Individuals with jobs outside the typical employer setting, working freelance or temporary jobs, sometimes in addition to a full-time job, are often referred to a “gig workers.” Gig workers have the same financial needs as people with more traditional jobs. We all want to pay for our expenses, support our families and save for the future. However, gig workers often do not have the benefits provided by large employers.

The nature of gig work introduces a number of complications to a worker’s estate and insurance planning needs. But first we need to understand that “gig work” can mean two very different kinds of income.

Broadly speaking, a gig worker derives some or all of their income from temporary, sporadic or freelance work. At one end of the spectrum, we have workers who use gig work to supplement a steady form of income. At the other end, some people juggle multiple gigs at a frequency on which they might not always be able to rely in order to generate all of their income. Both kinds of workers call for distinct approaches to their financial plans. But there are a few things they have in common.

Setting a goal for your gig income

People who take on gig work need to stick to their intended goals. It sounds self-evident to say, but if one’s gig work is meant to pay for health or life insurance, retirement contributions, tuition, a mortgage or build a legacy to pass down, then steps should be taken to ensure that the gig income is set aside or applied for its purpose. It is all too easy for gig work income to become diluted in one’s general spending, especially if it all pours into the same financial accounts used for day-to-day expenses.

To avoid this behavior, gig workers might think in terms of matching specific gigs to specific needs. A performer might earmark some of their income for retirement, or to finance insurance. Thinking in terms of, “This is for the wedding,” or “This is for the down payment,” will help gig workers keep focused on the safety nets and future goals they need to build.

What gig workers leave behind

In our experience, it is often challenging for freelancers to consider their work as part of their estates. We encourage gig workers to answer this question: Does this have ongoing commercial value? Would it allow the work to continue beyond you as an individual? If so, then it is an asset for consideration in estate planning.

Those can be physical assets, like equipment, supplies or other materials used as a matter of course in one’s gig work. But a freelancer’s assets are often intangible items: A client list or a book of business that can be assumed and used by others could certainly be considered part of an estate. Intellectual property, like copyrighted works and trademarks, may generate income beyond the creator’s lifetime. Even large social media followings or online profiles that have commercial value should be taken into consideration as part of an estate plan.

If a gig worker has developed a formally incorporated business that could outlast them, they should consider the operations and value beyond their personal work. Contracts, apprenticeships and training of new workers or successors should be thought of as part of a gig worker’s estate and succession plan.

Operating the business through an entity can help protect personal assets and facilitate a seamless transition in case of illness, retirement or death. It also serves as a shield against potential liabilities, a consideration that is especially vital for those engaging in activities with inherent risks. For example, someone who has built up a robust driving or ride-sharing business should not use their personal auto insurance to cover the liabilities associated with the business.

In summary, a gig worker should consider:

• Matching their new income to a need, desire or why
• Having an up-to-date estate plan including a will, property power of attorney and health care directive
• Creating an LLC or other entity for their business
• Acquire the appropriate personal and business insurance coverage needed for their business
• Start a retirement plan to defer income taxes on some income
• Invest in their own personal development to make sure they can succeed in their new business or gig

Whether gig work serves as a supplementary income source or a full-time pursuit, sound financial planning, diligent tax management and appropriate insurance coverage can pave the way for a secure financial future. Gig workers should research their options thoroughly and connect with financial professionals to understand how they can safeguard and leave behind their hard-earned income and assets.

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• Estate Planning Amid Family Estrangement: Limiting the Fallout
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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Freelancing is on the rise and some of the most successful self-employed workers are the ones tapping into the biggest and fastest-growing freelance markets. Flexjob's 2024 State of Remote Freelance Jobs Report looks at the ever-changing world of remote freelance work to identify future career opportunities.

In the report, you'll find the top ten careers for freelance workers in 2024, the most popular job titles, ten companies most likely to hire freelance workers and how to find work. Ready to join the remote work revolution? Let's go.

The rise in remote freelance work

Freelance workers are having a greater impact on the US economy than ever before, and the trend doesn’t appear to be slowing down any time soon. According to the 2024 Work Insights Survey from FlexJobs, 95% of workers want some form of remote work, with 54% preferring to work from home full-time and 41% saying a hybrid is their ideal work arrangement.

