In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide insights and tips specifically geared towards those with a side hustle. They dive into a wide range of topics, from tax planning strategies to the importance of claiming all income.
Here's what you can look forward to:
- Detailed advice on preparing your tax return, particularly when dealing with a 1099 for the first time.
- The importance of claiming all income, whether it comes with a 1099 or not, to avoid potential issues with the IRS.
- Tips on maximizing your tax write-offs, including creative suggestions like home office, auto expenses, dining, and travel.
- Discussion on the role of entities like LLCs and S corporations in tax savings, and when it might be beneficial to consider them for your side hustle.
- Insight into forward-thinking strategies such as making contributions to solo 401(k) and Health Savings Account (HSA) to reduce your tax burden.
This episode is a must-listen for anyone looking to optimize their side hustle and navigate their tax obligations effectively.
