What Is A Legal Side Hustle
September 7, 2020
A Side Hustle is a legal means to make some extra cash in addition to your main job.
I honestly believe that all adults need a legal side hustle. My confidence in this idea comes from the experience of how side hustles has empowered me to take care of my family peacefully and financially. We have enjoyed the benefits of side hustles throughout many years. It allowed us to pay our bills with the 9 to 5 money and do all the recreational fun things with the side hustle money. Things like extravagant vacations, shopping whenever we feel the need or desire to, buying additional vehicles, and investing and saving for important family milestones. With this security and peace of mind, every adult can live a fun and healthy lifestyle.
Origin of Side Hustles
The expression of side hustle was first used in 1950, this was introduced during and after the last recession, when traditional jobs disappeared, and average citizens had to make ends meet. This is similarly to what we are experiencing in this day and time as a reaction to COVID-19 (Coronavirus). Jobs are becoming scarce, which adds more meaning to the statement “Every adult need a legal side hustle.” Moments in our nations history such as this has forced citizens to find ways to earn extra money in their spare time.
Benefits of a Legal Side
A legal side hustle is an easy way to earn extra money outside of your main job. Side hustles can easily put hundreds of dollars into your budget with little time after work. And in some cases, now adays; side hustles can even operate while you are sleeping and while you are at work with your 9 to 5. Making more money on a regular basis will give you the freedom to pursue your passions that you love doing. Earning additional money every week or every month over time can easily add up to large sums of money or big bucks.
Do I Have to Pay Taxes on my Side Hustle
Not everyone needs to pay taxes. There are five things that determine whether you need to pay taxes. These are:
- Filing status
- Gross Income
- Whether you are blind
Based on the progressive income tax system, the amount of income tax that you need to pay each year depends on your income – this means that the more you earn, the more you pay. If your income equals or exceeds these amounts, you will need to file taxes. These tables are published by the IRS in Publication 17 and Publication 501 and are updated each year.
Basic gross income amount varies depending on your filing status and age. The general rule of amount are as follows:
Married (Jointly) $22,050
Married (Separately) $4,050
Head of Household $13,400
What this means is that a citizen with a cool side hustle averaging about $1,000 per month may not have to pay taxes on the money earned from a legal side hustle. Speak with a tax assistance officer to find ways to reduce your taxable income and go get it.
How to Legalize My Side Hustle
My first advice on this part is to treat it like a business. Ensure that you are following the legal rules and requirements in accordance with the laws of your city, state, and federal government. In a lot of cases, the only thing needed for most side hustles is a permit. Here are six things you can do if you have to formerly form a business structure for you side hustle:
1. Choose your business structure and make t IRS official.
2. Register your “doing business as” name (optional).
3. Get your Employee Identification Number (EIN).
4. Open your business bank account.
5. Create your website.
6. Set up a way for people to pay you.
Legal Side Hustle Ideas
1. Run Facebook ads for small businesses.
2. Deliver items and food with Postmates and DoorDash.
3. Start a blog.
4. Proofread for a living.
5. Become a Pinterest virtual assistant.
6. Teach English online with VIPKid.
7. Start flipping furniture.
8. Sell things on eBay.
9. Walk dogs or pet sit.
10. Sell on Shopify.
11. Become a rideshare driver.
13. Rent out your car.
14. Side hustle as a tutor.
15. Complete tasks on TaskRabbit.
16. Freelance writer.
17. Work as a virtual assistant.
18. Creative and artistic services.
19. Sell stuff on Etsy.
20. Create a course to sell.
21. Start a consulting service.
22. Get cashback when you shop.
23. Find a part-time job.
24. Start flipping cars.
25. Work as a personal shopper.
26. Clean houses.
27. Become a social media manager.
28. Write an ebook.
29. Start a landscaping side hustle.
30. Start a mobile auto detailing business.
Secure the Bag,
Copyright © 2020 Larry McClelland & SADA Services, LLC. All Rights Reserved.