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Guest Blog: Side Hustle And The IRS

“I’m not a businessman, I’m a business, man. Let handle my business…” -Jay-Z

Growing up I didn’t know anyone who didn’t have a side hustle. When I say hustle I don’t mean anything to do with illegal activities but a side business. My mother works in finance but her side business was real estate and rental income. My father at one point was a partner in McIntosh Security and was a taxi driver. I have a college friend who works in the government but has a side business making and selling jewelry at different festivals. Side businesses are a great way to increase your income, but increasing your income does come at a price.

“More Money, More Problem…”- Notorious B.I.G.

Extra income is great. It gives you more money to pay bills, put away for retirement, go on vacation, and etc. Many people believe that because they’re receiving money from a side business that doesn’t involve their every day occupation they do not have to report the income. This is very untrue. The general rule is that any income regardless of its source must be reported and is subject to taxes. Also just because you receive your profit solely through cash does not mean it is not subject to being reported to the IRS. If the person paying you for your services reports it to the IRS using a 1099 you must report that income or you will be subjected to a tax penalty and interest.

“Like why don’t school teach more mathematics?/Less trigonometry and more about taxes”- “Big Sean

So if you’re a person who has a side business, you may be feeling down and can’t believe you may have to give the government more of your hard earned cash. Some people may not even know how to file their extra income within their tax returns. Well there is good news. Its really not that difficult; if a person uses any tax return software, they will guide a person through the procedures to report their side income and also explain the expenses a person can write off that they would not ordinarily be able to write off on a normal tax return.

Written by Jacqueline E. McIntosh, Esq. 

Principal attorney for the Law Office J.E. McIntosh, which is a general practice law firm with focus areas in: 

  • Divorce Law
  • Family Law
  • Employment Discrimination
  • Personal Injury

Jacqueline is also a weekly guest legal blogger for CLT+ at cltplus.com and the organizer of the Charlotte Indie Music & Media Night.

For questions or more information, feel free to contact Jacqueline:

Email: J.E.McIntosh.Law@gmail.com

Instagram: @futureesq14

Facebook: Facebook.com/jemcintoshlaw

  

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The Process. It’s Good For You

As I’ve discussed in my previous post, many things have begun to change around me. After I wrote that piece, it seems like I’ve felt completely all over the place. Things are definitely moving in another direction. And in some cases, not at all how I’d anticipated. Through my circumstances and experiences, I’ve come to realize that the process is good. No matter what it looks like, no matter how uncomfortable it may be; the process is needed. 
These past few days I’ve consistently said to myself, “God has a way of doing things.” Nothing happens haphazardly, it’s all for a purpose. There’s significance, it’ll birth something. After a situation last night, I realized it caused me to see things differently. There are times when we begin to allow fear to overtake us. We see the inconsistency of our success, the constant roadblocks, and we begin to think that maybe this isn’t for me. Maybe what we desire isn’t really what we deserve. Despite our feelings, there’s a purpose in all that we go through. Our circumstances and situations do the following:

  • Settles us. Difficulties have a way sitting us down. Sometimes we run too much physically, emotionally, and mentally. There are times when our situations cause us to take a step back, relax, and evaluate. 
  • Shows us where our dependence should lie. The different things that we go through in life also cause us to realize that we shouldn’t put our security and dependence in things. We can’t trust physical things. We have to put our trust wholeheartedly in God. Our plans aren’t always His plans. He knows what’s best for us; and even if it’s not what we had planned, it’s greater. 
  • It teaches us. There’s always a lesson through every struggle. It’s all preparation for what’s soon to come. It’s building and strengthening us for our future. If we don’t go through things, we won’t be able to grow. We won’t have a backbone, or any endurance. We would fall apart at every sign of disappointment.   

