What It's About
No one loves paying taxes ... what can you deduct or write off for your side hustle?
Notes from Chris
Episode 1238Let’s talk about taxes! Love them or hate them … well, I don’t think anyone really *loves* them. Good news: when you operate a side hustle, you may be able to deduct a lot of expenses from your personal tax return. Today’s caller is wondering about some examples. I’ll give him some! What are some common items you can deduct—and can you do this even when you’re starting up and the business isn’t profitable? This advice relates primarily to listeners in the U.S., but if you live elsewhere you may be able to take similar deductions. Of course, consult your own advisor to make sure you get the most accurate and relevant info.
"Hi Chris, this is Kevin from Tacoma and I've been listening to your show from the beginning and hoping to launch a new side hustle soon. My question is, what are some common tax deductions for side hustlers? I know you can’t give tax advice, but I’m wondering something: are there some common tax deductions when operating a side business? I started thinking about this when I heard that actors can deduct their outfits and even their haircuts. What can we write off?"Listen to today's episode to learn more...
- Accountant Generates $10,000/Month In Sweat Equity: When this California accountant deducts harsh chemicals from deodorant, she earns sweat equity and superdry profits.
- Bookkeeper Begins Banking Bonus Income: When an administrative assistant is asked by her boss to learn QuickBooks to save on bookkeeping costs, it ends up becoming the gateway to a new career.
- Stressed-Out Mom Gives Up TV to Launch Her Hustle: How a San Diego accountant coping with the struggles of new motherhood launched her own private label wine hustle for stressed out parents like herself.
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