In the 1980s, there was a shift from one-earner households to two-earners. As the years have gone by, we’re seeing workers pick up a side job for extra cash. That’s because wages have stayed steady while the cost of living has gone up.
About 40% of Americans have a side job. That extra cash is great if you want to save up for that long-awaited vacation or to pay down debt. The one thing that people forget about is to pay tax on that income.
If you’re a contractor or working on your own, that’s your responsibility. Would you like to know how you can manage your taxes and avoid a huge tax bill in April?
Keep reading to find out. Continue reading “How to Document Pay From a Side Job for Taxes”