Resources for Taxing Your Side-Hustle for 2021
Many of you jumped on TextNow's service in 2021 as a way to promote and establish your side-hustle. Which is awesome! But what's less awesome is taxes. Specifically the taxes you'll have to pay on your hustle's profits. That would be annoying to figure out in the best of times, but it's even more annoying in this, the year of Covid.And while we're no tax experts (or "taxperts") we've rounded up a few resources from people who have loads of taxpertise to help you navigate those tricky tax waters.
Small Business Tax InformationMight as well start at the source, right? The US government (usa.gov) has a whole section devoted to small business taxes. And, more helpful for you side-hustlers, a section on self employment taxes.
Now those usa.gov sites may be informative, but they're also really confusing. That's why companies like TurboTax exist, to streamline the entangled tax code for you. But even if you don't use their product, TurboTax has quite a few very useful articles, including one on tax tips for side jobs, and one on tax tips for money making hobbies.QuickbooksQuickbooks, owned by the same folks as TurboTax, is more of an all-round business accounting software package. Probably overkill for a side-hustler, but like TurboTax, the Quickbooks site has many useful articles on taxes, like this one: Everything you need to know about small business tax payments.H&R BlockWhile you may not know TurboTax and Quickbooks, I bet you've heard of H&R Block. Exactly like those services, H&R Block offers a huge range of tax services. Their site is a near-encyclopedic trove of information and resources, along with helpful articles for gig workers and side-hustlers.