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With gig economy jobs booming in recent years, it’s easier than ever to pick up a side hustle or work for yourself. However, as you take on these side hustles, you may not be thinking what they mean for your taxes.
As a side hustler, you’re considered to be self-employed in the eyes of the IRS. That means you will need to report and pay taxes on this income stream along with any other income sources. But knowing that you have to pay taxes on a side hustle is only part of the picture.
Like our cupcake baker friend, Chuck, in the video below, you may also be surprised to learn you’ll have extra tax rules and filing requirements to be aware of to stay in good standing with the IRS. This includes things like quarterly tax payments, the types of deductions you can take for your side hustle, self-employment tax and more.
If you’re worried about keeping up with all these tax obligations, don’t worry. H&R Block is here to help you navigate your expenses and filing taxes for your side hustle.
Find out more about taxes for gig workers.
Ready to file? Get started with your online tax filing or make an appointment with a tax pro today.
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