As a freelancer, you are considered an independent contractor, not an employee of the company you work for. That means you’re responsible for paying your own taxes.
The good news is that you can deduct many of the expenses you incur as a freelancer on your tax return. The bad news is that keeping track of all those expenses and figuring out which ones are deductible can be a challenge.
If you use UpWork to find clients and manage your freelance business, you may be wondering if you need to provide tax information to UpWork. The answer is maybe. It depends on where you live and how much money you earn from UpWork.
If you live in the United States, UpWork will require you to provide your Social Security number or Individual Taxpayer Identification Number (ITIN) before you can withdraw earnings from UpWork. This is because the United States requires that businesses withhold taxes on payments made to contractors. Withholding taxes means that the company pays the taxes on behalf of the contractor.
If you live outside the United States, UpWork will not withhold taxes on your earnings, but they may require you to provide your tax identification number (TIN) before you can withdraw earnings from UpWork. This is because some countries have laws that require businesses to withhold taxes on payments made to contractors.
The amount of money you earn from UpWork will also determine whether or not you need to provide tax information to UpWork. If you earn less than $600 in a year, UpWork is not required to send you a 1099-MISC form for tax purposes. However, if you earn more than $600 in a year, UpWork will send you a 1099-MISC form so that you can report your earnings to the IRS.
So, do you need to provide tax information to UpWork? It depends on where you live and how much money you earn from UpWork. If you live in the United States or earn more than $600 from UpWork, then yes, you will need to provide tax information to UpWork.
