San Jose, CA, United States, 25th Aug 2022, King NewsWire — FlyFin, a human plus A.I.-powered tax prep and tax filing service, released a financial report on American freelancers. Titled “The Financial Lives of America’s 59 Million Freelancers and Self-employed,” the report takes a closer look at the financial aspects of freelance and self-employed work in America. Using data from the latest industry-wide IRS tax years 2019 and 2020, and data from users of the FlyFin A.I. tool, the report provides valuable insights into the earnings and taxes of American freelancers. In 2021, freelance workers pumped $1.3 trillion annual earnings into the U.S. economy – $100 million more than the year before. There are now approximately 59 million Americans who do freelance work for at least some of their income.
Topping the list in income, freelancers who engaged in construction earned 3x more than artists and entertainers and almost 2x more than gig drivers. Nearly 30% of freelancers also held a W-2 job, with almost 80% working from home.
With third-quarter tax payments due September 15th, the new report provides self-employed and freelancers with some useful and timely tips. Notably, the report found the top 5 mistakes that freelancers make around tax filing:
The report’s findings highlighted several data points, including the average freelance earnings by industry, common freelance earnings and expenses, and top deductions that freelancers take.
A full copy of FlyFin’s freelancer report is available here: The Financial Lives of America’s Freelancers.
About FlyFin
FlyFin is an A.I.-powered platform that provides self-employed, sub-contractors, independent contractors, gig workers, freelancers and creator economy workers with a convenient, easy-to-use and affordable tax filing solution. FlyFin helps individuals maximize self-employment tax deductions and income tax refunds. With a “Man + Machine” approach, FlyFin leverages A.I. paired with highly experienced tax CPAs to deliver automation that eliminates 95% of the work required for 1099 self-employed individuals to prepare their taxes. FlyFin is a privately-held, venture-backed company based in San Jose, California.
(Editor’s Note: Artwork is available upon request.)
Organization: FlyFin
Contact Person: Carmen Hughes
Email: Send Email
Phone: +1.650-576.6444
State: CA
City: San Jose
Country: United States
Website: https://flyfin.tax/
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