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#491 What Can I Write Off in My Side Hustle This Year? (Listen Before April 15th)
Manage episode 412176389 series 2918661
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.
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Curious what my new certification is all about? Learn More
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
Chapters
1. Tax Tips for Side Hustlers (00:00:00)
2. Maximizing Side Hustle Tax Deductions (00:07:48)
3. Tax Write-Offs for Business and Kids (00:16:34)
4. Maximizing Tax Savings With S-Corp (00:21:54)
5. Online Opportunities Explored in Podcast (00:31:59)
522 episodes
Manage episode 412176389 series 2918661
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.
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Curious what my new certification is all about? Learn More
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
Chapters
1. Tax Tips for Side Hustlers (00:00:00)
2. Maximizing Side Hustle Tax Deductions (00:07:48)
3. Tax Write-Offs for Business and Kids (00:16:34)
4. Maximizing Tax Savings With S-Corp (00:21:54)
5. Online Opportunities Explored in Podcast (00:31:59)
522 episodes
All episodes
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