Side Hustles
"5 Ways to Save Money for Your Side Hustle"
at https://readwrite.com/2018/03/26/5-ways-save-money-side-hustle/
caught my eye since I am a driver for Grubhub. "Side hustle" means to
me, ways to make money on the side that are not considered a regular, full time
job. This blog elaborates on automatic savings, selling your own goods, trading
services, using your blog to profit and claiming small business expenses for
tax purposes. Until now, I have not utilized a blog to make money or for any
other purpose, but claiming small business expenses topic does stand out to me.
No taxes are taken out of my Grubhub driver pay, so taxes hit me upside the
head at tax time. This article says to track business expenses and miles
traveled. Personally I also track auto repair expenses, gas expenses and cell
phone expenses among other areas, which are all tax deductible as a
"contractor". I deducted everything I could this last tax season, and
it reduced my taxes, but I still had to pay. The moral of the story is track
and deduct every possible business expense there is when doing a "side
hustle"!
This blog is part of an assignment from American Military
University for my "Web 2.0 Fundamentals" class where I am to review
at least two blogs from the review called "The Top Ten Blogs Following Web
2.0", by Brian Wynne Williams at https://www.viget.com/articles/top-10-blogs-following-web-20/
I enjoyed this article since I am working on becoming a small business owner. This article had great advice on tracking everything for deductions. It can save you a huge chunk of money come tax season.
ReplyDeleteWilda,
ReplyDeleteI really liked this article, as I am attempting to have a side hustle of that online store one day. It seems like an interesting side hustle that you have as a driver. I have thought about that, but I do not think that my car would be ok for something like that. To loud most likely..lol. This has great advice about taxes. I will have to remember this come next year at that time.