As a side hustler, understanding your tax obligations is crucial. Here are some key tips to help you stay compliant and maximize your deductions:

• Track Your Income: Keep detailed records of all earnings from your side hustle.
• Understand Self-Employment Tax: If you earn more than $400 from your side hustle, you'll need to pay self-employment tax.
• Know Your Deductions: Common deductions include home office expenses, supplies, and mileage.
• Set Aside Money for Taxes: A good rule of thumb is to save 25-30% of your side hustle income for taxes.
• Consider Quarterly Estimated Taxes: If you expect to owe more than $1,000 in taxes, you may need to pay quarterly.
• Separate Business and Personal Expenses: Use a separate bank account for your side hustle to simplify bookkeeping.

Remember, tax laws can be complex and change frequently. It's always a good idea to consult with a tax professional for personalized advice.