Join Garrick Chow for an in-depth discussion in this video Tracking income and expenses, part of Working in the On-Demand Economy.
- So, as we've previously established,…when you work through an on-demand company,…you do so as an independent contractor.…That makes it essential that you keep track of things…like your income, expenses, and also have some workflows…in place to keep track of your business.…Now, I can't offer you tax advice here.…That's going to be between you and your…accountant or your accounting software.…But I do know that if you don't…want to be surprised or hassled for information…about your business when tax time comes around,…you'll want to keep detailed records…throughout the rest of the year.…At the bare minimum, you should keep…up-to-date documents of your income and expenses.…
This could be something as simple as a…word processing document where you manually enter…information any time you get payed…or make a business-related purchase.…However, something like this becomes less and less practical…as the number of items begins to grow.…In a document like this, you have to manually calculate…your totals, and there's no way to categorize your expenses.…
Garrick Chow explains the basic structures of the on-demand economy and the skills and characteristics of successful on-demanders, so you can determine if on-demand work is the right fit for you. Then learn about the time commitment and expectations around pay, what the employer provides, and what one can expect from clients. Garrick then discusses tools to keep you organized, including how to best track income and expenses.
Finally, the course offers tips and tricks and a case study based on the author's firsthand experience as an Uber driver.
- Preparing to work on demand
- Managing expectations from on-demand clients
- Tracking expenses and mileage
- Optimizing your income
- Getting support online
- Case study: Becoming an Uber driver