes can be intimidating. Between guessing how much income they’ll have at the end of the year to determining how much of that income needs to be set aside to avoid being ill-prepared for a massive tax bill, the thought of tax season can be daunting for contractors.
This is where Steady can help. While not an all-encompassing tax planning system, Steady’s income tracker provides alternative workers with desired insights that make preparing for tax time much easier. With Steady’s income tracker, members receive transparency into their finances, allowing them to see how much income they can expect each month and insights into what needs to be set aside for tax season. Steady’s income tracker gives users information on how much they’ve made this month and in previous months, shows income trends over time, provides a list of income transactions and supplies a summary of each source of income including how much is earned from each. And, by linking their bank account to Steady through Plaid – the same end-to-end encrypted technology used by Venmo, TransferWise, MoneyLion, Robinhood, Acorns and Coinbase – members are afforded the ability to organize their income from all work completed, eliminate surprises and receive tools to plan, both for the coming year and their taxes.
Members can also utilize Steady’s Booster marketplace where they will be able to take advantage of discounts on professional tax preparation services and completely eliminate the trouble of doing taxes on their own.
Whether you want to tackle your taxes as an alternative worker alone or ask for assistance from a qualified service, Steady can help you prepare for tax time.