Chapter 19: Taxes
Let’s say you have multiple side hustles - tax season is when it becomes extremely convenient to have each of your income streams in separate LLC’s. This way, each ‘business’ or income has its own accounting, its own expenses, and its own profit. Even if each income stream is a sole proprietorship where you’re the only owner, it makes filing the taxes WAY easier than if all the revenue and expenses are getting mixed up in one bank account.
As we’ve mentioned previously, it’s incredibly important that you keep detailed accounting records for each business or income stream throughout the year so that you can properly deduct all of your business expenses. Quickbooks makes this super easy to do, so no excuses…