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How to Turn Your Side Hustle Into a Massive Tax Deduction

Thursday, November 09, 2023

Primary Blog/OnPoint Tax Relief/How to Turn Your Side Hustle Into a Massive Tax Deduction

Hello, I'm Tracie Lowe, CPA, and at OnPoint Tax Relief, we understand the challenges that come with managing a side hustle while juggling tax obligations. If you found yourself facing unexpected tax bills and penalties due to your side gig, don't despair. With strategic planning, your side hustle can become a massive tax deduction, lightening your financial burden and ensuring you keep more of your hard-earned money.

**Here are some essential tips to make your side hustle work in your favor when tax time comes:**

1. **Estimate Your Earnings:** Properly estimating your side hustle income is vital. If you expect to earn more than $1,000, consider making quarterly tax payments to the IRS to avoid penalties and interest. We can help you plan and manage these payments effectively.

2. **Consider a Health Savings Account (HSA):** An HSA not only saves on taxes but also helps cover medical expenses. Contributions are tax-deductible, reducing your taxable income and keeping more money in your pocket.

3. **Open a Self-Employed Retirement Plan:** As a self-employed individual, you have access to retirement plans tailored for your needs. From SEP-IRAs to solo 401(k)s, these plans offer significant tax benefits. We can guide you in choosing the right plan for your situation.

4. **Maximize Deductions:** Seize the opportunity to claim deductions unique to your side hustle. Whether it's the home office deduction, office supplies, internet costs, or automotive expenses, proper deductions can significantly lower your taxable income.

At OnPoint Tax Relief, we specialize in helping individuals like you navigate the complexities of self-employment taxes. If you find yourself owing back taxes or facing IRS troubles, don't hesitate to reach out. We offer a free, no-obligation confidential consultation to explore your options for resolving your tax problems permanently.

**Contact Us Today:**

Visit [www.OnpointTaxRelief.com](https://www.OnpointTaxRelief.com) or call us at 813-685-8400 to schedule your free consultation. Let's turn your side hustle into a tax advantage, ensuring you keep more of your earnings and achieve financial peace of mind. #TaxDeductions #SideHustleTips #SelfEmployedTaxes #TaxPlanning #IRSResolution #TaxSavings #FinancialFreedom #TaxStrategy #SmallBusinessOwners #TaxPlanningTips #TaxRelief #SelfEmployedLife #TaxSeason #EntrepreneurialJourney #TaxSmart #BusinessDeductions #MoneyMatters #IRSHelp #TaxAssistance #IncomeTax #TaxExperts #FinancialSuccess #EmpowerYourFinances #MaximizeSavings #TaxBreaks

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Jerome & Tracie Lowe

CEO & CPA

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