• Post category:StudyBullet-13
  • Reading time:6 mins read


Clear action steps from a tech-savvy CPA for freelancers, gig economy workers & independent contractors

What you will learn

Understand 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)

Description

Are you dreading doing taxes for your side hustle this year?Β 

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.


Get Instant Notification of New Courses on our Telegram channel.


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 accounts
  • How to set up your side hustle financial “books”
  • 3 options to track income and expenses along with downloadable templates
  • How 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

English
language

Content

Course Summary

Welcome! Watch this First
Your Tax Savvy Side Hustler’s ACTION Checklist
What Is a Side Hustle and Who Is This Course For?
About Your Course Creator
What to Do If You Get Stuck

What You Need & Don’t Need to File Your Side Hustle Taxes

How a Side Hustle is Taxed
What You Need to Prepare Your Tax Return
What You Don’t Need to File Your Taxes
What You Need to Know About Quarterly Estimated Tax Payments
Do You Need a Separate Legal Entity?
Do You Need an EIN?
Why You Should Have Separate Business Bank Accounts

Getting Your Books Set Up

Overview: What It Means to Get Your Books Set Up Properly
Cash vs. Accrual. Which Method Is Right for Your Side Hustle?
Choosing a Record Keeping Method for Your Books & My Recommendation
Option 1: Google or Excel Spreadsheet
Option 2: Bookkeeping by Hand
Option 3: Online Accounting Software Options
Set Up Your Tool to Get Your Books Setup Properly
When to Hire an Accountant or Bookkeeper?
Saving Receipts and Best Practices

What’s Next?

BONUS LESSON