Are Up to Date on Your Taxes for Your Side Job?
Are you up to date on your taxes for your side job? The saying goes: “Don’t quit your day job.” Millions of Americans take that advice to heart, but that doesn’t mean they aren’t investigating other avenues for making additional money. There are all kinds of side jobs, from small hobbies to night jobs, or gigs on the weekend. The number of different side jobs is endless, but what about the tax implications?
If you have a “side job” or something you do to make a little extra cash in addition to your regular job, you need to understand all the taxes involved. Even if you aren’t making a lot of money from your extra endeavor you still have to keep track of it.
The IRS counts any income you have and you are responsible to report it. Another thing to keep in mind is that income from a side business is not all the same. For example, if you earn money from a hobby you can claim deductions, but they cannot be higher than your income.
On the other hand, when your side gig is more than just a hobby you can claim deductions, as well as carry losses from other years, either backward or forward. No matter which type of side income you claim be sure to keep track of detailed records. You might also need to pay estimated tax payments so you don’t get a surprise bill at the end of the tax season.
Lastly, if you are making money from a side job and it starts to get more complicated, then it’s always a good idea to visit with a tax professional for help.
We hope you found this article about “Are you UP to Date on your Taxes for you Side Job?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Ethics in the Workplace
Ethics in the Workplace Workplace Ethics is a subject that we have all heard of. In fact, the subject of Ethics, in general, is something that most people are familiar with. And, what is commonly understood about ethics is there are ethics and then there are workplace ethics. What most people don’t realize, however, is…
Reward Employees for Teamwork
Reward Employees for Teamwork By Joanna L. Krotz We’ve all heard the lecture. Success is built on teamwork. Each and every employee has value. Rah, rah, rah. Yet when the chips are on the table, it’s the lone rangers who walk away with big promotions, boffo salaries, and all the bravos. Managers talk about supporting…
8 Golden Techniques To Get People To Love The Rules
8 Golden Techniques To Get People To Love The Rules By Joseph Plazo Different things motivate different folks. Some people are motivated to enhance their appearance while others are motivated by prestige or conquest. Others are motivated by money. When it comes to work, many people are not motivated to do much of anything except…
How to Prevent, Deter and Detect Fraud in Your Business
How to Prevent, Deter and Detect Fraud in Your Business “Fraud has a direct impact on your company’s bottom line. It also threatens your company’s hard-earned reputation.” We have seen it all and we can help you become more savvy about preventing fraud and detecting it. Overview: What is Fraud? What are some warning signs…