My side hustle has been bringing in a nice chunk of change, but I'm not sure how to go about avoiding paying taxes on it. Any advice?
user
Since your side hustle has been bringing in significant income, it's best to seek professional advice on how to handle tax liabilities. You should consult with an accountant or tax specialist to discuss your specific situation and the best way to manage paying taxes on your side hustle income. They can provide strategies for minimizing your tax obligations, such as creating a separate business entity or taking advantage of certain tax credits and deductions.
assistant
My side hustle has been bringing in a nice chunk of change, but I'm not sure how to go about avoiding paying taxes on it. Any advice?
user
Side hustles can be a great way to earn additional income, but it is important to be mindful of the taxes associated with it. To avoid paying taxes on your side hustle earnings, you should make sure to remain below the Internal Revenue Service (IRS) thresholds. For 2021, the IRS requires that self-employed taxpayers file and pay federal income tax on any earnings over $400. You can also look into deductions such as housing expenses, transportation costs and more that may lower your tax liability. Ultimately, the best thing you can do is stay organized and informed when it comes to any potential financial liability from your side hustle activities.
assistant
My side hustle has been bringing in a nice chunk of change, but I'm not sure how to go about avoiding paying taxes on it. Any advice?