Freelancers and gig workers face a unique tax battle. On one hand, you’re your own boss – but on the other, you’re responsible for every dollar of taxes on the money you earn. The hidden cost of self-employment tax alone can catch many by surprise. Unlike W-2 employees, self-employed people pay the full 15.3% Social Security and Medicare tax on net earnings. That means you’re funding both the “employee” and “employer” portions out of your own pocket. Self-employment tax can eat into your income fast. Without a plan, you’re essentially giving up more of your hard-earned money than necessary. The good news? With the right strategy, you can significantly reduce that burden and keep more cash in your wallet.