“The rise in freelancers is a great indication of the many workers pursuing their careers with greater autonomy, independence, and flexibility,” said Toni Frana, Lead Career Expert at FlexJobs. “And fortunately, as our latest report has shown, there are remote freelance opportunities across a wide range of industries that afford people the freedom to define when, where, and how they work.”

Although the reasons people choose a freelance career can vary — a flexible schedule, a better balance of work and family life and the benefit of being their own boss — the demand for freelance work (and workers) continues to skyrocket. In fact, an estimated 64 million US workers performed freelance work in 2023, according to Statista.

Top 10 career fields for remote freelance work

The following 10 career categories experienced the highest growth in remote freelance jobs from January 1 through December 31, 2023. These jobs are also considered to be strong options through 2024.

1. Bilingual
2. Graphic Design
3. Art & Creative
4. Copywriting
5. Consulting
6. News & Journalism
7. Entertainment & Media
8. Operations
9. Social Media
10. Editing

Top 10 companies for remote freelance work

The 2024 report showed a steady pace for remote freelance opportunities in new career fields, including:

1. TELUS
2. Robert Half International
3. Welocalize
4. BELAY
5. LHH - Lee Hecht Harrison
6. Kforce
7. ModSquad
8. Insight Global
9. Solomon Page
10. Kelly

Top 10 in-demand remote freelance job titles

Among the top 10 remote freelance job titles, virtual assistants and graphic designers were some of the most sought-after roles, highlighting the versatility in the current freelance marketplace.

• Virtual Assistant
• Graphic Designer
• Project Manager
• Bookkeeper
• Copywriter
• Customer Service Representative
• Social Media Specialist
• Video Editor
• Marketing Manager
• Communications Specialist

Five steps to finding freelance work

If you’re not sure how to get your foot in the door, FlexJobs has a few words of wisdom to help take your freelance career to the next level.

1. Get Social & Get Networking — Don’t underestimate the role of social media and a powerful network in finding and landing freelance clients.
2. Target Your Search — Target different keywords to expand your results.
3. Try Cold Pitching — Cold pitching is emailing or messaging potential freelance clients to offer your services.
4. Build Your Brand — Having a strong personal brand and personal website to showcase past work is essential when freelancing.
5. Ask for Referrals — Make it easy for freelance clients to share testimonials by sending a polite email with a link and a couple of targeted questions they can answer.

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• 2023 Federal Tax Brackets and Income Tax Rates
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If you spend time working from your guest room or garage, you likely feel the sting of unreimbursed office expenses. From printer ink and paper to the cost of maintaining a dedicated workspace, out-of-pocket costs can add up.

The good news is that a home office tax deduction exists to help certain taxpayers recoup these expenses on their federal income tax return.

The catch? Eligibility depends strictly on your employment status. The IRS currently limits this deduction to self-employed individuals, freelancers, and small business owners.

So, here's what you need to know about the home office tax deduction in 2026.

Home Office Tax Deduction

• Track your expenses. If you qualify for the home office deduction, start tracking qualified expenses now.
• Measure your space. Take accurate measurements of your eligible home office to prepare for either deduction method.
• Maintain good records. Keeping complete records of your deduction method, qualified expenses, and other documentation relating to your home office may help in the event of an IRS audit.

Main Points

Work from home tax deductions

If you work from home, you may be able to deduct your business-related expenses, and you could be eligible for the "home office tax deduction." This tax break lets you write off expenses for the business use of your home. However, whether you can claim either of these deductions depends on your employment status.

Employees miss out. If you're a regular employee working from home, you can't deduct any of your related expenses on your tax return.

In the past, you could claim an itemized deduction for unreimbursed business expenses, including expenses for the business use of part of your home if they exceeded 2% of your adjusted gross income.

However, that deduction was suspended under the 2017 Tax Cuts and Jobs Act (TCJA), and later permanently eliminated with the enactment of the 2025 Trump tax bill.

For more information, check out Kiplinger's report Three Popular Tax Breaks Are Gone for Good in 2026.

