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business Wednesday 27 January 2021
Millennial Money: 3 things to know if you’re new to gig work

By KELSEY SHEEHY late taxes. Depending on
of NerdWallet your situation, Greiser says
Shutdowns, layoffs and QuickBooks might be worth
salary cuts brought on by exploring.
the coronavirus pandemic “It is a small investment to
have left millions of Ameri- track expenses, estimate
cans searching for new your quarterly taxes, track
sources of income. Those your mileage and pay your
who’ve recently turned to quarterly taxes online,”
gig work may be weeks Greiser says.
away from a financial sur- You also want to investi-
prise in the form of unex- gate the nuances of what
pected tax bills and insur- can and cannot be de-
ance coverage fine print. ducted depending on your
“These are the two key slice of gig work, Watson
items that most new busi- says, pointing to ride-hail-
ness owners overlook,” says ing services as an example.
Chris Russell, a San Diego- Say you drop a passenger
based certified financial off and drive across town
planner who specializes in to find your next ride, he
business owners and the says. Can you deduct the
self-employed. cost of gas used in be-
Don’t consider yourself a In this July 1, 2020 file photo, Instacart worker Saori Okawa loads groceries into her car for home tween rides? (You can.)The
small-business owner? Well, delivery in San Leandro, Calif. IRS Gig Economy Tax Cen-
let’s start there. Associated Press ter is a good place to find
TO THE IRS, YOU ARE A do anything super compli- make as a business owner,” report it. How will the IRS answers to your questions.
SMALL BUSINESS cated. You don’t need to Russell says. “Meaning that know?” Don’t. It’ll know. INSURANCE CAN BE COM-
Sure, you’re just running incorporate or do anything you will likely owe a lot of EXPENSE TRACKING IS YOUR PLICATED
food deliveries. But that like that.” But you do need money to the IRS when you BEST FRIEND The IRS isn’t the only agency
simple act makes you a to pay taxes on any money file your returns.” Gig work isn’t all money in that needs to know about
small business in the eyes you earn through gig work. A good rule of thumb: For the bank. You are incurring your new income stream.
of the IRS. And that opinion This fact is often an unwel- every dollar you earn doing expenses, too. Keep track Your insurance agent
is the only one that counts come, and expensive, sur- gig work, save 30% to put of those as you can likely needs to be clued in, too.
when it comes to taxes. prise for new gig workers. As toward income and self- deduct some of them and Not disclosing your work
“Basically, you’re con- an employee, income and employment taxes. Going lower that tax bill we talked could get you dropped
sidered an independent payroll taxes are automati- forward, plan to estimate about a second ago. from your policy in some
contractor,” says Garrett cally withheld from your and pay those taxes quar- Apps like Stride, Hurdlr and cases. And, beyond that,
Watson, a senior policy paycheck. That’s not the terly to avoid a penalty MileIQ automatically track your insurance agent can
analyst with the Tax Foun- case for gig workers, Russell from the IRS. your mileage and expens- help you understand what
dation, a nonprofit organi- says.“No taxes are deduct- And if you’re thinking “I es, for free or a nominal aspects of your gig work
zation. “You don’t need to ed from the money you didn’t earn much. I won’t fee, to help you calcu- are covered.q

PepsiCo goes Beyond Meat in new

partnership

By DEE-ANN DURBIN companies at a time when gling to convince investors
AP Business Writer consumers are increasing- of its growth opportunities
PepsiCo and Beyond ly cutting back on meat as competition increased.
Meat are creating a joint consumption and looking Beyond Meat shares plum-
venture to develop snacks for healthier, more sustain- meted in November after
and drinks made from able foods. Beyond Meat’s retail sales slowed and
plant-based proteins. burgers, sausages and McDonald’s hinted that it
The companies didn’t re- chicken, which are made might work with another
veal what kinds of prod- from pea protein, are sold supplier on a new plant-
ucts they will make Tues- worldwide, including at based burger for the U.S.
day, saying they’re still in Starbucks in China and market.
development. Pizza Hut in the U.S. Food companies are in- In this June 27, 2019, file photo a meatless burger patty called
But the collaboration sent Beyond Meat gets access creasingly jumping into Beyond Burger made by Beyond Meat is displayed at a grocery
Beyond Meat’s shares to to to Pepsi’s distribution the plant-based space. In store in Richmond, Va.
their largest single-day system and broad product 2019, Chobani introduced Associated Press
gain since they began line. Pepsi, in addition to coconut milk-based yo- meats. Consumers are ea- data firm. Total U.S. sales
trading in 2019, jumping drinks, makes Fritos, Chee- gurt and Nestle brought ger to try those products. of plant-based proteins
by more than $62 each tos and Tostitos, as well as out plant-based burgers U.S. sales of plant-based — including products like
to $221. Pepsi’s shares re- Matador beef jerky. and ground meat. Meat meat jumped 45% in the almond milk and plant-
mained flat. It’s a shot in the arm for giant Tyson Foods, which 52 weeks ending Jan. 16; based eggs — jumped
The join venture gives El Segundo, California- used to own a stake in traditional meat sales rose 19% over the last year, out-
Pepsi access to one of the based Beyond Meat, Beyond Meat, now has its 19% in the same period, pacing the 14% increase in
leading plant-based meat which had been strug- own line of plant-based according to NielsenIQ, a all food sales.q