332: How to Report your Side Hustle on your Tax Return

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 31 March 2021

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

If 2020 wasn’t COVID year, it was the year of the side hustle! millions of Americans have a side hustle to make ends meet. No need to worry, having a side hustle is a GREAT thing. It gives us Tax Planning opportunity that you would never get as a w-2 earner. Join Mark and Mat as they go deep into showing how you report your side hustle on your taxes. For more information go to Mainstreetbusiness.com Grab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't wan...

Transcript

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0:00.0	Welcome, everyone to the Main Street Business podcast with Mark Kohler and Matt Sorensen.
0:11.5	We missed you last week.
0:13.4	We missed a week last week.
0:15.5	We missed you.
0:16.3	Hopefully you missed us.
0:18.1	Yeah.
0:18.9	Well, if you're listening now, I think that means you missed us. You're like,
0:23.2	man, I want some good tax planning strategies. I'm really missing out on that. Yeah. Well,
0:28.0	if you felt that void last week, we did too. And you know what? The only excuse, and it's the truth,
0:34.0	if I have another announcement from the IRS, the SBA, or legislation in the news,
0:40.2	before the weekend, I'm going to blow a gasket.
0:43.2	We can't keep up.
0:44.6	It's crazy.
0:45.2	Last week was a whirlwind.
0:46.4	We're like, what do we even hold the podcast on?
0:49.8	I know.
0:50.1	But, hey, there was some good news.
0:51.8	Like the IRS gave some good news.
0:53.8	IRA, HSA, ESA contributions.
0:57.0	You now have until May 17th, if you didn't hear.
0:59.7	We do the tax deadline was extended.
1:01.1	But your IRA, like I said, HSA, ESA contributions were extended to May 17.
	...

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