Chapter 10
Pay Up: Side Hustles and Taxes
IN THIS CHAPTER
Surveying income-tax basics for your side hustle
Avoiding temptation that can lead to tax trouble
Following all the tax-filing rules
Sending important tax documents to others
Collecting and filing sales taxes
Even if you’re doing your side hustle on your own rather than with a partner or with the assistance of employees, plenty of other people want to share in your success — specifically, your friends and family.
Guess who else wants to share in your success? The tax people.
And unlike your friends and family, who share in your success by offering you encouragement and celebrating your accomplishments, the tax people want something from you. Actually, they want two things from you:
- Lots of documents and forms
- Money
Like it or not, you’ll need to deal with all sorts of tax-related matters for your side hustle. Some of the tax stuff is pretty easy to understand, while other tax-related requirements and rules can get tricky. ...
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