Some of these goals may include increasing your income, starting a dream business, or both if you're reaching for the stars.
Before you get your hands dirty in the sometimes chaotic combination of formal employment and entrepreneurship, here are a few pitfalls to avoid.
NOT HAVING A PLAN FOR YOUR SIDE HUSTLE INCOME
People get side hustles for different reasons. It could be to help make ends meet, save toward a dream vacation or grow your business to a point where you can quit your job. Catching up on my retirement savings is one reason I decided to start a side hustle.
But you need a plan for that motivation to help make your side gig worthwhile. Think about having goals for your income and a strategy in place to help you achieve those goals.
For instance, you could divert funds from your side hustle into retirement savings accounts like an IRA. This is a way to put away more for retirement, and you could reduce your taxable income, depending on how much you make, because contributions may be tax-deductible.
The plan I conjured up thanks to my side gig income is increasing my 401(k) contributions at my full-time job so I'm on track to max out that account this year. I also opened a SEP IRA, a simplified employee pension plan, for 2023 to put more money away for retirement and potentially reduce my taxable income.
This story is from the March 16, 2023 edition of AppleMagazine.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
This story is from the March 16, 2023 edition of AppleMagazine.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
'The Last of Us' TV Adaptation Resonates Beyond Gamers
In the HBO series "The Last of Us," a fungal infection has taken over Earth, rendering the United States an apocalyptic landscape protagonists Joel and Ellie need to traverse.
BELGIUM BANS TIKTOK FROM GOVERNMENT PHONES AFTER US, EU
Belgium is banning TikTok from government phones over worries about cybersecurity, privacy and misinformation, the country's prime minister said, mirroring recent action by other authorities in Europe and the U.S.
MONEY: JOB PLUS A SIDE GIG? AVOID THESE MISTAKES
At the beginning of the year, many people have their eyes set on goals.
CALIFORNIA COURT RULES FOR UBER, LYFT IN RIDE-HAILING CASE
App-based ride-hailing and delivery companies like Uber and Lyft can continue to treat their California drivers as independent contractors, a state appeals court ruled Monday, allowing the tech giants to bypass other state laws requiring worker protections and benefits.
INSIDER Q&A-NINTENDO'S BOWSER
With a new theme park attraction opened last month, an upcoming major motion picture and the sequel to a massive hit video game about to be released, everything's coming up Nintendo.
IDRIS ELBA RETURNS AS LUTHER IN GRISLY NETFLIX FILM
For anyone holding on to some latent hope that Idris Elba will be the next James Bond, I have some bad news:\" Luther: The Fallen Sun\" puts (another) nail in that very firmly sealed coffin.
HYBRIDS: TOYOTA PRIUS VS KIA NIRO
The Toyota Prius, which has become synonymous with hybrid cars the past 20 years, is fresh off a full redesign for 2023.
GOVERNMENT RACES TO REASSURE US THAT BANKING SYSTEM IS SAFE
Depositors withdrew savings and investors broadly sold off bank shares this week as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.
AUDIENCE FOR 95TH OSCARS REBOUNDS SLIGHTLY TO 18.7 MILLION
Whether it was the lingering drama of The Slap or the prominence of blockbusters in the best picture race, a bigger audience was lured back to the Oscars this year.
SILICON VALLEY BANK'S DEMISE DISRUPTS THE DISRUPTORS IN TECH
Silicon Valley Bank's collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.
Free Online Tax Returns, Brought to You by the IRS
A government competitor to Intuit’s TurboTax may be more likely now than it’s ever been
The Zelle Loophole
Small-business owners are using the service to keep income secret from the IRS, though that’s illegal
What Does ‘Now' Look Like?
The Whitney Biennial returns, unusually late and uncommonly strong.
MAKING MICRO ADJUSTMENTS
Here's how to fine-tune your reloading ...and your accuracy.
What to Save and What to Shred
You’ll need supporting documents in case you’re audited, but you don’t need to save them forever.
Extreme Winter Sports for Adrenaline Junkies
Just because it’s winter doesn’t mean you can’t get your outdoor adrenaline fix. round the world, thrill seekers have found ways to stay active, even in the harshest of conditions. Whether you prefer your adventures on land or water, there’s something for everyone. From diving with the narwhals to hopping out of a helicopter strapped to skis to sailing on ice, these extreme sports were made for extreme weather. —Meghan Gunn
HOW TO CUT YOUR 2021 TAX BILL
Our guide will help you claim a higher refund or reduce the amount you owe.
CON ARTISTS TARGET PEOPLE WHO OWE THE IRS MONEY
SCAMWATCH
Iron OOR
GRAMOPHONE DREAMS
Good Vibrations From a Smooth Operator
"Bosch GEX34-6N Random Orbit Sander"