But there’s a potential snag: Budgeting the money you’re earning from gig work can be challenging if your income isn’t consistent from month to month. Using the averaging method and budgeting monthly can be helpful for gig work expenses and other variable bills you only pay annually or biannually. Add up all of your gig work income for the past 12 months (or however many months you have, if you haven’t been doing gig work that long). Next, consider what you could do to increase your gig work income. Remember that if you’re increasing your gig income, this will likely increase what you owe for income taxes or estimated quarterly taxes as well.

Source: Forbes May 27, 2020 10:52 UTC