Thirty -six percent of American adults have the sidehillAnd if you are one of them, you can use extra made to cover essential bills, Save for retirement Or take a break.
There are a different number hurry And the reasons for their start, but there is one thing that every paradise – no matter how much or few they earn – have to face during this time of year: TAX.
Unfortunately, many people earning extra income with hurry Do not have knowledge or tools to successfully navigate the tax season.
In fact, although 92% of Americans think hurry They are becoming normal new, 56% of those who currently work are completely lost when it comes to reporting income in their taxes, according to a new study by tax preparation software company Tax.
Moreover, many of us Side Hustlers fight only to understand the tax implications associated with their concerts.
Only 44.1% of people with side rush said they are aware of their concerts Tax implications And “Know Ins and Outs” to submit, and 32.3% said they are aware of tax implications, but you will need help to submit, according to the report.
14.2% other side drivers are aware of tax implications, but do not believe they are worth it – and 8.8% were unaware of any tax implication at all, the survey found.
However, sustainable income rushes who think they are exempt from paying taxes are likely to be inaccurate – and is a mistake that can be very costly. You should The file of a return If you have net income of $ 400 or more of concert work, for IRS.
“Even if you find yourself in a situation where you have not set aside money (for taxes), and now you will owe it, you still submit as soon as possible because then you know exactly what that tax obligation is,” Karen Orosco, President of Global Consumer Taxes and Service in H&R Block, relevant entrepreneur. “There is a possibility of payment with IRS. So the sooner you present, the more time you need to understand how you will make that payment. “