#491 What Can I Write Off in My Side Hustle This Year? (Listen Before April 15th)

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen provide insights and tips specifically geared towards those with a side hustle. They dive into a wide range of topics, from tax planning strategies to the importance of claiming all income.Here's what you can look forward to:Detailed advice on preparing your tax return, particularly when dealing with a 1099 for the first time.The importance of claiming all income, whether it comes with a 1099 or not, to avoid potential issues with the IRS.Tips on maximizing your tax write-offs, including creative suggestions like home office, auto expenses, dining, and travel.Discussion on the role of entities like LLCs and S corporations in tax savings, and when it might be beneficial to consider them for your side hustle.Insight into forward-thinking strategies such as making contributions to solo 401(k) and Health Savings Account (HSA) to reduce your tax burden.This episode is a must-listen for anyone looking to optimize their side hustle and navigate their tax obligations effectively. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

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Get ready to learn from two of the top tax attorneys, investors, and entrepreneurs in the business!  TAX AND LEGAL 360Secure your tickets to my most significant tax & legal event of the year! The Ultimate Tax and Legal Conference Phoenix, AZ - Nov 30 thru Dec 2CPAs, Attorneys, Business Owners, AND Entrepreneurs! You don't want to miss this event! CLICK HERE TO GET YOUR TICKETS! Whether you're a seasoned business owner or just starting out, Mark and Mat make it easy to understand even the most complex topics like LLCs, corporations, estate planning, raising capital, and retirement planning. Plus, with their engaging and entertaining style, you'll never be bored! Their ultimate goal is to help listeners achieve the American Dream, and you can start by signing up for their Free Weekly E-Newsletter and visiting https://markjkohler.com/. Don't miss out on the opportunity to learn from these two industry leaders and take your business to the next level!