I know having a side hustle is all the rage right now, and for good reason. However, it is important for you to know and leverage your side hustle appropriately to see the benefits.
- If you make more than $500 a year from your side hustle, open a separate business chequing account. This will ensure you are not intermingling your expenses with your regular income.
- Set up a separate entity for your business to take advantage of the tax benefits of running a business
- Employ a tax accountant for tax planning so you can determine how best to take draws from your business. After all, the whole point of starting a side hustle and making more money is to be able to earn more or keep more of what you earn.