Everyone has a side hustle these days. Earlier this year, Bankrate released a report claiming over 44 million American adults are earning money outside of their main source of income.
Of course, I’m one of them. I started freelance writing as a side hustle in October of 2015 and turned it into a full-time gig ten months later.
Maybe you’re considering a freelancing to save for a big purchase, pay down debt, or just pursue a passion you hope to eventually take full-time.
Unfortunately, many people don’t consider the financial aspects of the side hustle until they’ve made a few mistakes. Whether your freelance work earns just a few dollars a month or a several thousand, tracking your profits and paying taxes are non-optional. Here are a few essential steps to get started on the right foot.