Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

12. Side Job Taxation

Welcome to Questioning Your Cents where you can get real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.

 

We are your hosts, Kevin Molen and Charles Steinmetz. Our job is to help educate you on how to manage your money and save on taxes. In this episode, we discuss self-employment, side jobs and how they are taxed.

 

Important Points:

Side jobs, Self-employment, MLM, temporary or contract workers

Real estate agents, Law enforcement extra jobs and truck drivers often times fall into these categories

Do you have to report small side job cash on your tax return?

What is a 1099-K and what is it used for?

When do you need to begin claiming your income?

How do I correctly track my income and expenses?

1099-NEC vs 1099-MISC

When do you need to issue a 1099 to a worker?

How do business expenses work for side gigs?

What do ordinary and necessary mean for business expenses?

Security extra job and law enforcement deductions

Why are tax deductions like Web MD?

Facts and circumstances determine what is tax deductible?

Can I deduct expenses as a W2 employee?

What happened to the form 2106? Unreimbursed employee expenses

How is side income taxed?

What are estimated tax payments? Are they the same as quarterly payments?

How do underpayment penalties work?

Do I have to file taxes quarterly on self-employment income?

 

Comfort Zone:

Is Social Security taxed?

 

Contact us:

info@molentax.com

281-440-6279

 

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

Check out this episode!

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

Self-Employment Taxes: A Deeper Dive

Self-Employment Taxes: A Deeper Dive Self-employment taxes are a critical component of the tax system in the United States, impacting individuals who work for themselves. Understanding the nuances of these taxes can help self-employed individuals plan and manage their...

Education Tax Benefits: Maximizing Savings with Credits and Deductions

Education Tax Benefits: Maximizing Savings with Credits and Deductions Navigating the complexities of tax season can be daunting, but for those bearing the costs of higher education, there are valuable tax benefits that can ease the financial burden. Among these are...

How to request Individual Penalty Abatement

How to Request Penalty Abatement Penalty abatement is a great way to help reduce your client's tax debt. Here's how you can request apenalty abatement from the IRS. Let’s say you’ve determined that your client is eligible for a penalty abatement to help reduce their...

Understanding the Child Tax Credit for 2023

Understanding the Child Tax Credit for 2023 The Child Tax Credit (CTC) is a significant provision in the U.S. tax code designed to offer financial relief to families with qualifying children. As we navigate the 2023 tax year, it’s crucial to understand the current...

Tax-Smart Strategies to Pay for College

Tax-Smart Strategies to Pay for College   As the cost of college continues to rise and inflation soars, families are looking for ways to make ends meet. One way to do this is by taking advantage of tax breaks that can help offset the cost of tuition and other...

Unlocking Financial Freedom: The Strategic Power of Revoke-S Elections

Unlocking Financial Freedom: The Strategic Power of Revoke-S Elections As a small business owner, you understand that time, money, and peace of mind are precious commodities. The world of taxes can often feel like a labyrinth of complexities, with ever-changing rules...

The Augusta Rule: A Comprehensive Guide to the Section 280A Deduction for Small Business Owners

As a small business owner, you’re likely familiar with the home office deduction. This popular tax break allows you to write off up to 300 square feet of workspace in your home at a rate of five dollars per square foot, resulting in a potential $1,500 annual...

Unleashing the Mega Backdoor Roth: Maximizing Your Retirement Savings

Unleashing the Mega Backdoor Roth: Maximizing Your Retirement Savings Embark on a financial adventure with us as we introduce you to the not-so-secret world of the Mega Backdoor Roth – the financial strategy that's not only powerful but sounds almost as charming as a...

Get Organized and Sail Smoothly with a Family Tax Firm

How to Get Organized and Sail Smoothly with a Family Tax Firm? Tax season—an annual event that can trigger a range of emotions, from anticipation to anxiety. For small business owners, the prospect of tackling complex forms, deciphering intricate regulations, and...

Tax Troubles in Houston?

Tax Troubles in Houston, Texas?Houston, Texas—a city of boundless opportunity, where dreams are forged and businesses thrive. Yet, beneath the gleaming skyscrapers and bustling streets, lies a challenge that many small business owners face: navigating the complex maze...

Request an Appointment Today

4 + 15 =

Call us at

Pin It on Pinterest

Share This