Side Hustle 4/18/19: Must-Know Tax Tip For Your Side Gig

must-know tax tip for your side gig


How To Hustle This Week: Set aside 25 to 30 percent of your side hustle income for taxes.

When you’re a side hustler, you’re most likely getting paid directly from your clients or customers via cash, check, PayPal or maybe even Venmo. However, you need to pay taxes on the money you generate as side income. You can pay your taxes quarterly (every three months) or wait until income tax season, but either way you should set aside 25 to 30 percent of your income for taxes. If you don’t, you could end up blowing your budget. [Swirled]

“If there’s one thing I’m willing to bet on, it’s myself.” – Beyoncé

A Dose Of Inspo

Sometimes starting a side hustle starts with doing something you’re already doing every day. For Kevin Ha, delivering packages via bike was his way of exercising, dog-sitting was easy since he already owns a fluffy friend and his extra bedroom became an Airbnb rental, which finally gave him something to do with the additional space. Before he knew it, Ha had brought in $26,000 from his side hustles in one year — all by using what he already had to generate money. [Parade]

Where To Spend That Extra Cash

1Password: Go ahead and forget your passwords for everything related to your side hustle. 1Password remembers them all for you. Save your passwords and log into sites with a simple click. It’s that easy!

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This Woman Left Her Six-Figure Salary At Saks To Open A Cookie Business -Business Insider

Side Hustle In The Suburbs -CCX Media

If You’re Self-Employed, Here’s How To Get A Mortgage -Bankrate

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