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.
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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
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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..
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