We have to learn to discern the seasons of our lives. Everything isn’t meant to last always. But there’s purpose in it. There are certain times that we have to go through a season where we have to just settle ourselves down. This season helps you to mature and grow into the person that you’re supposed to be. It will help us to somewhat master the art of balance. It causes us to trust that God has major purpose for our lives. And all we have to do is trust Him. We have to learn to trust the process. We have to realize the only way we can be purposeful is when we understand the process. So I encourage you today, don’t allow a particular season in your life to break you. Comply and yield yourself to your process. If it causes you to be still in order to teach you balance, allow it to. If it’s going to increase your faith because you realize Gods position in your life, allow it to. Trust that the best is yet to come when you continue in your process, instead of giving up. 

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New Beginnings 

Going into my 26th year last August, I coined it my year of New Beginnings. 2+6=8, which signifies new beginnings. It was literally the beginning of many things for me. As I officially launched my website, I knew there was so much more ahead. As we have entered into the second half of this year, and with exactly two months remaining in my 26th year of life; many situations within these past few days have reminded me that it isn’t over just yet. There’s still room for ‘New’. And with faith and persistence, I just need to embrace it. 

Anyone who really knows me, knows how much I love to hold on to memories. I literally save messages and pictures so that I can go back and put myself back into those moments. So I’ve been connected to a particular person on and off for a little over two years. Very recently, maybe about almost two months ago, the nature of our relationship unfortunately changed. We decided to no longer be as close as we previously were for our own private reasons. And although the love was still there, we decided to keep things on more of a friendship level. Me being who I am, of course I still had every single text message in my phone. Last week we were exchanging messages and after I sent the last text, I didn’t lock my phone as I normally would. Then accidentally, my finger touched the screen and deleted the entire chat. Now, I totally freaked out. I was upset, overwhelmed, and probably a bunch of other emotions. After my little pity party and being laughed at by those around, the first thing that came to mind was new beginning. I was stuck in what we were. I would go back to the messages and place myself in those moments that made me smile. And although, I will never forget them, the nature of our friendship was different. There was a level of friendship I always wanted with this person, but where we’d previously been, we couldn’t have that. And as I began to think, I realized what would and could come from our friendship now. Although it was something I wanted, and even after desired, I realize where we are now. And I see that things have been caused to change. However, I’m able to see the new. I see the path that our friendship will go down. I see that we can still be close to one another, but in a different nature. And the new that I began to see was still good. 

So often we become weary when situations change. Or when things end. But we have to learn to see the newness in it. When something ends, something else has to begin. 
A few days ago, I received some news that at first made me want to retreat. Things are starting to change all around me. This one area I’d gotten so complacent to the point that I thought I was secure. Funny thing, it’s been a little over two years that I’ve been in this position. And with the recent changes, after I checked myself, has put me in a place where I’m pushed to go hard. I’m being pushed to go harder for what I want. I’m being pushed to go harder towards my goals. I’m being pushed to go harder for bigger opportunities, that I deserve. 
Sometimes situations happen to push us to the new that we should’ve sought before. We get comfortable thinking that this is it for us, but if we change our mindset and go after something bigger, we can have it. 
So with my last two months of being 26, I vow to go hard, have faith, and be open to the new that’s on its way. I’m beginning to speak some things that are not, as though they were. I’m going to walk as if the new is already here. I won’t be sad about where I am and the changes that are going on all around me, I’m believing God for the new that He has for me. 
I encourage all of you to change your mindset. We’ve reached the second half of the year, and if you feel like you’ve missed chances and opportunities, there’s still time. There’s still room for ‘new’. Have faith, stay persistent, and embrace it! 

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Editor’s Note: Lovely Miss Jones Scholarship 

I need your help! With just 2 months away from the one year Anniversary, it is my hopes to help someone financially with college. After becoming a tad bit discouraged with the lack of support, I realized I have to keep pushing. It’s not about me, but the benefit of someone else. With that being said, please find it in your heart to help me as my passion is to help create change in the lives of others. Especially this next generation. We can help make a difference and help them reach their goals. Visit gofundme.com/LMJSCHOLARSHIP to make a donation! Thank you in advance. We can make this happen! Donate and share!

