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

 

If you need additional help Katherine is available for private Strategy Sessions at BookKeepingArtist.com

Full Show Notes at PopcornFinance.com/54

 

Don't forget to take the quick 1 minute survey to help shape the future of Popcorn Finance!

Popcorn Finance Survey

 

Were you planning on shopping on Amazon?  Help support the show for free using the Amazon link below

Support Popcorn Finance on Amazon

  How to be featured on the show

• You can record a voice note and email it to me at Questions @ PopcornFinance .com
• Send a call in through the Anchor app
• Use SpeakPipe to leave me a voicemail https://www.speakpipe.com/PopcornFinance

Connect with me

Instagram -@PopcornFinancePodcast

Twitter - @PopcornFinance

Facebook - Popcorn Finance

Learn more about your ad choices. Visit megaphone.fm/adchoices