Starting a side hustle is a great way to bring in some extra income, but it is not tax free. Katherine Pomerantz from BookKeepingArtist.com popped by to share some great tips to help you get your side hustle tax situation in order.
The Bookkeeping Artists Side Hustle Tax Tips
1. Don’t Stress
2. Get an EIN (Employer Identification Number) from the IRS so that you don’t have to give out your Social Security Number
3. Open a separate bank account just for your side hustle income and expenses
4. Track your hours worked. This may help you deduct portions of your household expenses such as internet and phone service
5. Make sure you have the correct licenses and permits for your side hustle
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If you need additional help Katherine is available for private Strategy Sessions at BookKeepingArtist.com
More About Katherine Pomerantz
Hi, I’m Katherine Pomerantz. I’m the most enthusiastic, resourceful, and dedicated money mentor you’ll ever meet. I help entrepreneurs on the edge of burn out improve their relationship with money so they can build their business empire authentically and sustainably.
I translate accounting and business jargon and train my clients to lead, think strategically, and love their money by combing 1:1 coaching and worksheets with practical tax and bookkeeping services. And I love my job! I absolutely live for the moment my clients stop stressing and start acting like the badass CEO they always were.
Connect with me at bookkeepingartist.com
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0 Responses
Thanks for sharing this tips. I really enjoy this such an informative article. I found this tips very helpful.
You’re welcome and thanks for checking out the episode! Katherine is an amazing resource and shared some great tips.