-xo Miss Jones 😘

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Get Your Finances In Order: Interview With The Budgetnista

“Women get together and we discuss men, children, and our lives over a glass of wine. But how often do we talk openly about finances? We say, ‘The Lord will make a way,’ and that’s true. But I’d like to empower myself.” Whether you’re in your twenties, thirties, forties or fifties and beyond, it’s not too late to get started. This quote is from an article in the February’s issue of ESSENCE Magazine. 
So often we get together with our friends and loved ones to talk about life and all of our issues. But how often do we discuss financial struggle, along with the importance of saving or budgeting? It wasn’t until my last year of college, when I was about to graduate, I realized the importance of saving and how I should’ve done that during my journey. 
After finding out about the Live Richer Challenge (a free, online financial challenge created by The Budgetnista to help women achieve 7-specific financial goals in 36 days. Currently over 15,000+ women in all 50 States and 52 countries, have signed-up and participated in the LRC.) and hearing her on the panel at a financial education event; I had the pleasure of interviewing financial educator, Tiffany “The Budgetnista” Aliche. The Budgetnista has been featured in The New York Times, US News and World Report, the TODAY show, PBS, Fox Business, MSNBC, CBS MoneyWatch, TIME, ESSENCE Magazine, and FORBES. She regularly blogs about personal finance for The Huffington Post. She has also been has been a featured speaker at American Express, Princeton University, Wyndham Worldwide, Columbia University, Circle of Sisters, MegaFest, The United Way, Prudential Financial Inc. and many more.
Below you will find a few highlights from the interview where you’ll get to know a little more about Tiffany, as well as get some useful tips on how to get your finances in order. 
Miss Jones: How did you decide to start this journey? (Entrepreneurship)

The Budgetnista: Life decided for me. I was a school teacher for ten years. The school I was working for lost funding and everyone lost their jobs. I was relieved because I knew it was time to move on, but I was scared as well. You can do all of the right things and still be without a job.  

Miss Jones: For those who may not know, tell us a little about your business.

The Budgetnista: I have a financial education firm, which helps people with basic finances. My audience is predominantly women. I work with sets/groups of people and companies. Because I was an educator, I am able to teach in these settings. I’ve worked with companies like Prudential, United Way, and more. 

Miss Jones: What life experiences growing up contributed to the career path you have now?

The Budgetnista: I grew up in a household with my father, who was a financial banker. My father always talked to my sister and I about finances. When I got my first job, I had to talk with him about my paycheck. So I was able to master that at home. The rest was natural progression. I taught preschool, which played a part. The younger the age, the better to teach. College age students have knowledge, while preschoolers have no knowledge at all. You have to teach them everything, and that’s the best place to start. If you can teach preschool effectively, you can teach anyone. 

Miss Jones: did you ever think you’d write a book?

The Budgetnista: Yes, I always though I would but I never knew what it would be about. When I was teaching, the parents would come in around nap time and I would help them with their finances. As I was helping them, I would write it down. And eventually u wrote a book about it.

Miss Jones: Did you ever think the LiveRicher Challenge would be as big as it is now? 

The Budgetnista: Yes and no. I thought it was a great idea, and would be great to do. The I thought to myself, ‘it’s too much, no one’s going to do this.’ It was the same with my book. It humbled me. What the challenge is doing now, is something I dreamed of. 

Miss Jones: What are some of the goals you’ve had?

The Budgetnista: I ultimately wanted to have a business and fully support myself. I wanted to make a certain amount of money a month. I wanted by book to be a number one seller. I also wanted to be featured in certain publications. And I was able to accomplish all of these. There are still some goals I have yet to reach. I would like to speak at ESSENCE Festival, as well as be a branch certified one day. 

Miss Jones: How were you able to accomplish these goals?

