What You Need To Properly Prepare Taxes For Your Side Hustle
Published 2/2023
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 1.27 GB | Duration: 1h 15m
Clear action steps from a tech-savvy CPA for freelancers, gig economy workers & independent contractors
What you'll learnUnderstand how a side hustle is taxed
Identify what you need and don't need to file your side hustle taxes
Get your EIN (employer identification number), if desired
Set up a separate bank account for your side hustle business
Calculate your quarterly estimated taxes
Set up a simple system for tracking income and expenses
Start tracking income and expenses (the audit-proof way)
RequirementsNo experience required. All you need is a desktop computer, laptop, or smart phone to watch the video lessons and a notepad/pen for taking notes.
DescriptionAre you dreading doing taxes for your side hustle this year? Maybe you've tried researching what you need to do to properly prepare and file taxes for your freelance or side hustle business, but you're still left feeling overwhelmed and with many unanswered questions.Can I lighten the load for you?You don't need to dedicate hours upon hours to becoming a tax whiz. You don't even need to hire a Registered CPA.You just need to understand how a side hustle is taxed, along with what's needed to properly set up and create an efficient system for tracking your income and expenses. As a Certified Public Accountant serving clients for 20+ years, this is what will set you up for smooth sailing when it comes to tax preparation.That's why I put together this course for freelancers, gig workers, and people with side hustles just like you. In this course, I'm going to teach you exactly what you need (and DON'T need) to do to prepare for tax time so you can avoid the headache of trying to figure this all out on your own. A few things you will learn inside this course:What you need in order to file your side hustle taxes (hint: you don't need to be an LLC!)How to calculate your quarterly estimated tax payments Why you should have separate side hustle business bank accountsHow to set up your side hustle financial "books"3 options to track income and expenses along with downloadable templatesHow to audit-proof your deductions... and more (preview the curriculum below).By the end of this course, you will have a clear plan for how to prepare taxes for your side hustle, along with an efficient system for tracking income and expenses. I look forward to seeing you inside the course!Your tech-savvy CPA,Noel B. Lorenzana
OverviewSection 1: Course Summary
Lecture 1 Welcome! Watch this First
Lecture 2 Your Tax Savvy Side Hustler's ACTION Checklist
Lecture 3 What Is a Side Hustle and Who Is This Course For?
Lecture 4 About Your Course Creator
Lecture 5 What to Do If You Get Stuck
Section 2: What You Need & Don't Need to File Your Side Hustle Taxes
Lecture 6 How a Side Hustle is Taxed
Lecture 7 What You Need to Prepare Your Tax Return
Lecture 8 What You Don't Need to File Your Taxes
Lecture 9 What You Need to Know About Quarterly Estimated Tax Payments
Lecture 10 Do You Need a Separate Legal Entity?
Lecture 11 Do You Need an EIN?
Lecture 12 Why You Should Have Separate Business Bank Accounts
Section 3: Getting Your Books Set Up
Lecture 13 Overview: What It Means to Get Your Books Set Up Properly
Lecture 14 Cash vs. Accrual. Which Method Is Right for Your Side Hustle?
Lecture 15 Choosing a Record Keeping Method for Your Books & My Recommendation
Lecture 16 Option 1: Google or Excel Spreadsheet
Lecture 17 Option 2: Bookkeeping by Hand
Lecture 18 Option 3: Online Accounting Software Options
Lecture 19 Set Up Your Tool to Get Your Books Setup Properly
Lecture 20 When to Hire an Accountant or Bookkeeper?
Lecture 21 Saving Receipts and Best Practices
Section 4: What's Next?
Lecture 22 BONUS LESSON
Freelancers,Gig Economy Workers (i.e. DoorDash, Uber, Instacart, etc.),Independent Contractors,Entrepreneurs,YouTubers,...anyone with a side hustle!
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