Got a side hustle? This is what you need to know before filing taxes
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Filed under: Finance, Tax, Taxes
Getting a successful side hustle up and running takes a ton of effort. So, it can feel like salt in the wounds when tax time rolls around and you’re still working harder than everyone else. Unfortunately, it comes with the territory. Adding new income streams often means a more complex return, and sometimes even owing more money than you’re expecting.
1. Understand How Freelance/Contractor Work Is Taxed
2. Open a High-Yield Savings Account
3. Take the Home Office Deduction — IF It’s Legitimate
4. Keep Every Receipt
5. Hire Family Members Where Appropriate
6. Hire an Accountant