The Budgetnista: Putting one foot in front of the other, without overthinking. I’ve learned to do what you know, and the rest will come after. When you do what you know, the more you learn. Two, always keep positive people around you. I call those people in my life, the dream catchers. Keep people around you who have their own business. You’ll be able to learn from them. Also, keep honest people around you, that’ll let you know when you’re doing too much. Remember why you started, and don’t be afraid to look for assistance when you need it. Learn when to ask for help. It can cost you time, money, and happiness when you try to do everything yourself. 

Miss Jones: Many people growing up, as myself, were never really taught to save, and are now struggling with the transition and mind shift. What are some tips to get back on track?

The Budgetnista: 1. Discipline. Decide how much from your check to save. It’ll get you to practice. Ask your job to take out $10 out of $100, and send it to another account through direct deposit. 2. Start with saving goals that are fun. For example, specifically saving for a vacation, a car, or an apartment. You can either go to a concert, or live home with your parents forever. Find what motivates you, even when you want to spend. 3. Open up an online savings account, which allows you to magnify your money online. Banks such as Capitol one 360 and Ally banks offer great online accounts. And it is only a savings account. Separate accounts for specific goals. Whether it be a travel or a car account. These online accounts take 2-5 business days (unlike a regular bank) to transfer money. So it forces you to save. 

Miss Jones: What are some of the most important steps to becoming financially stable?

The Budgetnista: First, imagine you’re in a ditch. Just stop digging. Stop using your cards. Stop eating out. Find the issue, and take a step back. Bring things back in order one at a time. Be sure to create a budget, it’ll help you see where your money is going. Try the Live richer challenge. Miss Jones: How can one save and still enjoy your life? Looking well, vacationing, but still have funds saved?

The Budgetnista: Budget. Including travel, clothes, etc. Look at what you want. Take out bills first, and put 10% into your retirement account. With the first check of the month. From 90% figure out how much the things you need are, how much will you save, and how much will you do for fun stuff. Retirement should always be first, then emergency savings, bills, then fun. When there’s no money left, you’ve made poor choices. If you want fun, lower your bills. 

Miss Jones: How do you build your credit score?

The Budgetnista: Your credit score is broken up into five different components 1. Inquiry. Which is when someone else looks at your social security number, if you were applying for a credit card etc. You should save it for a car or student loans instead of applying for multiple credit cards you don’t need. Even if you don’t qualify for the card, points are still taken off of your credit score. And that’s 10% of your credit score.  

2. 10% of your credit score is debt. 

3. Length of credit history. And that’s 15%. Keep your oldest credit card open. If you’re in college or fresh out of college, let your parents put you on as an authorized user. Where they are the primary user and also pay on time. 

4. Utilization. Which is how much are you using. This is the thing that brings most of it down. Using too much of what you’re given. Keep your spending under 30%.

5. Payment history. Which 35%. Keep your payments down. Always pay what they ask when they ask. Charge a card with something small regularly and pay it off in full every month. 

Miss Jones: What are some of the best budget plans that you’d give others? Is the Mint App a good budgeting tool?

The Budgetnista: From what I’ve heard about Mint, its pretty good. However, my book The One Week Budget, I give a great way to budget. Set it up and automate it. Separate checking account for bills. Second account not attached, so that all of your bills are taken from one specific account. One should typically have at least three separate bank accounts. A savings account, an emergency account, an online savings account, and/or a regular checking account. 

Miss Jones: Is there any advice you’d like to leave with us?

The Budgetnista: It’s not as hard as you think, it’s just about practice. With time it gets easier and easier. But only if you get started. 

Tiffany, The Budgetnista, was a pleasure to talk to. She is going around the world sharing financial tools that can ultimately change someone’s life. She offers financial education to companies, small groups, churches, and universities. You can visit her website to invite her and find out her pricing, thebudgetnista.com. Also purchase her books The One Week Challenge and Live Richer Challenge. Lastly, follow her on Instagram and Twitter @thebudgetnista and continue to find out ways to get your finances in order!