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
It is important to stay aware of your tax liability as you grow your side hustle. There are several strategies to consider such as setting aside money in a savings account, claiming business expenses, and considering structuring your side hustle as an LLC or S-Corporation. Be sure to consult a tax professional with any questions and for help determining the best strategy for you and your finances.
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
It is important to be aware of the tax implications of your side hustle and to plan accordingly. Before you begin earning income, it is best to consult with a tax professional who can help you set up your financial system and advise on the most advantageous way to receive your income and manage your tax payments so as not to overpay or risk penalties. There may be strategic moves that you can make such as forming an LLC, taking losses in certain years or contributing some of the earnings towards retirement accounts which will assist with reducing how much tax you owe. Being proactive will ensure that both your side hustle success and your finances remain secure in the long-term.
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?