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Tax season is here, and we know how intimidating the process can be, especially if you’re a solopreneur, blogger, or influencer with multiple sources of income. Together with H&R Block, we’ve put together a list of key tips and tricks to help you navigate tax season with ease. If you’re feeling stressed about taxes, here are some things to keep in mind as you approach tax season this spring:
1. Yes, you need to file taxes for your side hustle
“It’s a pretty common misconception that you don’t have to pay taxes on a side hustle,” says Carmen Perez of Make Real Cents. She reminds us in this year’s Taxtbook to report any and all income you’ve made, including money from freelance gigs. “Whether you’re an influencer or dog walker, use a simple spreadsheet or notebook to keep track of your earnings and expenses all year long,” Carmen says. “Trust me. This will save you so much stress and headache when the time comes to file.”
2. Using an online service can make the process way easier
“I’ve been filing my taxes since high school,” says Carmen, who created her finance blog Make Real Cents to document her journey to becoming debt-free. “I thought I knew a few things about taxes, but let me tell you, H&R Block helped bring my knowledge to a whole new level!” she says. H&R Block lets people with simple tax returns file for free, which is super helpful especially if you’re filing for the first time. H&R Block even offers a helpful resource base for students and gig workers, so you can learn exactly what to prepare come tax season.
3. Staying organized will help you in the long run
Carmen was able to pay off $57k in debt in just under three years, and she’s sharing her tips and tricks with us in Taxtbook. “The thing I’ve learned throughout my career is that taxes really aren’t that hard to understand,” she says. “You just have to stay organized and surround yourself with resources that have your back!” Most people who file taxes get refunds, so it’s 100% worth organizing yourself and learning about the process — it pays off, literally!
As Carmen said, filing taxes is often easier than you think, and utilizing an online service like H&R Block can make the process so much easier. This is especially true if you’re a blogger, influencer, solopreneur, or student managing multiple gigs who might need some extra support and advice this time of year. You’ll want to keep track of all of your expenses and earnings from the year, have your personal bank account info on hand, and a checklist of what you’ll need to file successfully. Grab some coffee, pull up our ultimate resource guide, and get ready to feel confident heading into tax season!