What Does the Course Include?

In this module, you'll learn the qualifications of your instructor, you'll gain a high-level overview of the tax process step-by-step, and you'll also learn what to do if you get stuck. With the same high-value information that an experienced CPA or tax professional would use when preparing your taxes professionally for you, this course will help ensure that you are able to confidently file your side hustle taxes with ease.

In module 2, we'll give you a detailed breakdown of all the things you need to know in order to file your taxes for side hustles. We'll also discuss those things that you don't need - so that you don't waste time and can focus on the parts of the process that are necessary. You'll get an in-depth look at topics such as how a side hustle is taxed, why an LLC isn't always needed, how to make accurate quarterly estimated tax payments, how to make estimated taxes via your employer's pay withholding, why you should have separate side hustle business bank accounts, and even how to get an EIN online (employer identification number) if desired.

Module 3 of this course is all about getting your financial books for your side hustle set up properly. We'll provide you with an understanding of the importance of maintaining one's books to help ensure audit-proof deductions. You'll learn which accounting method best suits your business, three options for tracking income and expenses, how to set up the method of choice, when it may be necessary to hire a professional accountant or tax advisor, and how to audit-proof deductions by keeping track of receipts. Downloads included in this section include Google Sheets/Excel templates and PDF ledger pages for manual tracking. Plus, we'll provide helpful recommendations on online software solutions too.

Module 4 of this course focuses on the first step to preparing your side hustle taxes: tracking the income and expenses of your business. After this module, you'll be able to successfully track your side hustle income and expenses and will be well on your way to filing taxes. We'll also teach you how to analyze your bank statements for income and expenses and how to identify what you can deduct vs what you cannot so that what you claim is audit-proof. Most of your questions about deductions such as mileage, home office, capital assets and depreciation, meals, etc. will be answered in this module. 

Module 5 of this course offers detailed instructions for filing your side hustle taxes. From Schedule C for Profit or Loss from Business to Form 4562 Depreciation and Home Office Deduction, you'll have all the information you need to complete the necessary forms. You'll understand how each form integrates with your personal tax return (form 1040), submit your business mileage deductions, calculate depreciation and be able to take advantage of the home office deduction. Plus, you'll know exactly which forms will be needed for your side hustle taxes so you can save on hiring an accountant and easily file taxes yourself every year!