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“Joining the Gig Economy? 10 Finance Pros Share Tips for New Freelancers” features George Souri via Forbes

“More and more people are turning to freelance work to either supplement their income or as their full-time career. But while joining the gig economy can boost your bank account and let you pursue a variety of interesting projects, it also comes with some extra responsibilities.

5. Consult your tax advisor before beginning.

Freelancing is a great way to earn income, but remember it’s still income, which means that you have to track it and report it or you will end up with a big tax liability. Ask your tax advisor ahead of time if there are expenses you can deduct from your freelance income, and make sure you track these ahead of time rather than at the last minute. – George Souri, LQD Business Finance”

Read the full article via Forbes.