#41 | Side Hustle Tax Myths DEBUNKED 🚫

We’ve had 49 weeks to think about taxes.

But if you’re anything like me, you wait until the final 3 weeks.

And then you panic.

A lot.

I’ve had years where my side hustle made hundreds (2020). Then five figures (2021). Then six figures (2022).

And now closing in on seven figures (2023 – website sale + earnings).

Every year I’ve had different tax challenges, and every year I’ve felt like I was somehow getting screwed.

It’s an awful feeling.

But throughout it all I have learned a TON.

And while there is undoubtedly more to learn, here are 5 key tax lessons that took me 33 years to figure out…

Instead of trying to tell you how to file your taxes (Disclosure: I am not a CPA. You should get one!), I’m going to debunk some common tax myths I hear repeated ALL THE TIME. Even by some CPAs!

Figuring out these myths were bogus was a great relief to me – it allowed me to worry a bit less that I was somehow massively screwing up and overpaying.

So here goes –

5 Tax Myths Debunked

(This week, I’m trying something a little different – I discuss each of these myths in much more detail on camera. So make sure to check it out below!)

Tax Myth #1: Your CPA is also a tax strategist and will proactively come up with creative, legal ways to save you money.

Tax Myth #2: Setting up and LLC saves you money on taxes

Tax Myth #3: C-Corp & S-Corp designations will save you a lot of money

Tax Myth #4: There are massive tax savings for low earners

Tax Myth #5: You should write off all your income

That’s all for this week.

Hopefully you found it helpful.

Have a great weekend.

Oh, and do me a favor and send me a reply to this email and let me know if you like this format, or if you would prefer I typed this all out instead.

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Cheers,

-Mike


mike keith always be publishing

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