you need to report your new side hustle income on your tax return. But before getting started, it’s essential to understand all the possible side gig work tax implications so you aren’t hit with a surprise tax bill or tax penalty come tax time. ...
A side hustle can quickly turn from a source of extra money to a source of extra costs and headaches if you don't pay attention to these things. Tax laws are different in each state, so you might want to consider consulting an advisor about how much you might need to set aside for t...
Similar to other favorite side hustle apps, you’re an independent contractor when claiming work on the platform. Speak with a tax professional to determine how to handle taxes on earnings. Read our guide on otherapps like Taskrabbitto learn more about finding local gigs. 7. Handy If you don...
Discover creative and innovative ways to earn extra money from home with our guide to side hustles.
When you start a side hustle, however, things get more complicated. “Taxes on your business earnings are not automatically deducted like with a traditional paycheck or W-2. You’ll want to estimate and earmark a portion of your earnings for when tax time comes to avoid an ...
gig economy. However, with the extra income comes the responsibility of reporting it correctly on your tax return. In this guide, we’ll walk you through the essential steps to ensure you file your taxes accurately and efficiently, specifically if you are a gig worker with a side hustle. ...
Sellers on eBay, Airbnb, and others in the UK may soon face some interest from the country's tax body, with digital platforms now obliged to report the financial details of some users to His Majesty's Revenue and Customs.
But if you plan to become an entrepreneur—or just want a little extra beer money—treating your side hustle like a business helps keep you on track (and in compliance with local laws). It can also help you access tax breaks and other business benefits like self-employed retirement accounts...
OnlyFans can really pay as a side hustle.Credit: Nikolas Kokovlis / NurPhoto via Getty Images In not-so-surprising news,OnlyFansis a pretty lucrative side hustle. Keeper, a tax-filing service focused on freelance workers, found OnlyFans had the highest median income of the top side hustles....
Side hustles can be quick and cheap to set up and they bring in significant profits for workers looking for an additional income. These are the findings of a new report by domain registrar and website hosting company, GoDaddy. Its data reveals that the average income from ...