Earning extra income through side gigs, freelance work, or online sales can be exciting, but it comes with tax responsibilities that can easily overwhelm you. In this episode of the Ask Ralph Show, Ralph addresses a question from Daniel, a listener who's launched an Etsy shop and is concerned about the tax implications of his newfound success. Ralph dives into income tax, self-employment tax, and sales tax, explaining the nuances of each and offering practical advice on how to stay compliant with the IRS. He emphasizes the importance of keeping accurate records and making estimated tax payments to avoid penalties. Whether you're earning money through online sales or freelance work, this episode is packed with insights to help you navigate the tax maze and find financial stability. Learn how to protect your business, avoid those dreaded IRS penalties, and stay compliant with the IRS when earning extra income.
Read today's blog article: https://www.askralphpodcast.com/blog/know-about-taxes-for-side-income/
https://www.askralphpodcast.com/IRS-when-earning-extra/
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
Ask Ralph Blog
https://www.askralphpodcast.com/blog/
Support the Show
https://askralphpodcast.com/support
Ask Ralph Insiders Community
https://mailchi.mp/askralph.com/group
Ask Ralph Show Live
https://askralphpodcast.com/live
What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
Join our email list and get a free copy of "Mastering Your Finances" at https://askralph.com/
Schedule an Appointment with Saggio Management Group, Inc.
https://app.acuityscheduling.com/schedule/fabfb9f2/appointment/8258839/calendar/2141336?appointmentTypeIds[]=8258839
