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For the first time since the pandemic, remote work is less popular than hybrid
Workers are ready to go into the office… at least a little bit. According to a new survey, hybrid work schedules are now more popular than fully remote work.
US stocks were mixed on Tuesday ahead of today’s March inflation report.
• Tuesday was all about chips. Shares of Alphabet rose 1.1% to a new all-time high after unveiling a new custom chip built by Arm to make cloud computing more energy efficient and affordable. Shares of NVIDIA fell 2% after Intel debuted a new AI chip designed to compete with its latest product. Intel’s stock closed up 0.9%.
• In commodity markets, gold prices hit a fresh record of more than $2,370 per ounce.
What to be on the lookout for today
• The March consumer price inflation report.
• The meeting minutes from the Fed’s last interest rate decision.
• Weekly update to mortgage rates and applications.
• In earnings, Delta Air Lines will report.
What freelancers need to know about taxes
Freelancing can give you more control of your schedule and workload, but it can also bring new challenges when it comes to your taxes.
Here are two things to keep in mind when it comes to taxes as a freelancer:
• In addition to paying regular income taxes, you’ll also pay self-employment tax.
• You might have to pay estimated tax payments every quarter.
Filing as a freelancer
Track your earnings. Make sure to keep track of all your income streams. The IRS expects you to report all your income, even if you didn’t receive a 1099 Form for your work.
Know your expenses. You might have a lot of business expenses that can be deducted and reduce your tax bill. To be deductible, an expense must be considered “ordinary and necessary” for your business.
Key IRS forms. You’ll likely need to file a Schedule C to report income and expenses and a Schedule SE to figure out your self-employed taxes.
Today’s top stories
Can Arizona’s water supply handle its new chip factories?TSMC’s third factory in Phoenix, Arizona will surely provide an economic boost. But these plans have drawn criticism, given the city's decade-long drought.
Read more >> What actually happens when you win the lottery?It’s unlikely to hit the jackpot, but it does happen, and winning the lottery isn’t the only cash windfall people may experience. Here’s what happens, and what you should keep in mind if you find yourself with a large sum of money.
Read more >> When can you expect your tax refund?If you already filed your taxes, and are due a refund, but the money hasn’t hit your account yet, there may be a reason for it. Here’s how long it takes the IRS to process your return.
Read more >>Other news that caught our eye
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New rules from the EPA will require more than 200 chemical plants in the U.S. to reduce emissions known to cause cancer.
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Investment giant Blackstone plans to buy Apartment Income REIT for roughly $10 billion, sending apartment stocks higher.
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General Motors redesigned its Buick Enclave SUV as it reimagines the brand.
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Tesla settled a legal case with a driver’s family after a fatal accident alleged to be caused by its automated driving system.
Financial planner tip of the day
"Roth IRA contributions are made with after-tax money, which means you won’t receive an income tax deduction for contributions. But your balance will grow tax-free and you’ll be able to withdraw the money tax-free in retirement."
Brian Walsh, CFP® at SoFi