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

Main Street Business

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.

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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)