Side hustles!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just say no to side hustles bc you get screwed by the 1099k you get. Then all the underpayment penalties which make it not worth it at all.

can someone please explain this?

Like if you sell items online say on ebay they send you a 1099k so the small amount you make for a side hustle isn't work it once you pay taxes on the side hustle income.

Except I think you can deduct the cost or expense of the item sold as a business expense so you probably don’t owe any taxes on things sold online.

The above is correct.my husband works but he also owns an online business as a sole proprietor that brings in 20-30k extra a year and receives a 1099. Because of that, we write off the cogs, shipping fees, internet, supplies, etc, and we end up not owing much more on taxes than without the 1099.

What kind of online business? Drop shipping?

[Anonymous]

I love this thread- it says so much but at the same time nothing.

What’s an out of the box of making side hustle sustainable hustle turning it into a full time job?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just say no to side hustles bc you get screwed by the 1099k you get. Then all the underpayment penalties which make it not worth it at all.

can someone please explain this?

Yes.

That idiot PP tried to not report all of their income to the IRS and got busted. And they think the Form 1099 is to blame, lol.

a 1099 doesn't mean you didn't pay taxes. So stupid. You get the 1099 prior to paying your taxes you idiot.

Your reading comprehension is extremely poor -- you are the idiot. I'm a tax attorney, so I'm pretty damned familiar with how 1099s work.

[Anonymous]

Anonymous wrote:What are your side hustles? I've tried mystery shopping, focus groups, paid psychology studies—curious what other people do on the side to generate a little extra income.

Can you list some reputable focus group companies? My student is home from college this summer and can’t find anything so at least she can try for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just say no to side hustles bc you get screwed by the 1099k you get. Then all the underpayment penalties which make it not worth it at all.

can someone please explain this?

Like if you sell items online say on ebay they send you a 1099k so the small amount you make for a side hustle isn't work it once you pay taxes on the side hustle income.

Except I think you can deduct the cost or expense of the item sold as a business expense so you probably don’t owe any taxes on things sold online.

The above is correct.my husband works but he also owns an online business as a sole proprietor that brings in 20-30k extra a year and receives a 1099. Because of that, we write off the cogs, shipping fees, internet, supplies, etc, and we end up not owing much more on taxes than without the 1099.

What kind of online business? Drop shipping?

OnlyFans

[Anonymous]

I buy old furniture fix it up and sell it. I can buy something for $200, invest 5-10 hours and sell it for $500 or more.

[Anonymous]

I clean my own house, do the yard work and other chores. It is tax free.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just say no to side hustles bc you get screwed by the 1099k you get. Then all the underpayment penalties which make it not worth it at all.

can someone please explain this?

Like if you sell items online say on ebay they send you a 1099k so the small amount you make for a side hustle isn't work it once you pay taxes on the side hustle income.

Except I think you can deduct the cost or expense of the item sold as a business expense so you probably don’t owe any taxes on things sold online.

The above is correct.my husband works but he also owns an online business as a sole proprietor that brings in 20-30k extra a year and receives a 1099. Because of that, we write off the cogs, shipping fees, internet, supplies, etc, and we end up not owing much more on taxes than without the 1099.

What kind of online business? Drop shipping?

We buy action figures and t-shirts from wholesale distributors and sell them on ebay and soon an online store.

We had a toy business before covid as a side hustle/ full time that grossed $350k yearly but unfortunately covid killed it. We're now restarting but adding in graphic t-shirts that we make in house and hoping to recreate what we did before.

[Anonymous]

Setup DH with a Handyman LLC, and much to our surprise he’s pulling down an extra $1000-1500/month for a few hours every few days and the occasional Saturday or Sunday.

He’s got basic home repair skills, and the gift of gab. Many of his customers are elderly, widows and homeowners without skills or knowledge. Much of his work involves replacing lightbulbs, lighting fixtures, installing ceiling fans, replacing/ repairing plumbing fixtures and the occasional drywall repair, patch and paint. He knows his limits and turns down more work than he accepts.

His side hustle earnings are our play money. He gets to buy himself new tools, and together we get to enjoy vacations and fun.

By day, DH is an office worker pulling down a healthy salary, but it’s mindless work to him. His side hustle challenges him, something he enjoys.

I’m a RN, working in the local school system juggling child care and home for our children.
I work part time with the Red Cross doing blood drives, but that pay doesn’t equate what DH brings home doing simple home repairs for those that can’t or choose not to.

Our side hustles work for us, and bring us joy and satisfaction without intruding on our time together.

[Anonymous]

Anonymous wrote:I clean my own house, do the yard work and other chores. It is tax free.

I think this way too!