Are you a freelancer? Or do you have a hustle on the side while having a full-time job? Whatever you are and the legal things you do to earn more income, you should ask this one question. What’s the question? It’s this: Is my side-hustle or freelancing gig taxable? Indeed, you don’t want to worry about getting IRS problems, even if your side gig earns less income or is a small-time business.
Unfortunately, many tax accounting firms in Texas will have to break your heart and inform you that the income you get from your freelancing gig or side hustle is taxable. Yep, Internal Revenue Service (IRS) recently released an issue regarding this. The case has a title and message: “Gig economy and tip income is taxable.” The topic states that anyone earning part-time, side gig, or temporary should declare their gig income. Whether you are receiving cash, digital assets, goods, or property as payment and whatever your side hustle be, be that service provider, product seller, a property rental, or what. Dire consequences happen to those who fail to pay their taxes.
Worry not because we are here for you. At KF Tax & Accounting, P.C., our tax services in Round Rock, Texas, don’t just do the tax filing for you; we also educate you. We aim to help you broaden your knowledge about tax, accounting, and other related things. We also want you to know more about your taxpayer and side hustler rights.
Get our accounting and bookkeeping services today, and be free from tax worry and IRS problems.