01/11/2017
Running and managing a side hustle, small business, or new startup is a time-consuming endeavor that can already add stress to your life.
Taxes, even for a CPA like myself or other financial professionals trained in tax preparation and interpretation, can still be a stressful and complicated part of business life. Making this even more pronounced is the fact that Millennials, identified by many as an entrepreneurial generation, have side hustles they have started in their spare time.
If you drive for Uber or Lyft, rent out a room (or rooms) on Airbnb, do product reviews on YouTube, or freelance an occasional article on your favorite gaming site, you are running a side hustle. Some of you might even have carved a full-time income and business out of side hustles, and kudos to you.
What you might not realize, while you are running your side hustle, working full time, and maybe trying to have a social life, too (how unrealistic, I know), is that there are business deductions you might be missing out on.
Here's the best part: Even if you missed out this year, or have to do some additional paperwork to get yourself set up, there's always next year to improve and get it right.
The seven tips listed here are obviously not exhaustive
Running a side hustle is hard enough--don't add to your stress by neglecting tax opportunities.