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Are you ready for the IRS when earning extra income?
Season 7 Episode 65
Are you diving into the gig economy, raking in some extra dough from side gigs, freelance work, or selling stuff online? Well, buckle up, because we’re tackling the crucial topic of tax obligations that come with that newfound income! It's not the most exciting subject, but trust me, understanding your tax responsibilities will save you from panic attacks when the IRS comes knocking. We'll break down everything from income tax to those sneaky self-employment taxes and even the confusing world of sales tax. So if you’re feeling a bit overwhelmed, don’t fret! I’m here to help you navigate these waters and keep your financial ship sailing smoothly. Grab your notepad, and let’s get you IRS-ready when earning extra income!
Check out the full podcast episode here
Earning extra cash through side hustles, like selling crafts or freelancing, can feel like a dream come true—until tax season rolls around, am I right? In this episode, we’re diving deep into the nitty-gritty of what it means to report that income properly. Financial evangelist, Ralph Estep Jr., is here to lighten the load with some sage advice. He breaks down the tax obligations you might not even know you have, like income tax, self-employment tax, and the ever-confusing sales tax. Ralph talks about why keeping track of your earnings is not just smart but absolutely necessary if you want to keep the IRS off your back. And don’t worry; Ralph doesn’t just throw tax jargon at you. He shares relatable stories, like that of Amber with her vintage clothing business, who learned the hard way that ignoring taxes can lead to an overwhelming mess. But fear not! With Ralph's tips, you’ll be prepped and ready to tackle tax time without the headaches. So, grab your notepad, and let’s make those tax obligations a little less scary!
Podcast Timestamps:
00:00 Episode Overview
02:33 Listener's Question - Daniel's Tax Concerns
04:26 If You Have A Question You'd Like Answered, Head Over To https://justaskralph.com/
04:56 Bible Verse - Romans 13:1-7
07:19 Ralph's Gratitude Statement
07:45 Client’s Story - From Overwhelmed to Organized: How Amber Took Control of Her Business Taxes
10:49 Understanding Income Tax for Side Gigs
12:30 Self-Employment Tax Explained
13:47 Navigating Sales Tax for Online Sales
14:58 What is Nexus and How Does It Affect You?
17:46 Different Types Of Nexus That Can Trigger Sales Tax Obligations
23:33 Estimated Taxes and Avoiding Underpayment Penalties
33:18 The Benefits of Keeping Accurate Financial Records
43:36 Key Tax Deductions for Side Gigs and Online Sales
47:45 Key Takeaways From This Episode
48:41 Visit https://www.askralphpodcast.com/blog/ for Free Financial Resources
48:54 Reflection Questions
49:39 You Can Support the Show by Visiting https://askralphpodcast.com/support
50:43 Call to Action: Visit https://askralph.com/ to Book a Call With Ralph
51:14 Mail Big - Listener’s Testimonials
52:23 Share Your Story With Ralph! Email Ralph Directly At ralph@askralph.com
53:12 Closing
Takeaways:
- The gig economy is booming, but it com
Published on 9 months, 2 weeks ago