Do you freelance? What you need to know about the new tax bill

These days, more and more Americans are earning income in the gig economy, where teleworking has become ubiquitous, collaborative workspaces abound, and working as an independent contractor is commonplace. And while this new way of earning a living has its pluses (no office politics, yea!) and minuses (no employer-sponsored benefits, boo!), it seems here to stay. So it’s nice to see that independent contractors – meaning freelancers –  get some relief in the new Tax Cuts and Jobs Act: a 20 percent tax deduction on their freelance income.