We are releasing this episode on April 18, 2017. Tax Day in the USA, and today’s question comes from a roundabout conversation I had with a friend, we’ll call him Quincy for the sake of the story, about paying taxes. A few weeks ago, he invited me to go to a basketball game that night, and I said I didn’t have time because, as usual, I had to many things going on that needed my attention, putting emphasis on my wife getting on me for being late to work through my business paper work and itemizing my deductions so that we could file our taxes.
Quincy is a great guy in general. He is also an entrepreneur in every sense…except for the filing official documentation with the government and making sure they get their cut. Since nothing he is doing is illegal or amoral, and he takes care of his (air quotes) ‘business’ life is all good.
Until I said business deductions. Then a though went through his head so powerful it was almost like the sparkle in his eyes was from a real light bulb that was magically floating above his head, illuminating the entire room.
He asked me about deductions and I fumbled a quick answers, and told him I would get back to him with something more tangible when I could clear a few items off my to-do list in a day or so.
As I left, Quincy went back to his phone, still looking for a plus one to go to the game, but toss out to me, “I thought that whole legit side hustle talk was for dopes. There might be something to me bringing ‘the Man’ in on my business. Next year.”
So today’s question is one that many of you working your side hustles wrestle with. As Quincey might put it, “What do I need to do to take my side-hustle legit–next year?”