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Taxes

Side Hustling And Taxes – And Why I Don’t Worry About Taxes That Much

Last Updated on 9 Comments
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Whenever I bring up my various side hustles, I’ll sometimes get criticisms that these gigs aren’t worth doing since I have to pay taxes on that income. I was reminded of this in a recent guest post I wrote over on Money Wizard, where I talked about how I’ve made around $90,000 from side hustling […]

The Benefits Of Paying Taxes With Your Credit Card

Last Updated on 6 Comments
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Editors Note: Some offers mentioned below are no longer available. View the current offers here. One of the things about moving towards self-employment and full-time side hustling (admittedly an oxymoron) is that I’m on the hook for paying all of my taxes. When you’re employed in a regular job, taxes often seem like an afterthought […]

Don’t Like Your 401k? Create Your Own 401k Instead

Last Updated on 13 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

A few weeks ago, I finally went ahead and made my 2017 tax-year contribution to my Solo 401k. Being the lazy guy that I am, I ended up making my contribution at the very last minute, literally overnighting a cashiers check to my Solo 401k company so that I could meet the contribution deadline (I […]

It’s Better To Side Hustle When You Make More Money

Last Updated on 18 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

One of the unexpected benefits of side hustling is that it helps you gain a better understanding of how your taxes work. It’s sometimes hard to understand what’s happening with your income when you’re only making money from your day job. Since your employer handles your taxes for you, all of the tax stuff just […]

How Much Can You Contribute To Your Solo 401k?

Last Updated on 41 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

My brother recently asked me to help him figure out how much he can contribute to his Solo 401k. He has a pretty successful business in which he’s a sole proprietor – last year, he made well over six-figures in net revenue. When you have a business that makes that much, it’s really important to […]

The Many Ways To Get Triple Tax-Advantaged Savings

Last Updated on 8 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

It’s open enrollment season right now and I’m a little bit bummed. For the past few weeks, I’ve been getting text messages from my previous employer (which happens to be the State of Minnesota) reminding me to enroll in my workplace benefits for the coming year. Since I no longer work for the state, I […]

Understanding Your Side Hustle Taxes

Last Updated on 30 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Something that often gets forgotten in the side hustling discussion is the impact of taxes. If you’re like most people, taxes are probably a thing that you don’t think about all that much. You get your paycheck, you file your taxes at the end of the year, and you probably end up with a tax […]

What’s The Most You Could Save In Tax Advantaged Accounts?

Last Updated on 31 Comments
This post may contain affiliate links. Affiliate Disclosure.This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

The government allows you to put a ton of money into tax-advantaged accounts – you just wouldn’t know it at first glance. Technically, a traditional or Roth IRA is the only tax-advantaged account that every working person in the US has access to. As of 2021, the max contribution per person to those accounts is […]

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