Are you a contractor? 1099 worker? Do you supplement your income with freelance writing, driving for a rideshare company, or a miscellaneous side gig? Or, perhaps you’d like to get started with a side hustle but don’t know where to start? If any of these apply to you, please join our February #ZebraChat on Twitter to discuss “Taxes and Side Hustles.”
A side hustle, or side gig, is often part-time work outside of regular, full-time employment. A report by FlexJobs suggests that 40% of Americans freelance — though that doesn’t necessarily mean that they are self-employed or set their own hours — and another 27% would prefer a combination of freelance and part-time employee work.
If you earned money outside of regular employment last year, meaning your employer did not withhold any state or federal taxes from your paycheck, you may owe taxes on your earnings. And taxes, well, they can be confusing. So, we’ve invited two guests to help us navigate the world of taxes for freelancers and side hustlers.
Here are the details of February’s #ZebraChat:
When: Tuesday, Feb. 28 at 2 pm central time
Topic: Taxes and Side Hustles
February #ZebraChat participants will be entered to win a $25 Amazon gift card. Winners will be randomly selected at the end of the chat. #ZebraChat participants must also be following @TheZebraCo to win.
About Our #ZebraChat Guests
Harry Campbell was a full-time aerospace engineer when he decided to drive for Uber and Lyft back in 2014. He started his blog, The Rideshare Guy, to write about his experiences as a driver and help drivers earn more money by working smarter, not harder. In 2015, he quit his engineering job and has turned his “side hustle” into a full-time gig.
Steven Fox is the founder of Next Gen Financial Planning where he serves clients locally and also nationwide through virtual meetings. He’s certified as an Enrolled Agent and has extensive experience working with self-employed individuals.
February #ZebraChat Questions: Taxes and Side Hustles
Q1.) Tell us about your side hustle. What are some ways people are earning outside of “normal” employment?
Q2.) Are you doing this full time, supplementing your income, or working towards a goal?
Q3.) Outside of money, what is your favorite thing about your side hustle?
Q4.) What are you using to keep track of payments and expenses?
Q5.) Are you saving a percentage from payments for taxes? Why or why not?
Q6.) At what point do you deduct expenses? Do you need to be profitable?
Q7.) What tax issues are people often unaware of when running a side hustle?
Q8.) What advice do you have for individuals just starting their side hustle?
New to Twitter Chats? Here’s How to Participate
We’ll share a series of numbered questions (Q1, Q2, Q3, etc.). Share your reply with “A” and the question number. Don’t forget to use the #ZebraChat hashtag, so we can find your response.
For example: If you’re responding to Q1, you might reply:
A1 Yes, I drive for Uber and Lyft three times a week. I also rent out my home on AirBNB. #ZebraChat
After the chat, we’ll share a post recapping the conversation and include quotes from participants, too.
So, add our Twitter chat to your calendar! We can’t wait to have an open conversation about taxes and side hustles!