Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

We Are At Acute Agency Decay Amid AI. 4 Ways To Preserve Your Brain

September 12, 2025

Why the Future of Finance Won’t Be Built on Innovation Alone

September 12, 2025

Can Startup Founders Become Great CEOs?

September 12, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » Taxes on Side Hustle Income: Do You Have to File a Return?
Money & Finance

Taxes on Side Hustle Income: Do You Have to File a Return?

adminBy adminMarch 18, 20250 ViewsNo Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

Thirty-six percent of U.S. adults have a side hustle, and if you’re one of them, you might use the extra money made to cover essential bills, save for retirement or take a vacation.

There are a number of different side hustles and reasons for starting them, but there’s one thing that every side hustler — no matter how much or little they earn — must face during this time of year: taxes.

Unfortunately, many people who make additional income with side hustles don’t have the knowledge or tools to navigate tax season successfully.

Related: How to Get the Most Money Out of Your Side Hustle During Tax Season, From an Expert Who Raised $75.2 Million to Make Filing Easier

In fact, although 92% of Americans think side hustles are becoming the new normal, 56% of those who currently work one feel completely lost when it comes to reporting that income on their taxes, according to a new survey from tax preparation software company TaxAct.

What’s more, a lot of U.S. side hustlers struggle just to understand the tax implications related to their gigs.

Only 44.1% of people with side hustles said that they’re aware of their gig’s tax implications and “know the ins and outs” to file, and 32.3% said that they’re aware of the tax implications but will need help to file, per the report.

Another 14.2% of side hustlers are aware of the tax implications but don’t believe they apply to them — and 8.8% were unaware of any tax implications at all, the survey found.

Related: Finally, Tax Season is Over. Or Is It? Here are 5 Things You Need to Do All Year to Reduce Tax-Season Stress.

However, side hustlers with steady incomes who think they’re exempt from paying taxes are likely incorrect — and it’s a mistake that could be very costly. You must file a return if you have net earnings of $400 or more from gig work, per the IRS.

“Even if you find yourself in a situation where you didn’t set aside any money [for taxes], and now you’re going to owe, still file as quickly as possible because then you know exactly what that tax liability is,” Karen Orosco, president of global consumer tax and service delivery at H&R Block, told Entrepreneur. “There are payment options with the IRS. So the sooner you file, the more time you have to figure out how you’re going to make that payment.”

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Why the Future of Finance Won’t Be Built on Innovation Alone

Money & Finance September 12, 2025

Taylor Swift and Amazon’s ‘Antifragile’ Secret to Business Success

Money & Finance September 11, 2025

Home From College: Jobs for Young Adults Without Work Experience

Money & Finance September 9, 2025

Your Entrepreneurial Elders’ Worries About Passing the Baton

Money & Finance September 7, 2025

Baby Boomers Are Still Gaining More Wealth Than Millennials

Money & Finance September 6, 2025

How She Started a Business That Did $250k Revenue in Year 1

Money & Finance September 5, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

We Are At Acute Agency Decay Amid AI. 4 Ways To Preserve Your Brain

September 12, 2025

Why the Future of Finance Won’t Be Built on Innovation Alone

September 12, 2025

Can Startup Founders Become Great CEOs?

September 12, 2025

The Doomers Who Insist AI Will Kill Us All

September 12, 2025

49ers Brock Purdy May Miss Week 2 With Toe And Shoulder Injuries

September 11, 2025

Latest Posts

7 Steps to De-Risking Big Business Decisions Before They Backfire

September 11, 2025

5 Challenges Every Solopreneur Faces — and Smart Ways to Tackle Them

September 11, 2025

Inside the Man vs. Machine Hackathon

September 11, 2025

Today’s NYT Mini Crossword Clues And Answers For Wednesday, September 10th

September 10, 2025

How to Protect Your Company Culture When You’re Growing Fast

September 10, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT