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Reply to "Side hustles!"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote] can someone please explain this?[/quote] 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. [/quote] 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.[/quote] 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. [/quote]
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