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Side Hustle School

#2489 - Q&A: “Tax advice for new freelancers…”

Side Hustle School

Chris Guillebeau / Onward Project

Business, Entrepreneurship, Careers

4.83.3K Ratings

🗓️ 25 October 2023

⏱️ 5 minutes

🧾️ Download transcript

Summary

Tax season can be a nerve-wracking time, especially when juggling a side hustle. Tune in to learn the single most important piece of tax advice that could save you from getting into trouble with the IRS. Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. Show notes: SideHustleSchool.com Email: [email protected] Be on the show: SideHustleSchool.com/questions Connect on Twitter: @chrisguillebeau Connect on Instagram: @193countries Visit Chris's main site: ChrisGuillebeau.com If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Hello, hello. Welcome back to Side Hustle School. My name is Chris Gellipo. Have the privilege

0:16.1

and honor of being your host. In today's episode is an important one. It could save you

0:20.5

from a dreaded tax headache or at least make things easier when it comes to taxes. Nobody

0:26.3

likes taxes, of course, but it's how the world works. So even if you live in a different

0:31.1

country or jurisdiction, obviously there's some variance and such. But I'm going to try

0:35.1

to give you some advice that I think is helpful and applicable to most people, let's say.

0:41.0

So we're going to hear from Leon in New York City. He's been successfully running his freelance

0:45.6

business on the side, but now it's kind of like, oh, you know, it's good that I'm making

0:49.9

money, but what do I need to do about this? In his case, you know, he realized he had no

0:55.2

idea how to handle the tax implications of his extra money. So regardless of where you live,

1:00.9

regardless of your type of side hustle or business, what is the single most important advice that

1:06.1

can save you from getting into trouble? Well, I've got it for you. It's actually pretty simple,

1:10.8

and it can make a big difference in your life, your quality of life, as well as your business. So

1:15.6

I'll bring that to you in just 30 seconds. Quick shout out to our sponsor.

1:20.0

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1:25.9

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1:43.3

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1:59.6

Hey Chris, I'm Leon from New York City, and I've been running a freelance business

2:03.4

on the side for about a year. When tax season came around, I realized I had no idea how to handle

2:08.6

the tax implications of my additional income. What's the single most important tax advice

...

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