Solicitor legal advice on 3 Must-Know tips for a side hustle! | Lawyer4U
Want help in solicitor legal advice? Lawyers4U is ready to offer legal advice on your legal matters to help you comprehend the lawful limitations to live a hassle-free life. In this blog post, we will discuss how to handle tax situations. Let’s get started…
As tax season gets into full swing and every individual gear up for that. But what about for those individuals who fall somewhere in between traditional 9 to 5 jobs while also running a small business that generates income on the side? Being a side hustler comes with its own set of tax requirements and special considerations that may not be relevant for those who solely run their own business or else solely work a traditional 9 to 5 jobs. If you are one of them, these must-know tax tips are for you:
- Comprehend your business tax obligations- Whether you are a freelancer or have a formally structured business such as an LLC or C-Corp, any person who brings in self-employment income not covered by a traditional employee W-2 is expected by the IRS to make regular estimated tax payments. To determine your estimated tax obligations for the current year, Solicitor legal advice using the estimated tax calculation worksheet within the form as a guide.
- Use a separate business bank account and credit card- you have likely heard it before, but the importance of using a separate business bank account as well as a credit card for your business expenses can’t be overstated especially when you have a side hustle. Solicitor legal advice from Lawyers 4 U always states that keep a separate business bank account and credit card under the name of your business and vow to use those accounts for business-related expenses to avoid confusion.
- Maintain your bookkeeping monthly to avoid tax-time stress – When you have a side hustle in addition to the standard income, tax time is already stressful enough. But if you haven’t been maintaining precise books for your business throughout the year, the tax season stress can instantly escalate. As per Lawyers 4 U’s solicitor legal advice, you should be maintaining your business accounting through an online tool.
If you have more doubts then you can speak over the phone with the professional barrister and get a piece of deep advice on your tax handling matters. We offer professionally tailored barrister advice online that will immediately let you understand your case in no time. For more information go through this page and navigate thoroughly to find your answers.