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Tax time do's & don'ts
FIT(ish)
How Much Money Should You Take Out of Your Side Hustle?
What is there a set amount of money you should be taking out of your, I guess, side hustle or freelance money to put away for tax? Or is it just dependent on, again, deductions situation? Yeah, exactly. It does depend. That's why usually you will hear around that 30% because it's just an average, right? It could be as low as 20%. But yeah, absolutely better to just sort of err on the side of caution put a little bit more away. And perhaps if you're going to earn the same next year, then next year, maybe you put a littlebit less away.
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