Use your side hustle in order to claim business deductions
Did you know that self-employed individuals (no matter if they work part-time or full-time) are eligible for tax deductions? In other words, your side gigs or freelance projects could lower your tax liability. Business-related deductions include vehicle mileage, advertising, website fees, shipping, professional publications, memberships, office supplies, and any other expenses you came across when freelancing.
Also, if you pay for your own long-term care insurance, the health-related costs are deductible, too. Partner at accounting firm Prager Metis, Robbin E. Caruso, says that all you have to do is to maintain all your records. Most people lose their deductions because they don’t keep proper records like receipts and mileage logs.
