#491 What Can I Write Off in My Side Hustle This Year? (Listen Before April 15th)

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 12 April 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

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, ...

Transcript

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0:00.0	Welcome everybody to another episode of the Main Street Business Podcast.
0:03.8	My name is Mark Kohler.
0:04.6	I'm here with the illustrious Matt Sorensen, my co-host.
0:08.1	We are both entrepreneurs, small business owners, real estate investors.
0:12.5	We had lemonade stands as a kid.
0:14.1	We love you.
0:15.4	You side hustlers out there getting it all on, getting the gateway drug to the American dream going.
0:21.2	This shows for you.
0:22.6	Yeah.
0:22.9	And the awesome thing about a side hustle is hopefully you're making money.
0:26.5	Yes.
0:26.8	The downside to the side hustle is the IRS wants to know about it.
0:30.5	And there's some stuff you need to do on your tax return.
0:32.9	But we've got some solutions for you.
0:36.1	The cool thing about a side hustle is this gives you tax planning
0:39.6	opportunities to write stuff off you never even thought about. And so we want to break that down
0:44.3	for a bit today so you know what to look for and where you can save when you're filling out your
0:49.1	1040. Absolutely. And let's get right into it. And please share this podcast with any friend or family
0:53.9	member you know that has a little side gig getting a 1099 in any way, shape, or Absolutely. And let's get right into it. And please share this podcast with any friend or family member.
0:54.2	You know that has a little side gig getting a 1099 in any way, shape, or form. So I want to lead
0:59.2	with this. Don't stress. It's okay. I know many of you have never had a 1099 before. This is the first time
1:07.5	this has shown up on your doorstep or in your email and you're like,
	...

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