Tax deductible home office expenses

Self-employed people can generally deduct office expenses on Schedule C (Form 1040), whether or not they work from home. Here are a few examples of what this write-off covers:

• Office supplies
• Postage
• Computers
• Printers

...and all the other ordinary and necessary things you need to run a home office.

But the home office tax deduction is an often-overlooked tax break for the self-employed. It can cover expenses for the business use of your home, including mortgage interest, rent, insurance, utilities, repairs, and depreciation.

What qualifies for the home office deduction?

Self-employed individuals may claim the home office tax deduction and, consequently, might lower their tax bill. Yet to qualify, you must use part of your home "regularly and exclusively" as your principal place of business.

If you only work from home for part of the year, you can only claim the deduction for the period that you can satisfy the "regularly and exclusively" requirements.

• "Regular use" means you use a specific area of your home (e.g., a room or other separately identifiable space) for business regularly. Incidental or occasional use of the space for business doesn't count.
• "Exclusive use" means you use a specific area of your home only for your trade or business.

The space doesn't have to be marked off by a permanent partition, but you can't claim the home office deduction if you use the space for business and personal purposes. However, the exclusive use requirement might not apply if you use part of your home for the storage of inventory or product samples, or as a daycare facility.

Additionally, the space must also be used:

• As your principal place of business for your trade or business;
• To meet or deal with your patients, clients, or customers in the normal course of your trade or business; or
• In connection with your trade or business, if it's a separate structure that's not attached to your home.

It doesn't matter what type of home you have (e.g., single-family, townhouse, apartment, condo, mobile home, or boat). You can also claim the home office tax deduction if you worked in an outbuilding on your property, such as an unattached garage, studio, barn, or greenhouse.

(See IRS Publication 587 for more information about these and other requirements for the home office deduction.)

Note: You cannot claim the home office tax deduction for any part of your home or property used exclusively as a hotel, motel, inn, or the like.

How much you may claim for your home office

If you qualify, there are two ways to calculate the home office deduction.

• Under the "actual expense" method, you essentially multiply the expenses of operating your home by the percentage of your home devoted to business use. If you work from home for part of the year, only include expenses incurred during that time.
• Under the simplified method, you deduct $5 for every square foot of space in your home used for a qualified business purpose. Again, you can only claim the deduction for the time you work from home. This method is capped at 300 square feet.

Note: For the actual method, expenses are classified as "direct" (100% related to the office space, such as painting only the office room, installing a dedicated business phone line, etc.) and "indirect" (repairing the roof of the whole house, monthly electricity, etc.). Direct expenses are generally 100% deductible, while indirect expenses must be prorated.

Let's look at an example. Assume there is a 300-square-foot office space in a home (the maximum size allowed for the simplified method). The total home's square footage is 2,000 square feet (300/2,000 = 15%).

Your annual rent is $24,000, utilities are $3,000, and internet is $1,200, totaling $28,200. However, you work from home (WFH) for only 3 months of the year (25%).

Here's a side-by-side comparison table illustrating the two methodologies:

• The deduction is claimed on Line 30 of Schedule C (Form 1040).
• If you use your home for more than one business, file a separate Schedule C for each business.
• Don't combine your deductions for each business on a single Schedule C.

If you use the actual expense method to calculate the tax break, also complete Form 8829 and file it with the rest of your tax return. If you use more than one home for business, you can file a Form 8829 for each home or use the simplified method for one home and Form 8829 for others.

Combine all amounts calculated using the simplified method and amounts calculated using Form 8829, and then enter the total on Line 30 of the Schedule C you file for the business.

Can I write-off my side hustle on my taxes?

If you're an employee at a "regular" job, but you also have your own side hustle, you can claim deductions for business expenses and the home office deduction for your own business — if you meet all the requirements.

After all, being an employee doesn't mean you can't also claim the deductions you're entitled to as a self-employed person.

Read More

• Overlooked Tax Deductions and Credits for the Self-Employed
• When Are Estimated Tax Payments Due in 2026?
• 2025-2026 Tax Brackets and Federal Income Tax Rates