FreshBooks lets you plug in billable time and expenses, create professional invoices and set up recurring invoices. If you send invoices to multiple freelance clients and need help keeping track of who has paid and who hasn’t, you may want to look into Freshbooks. Client & collection headaches: Freshbooks But Turbo Tax charges $89 (regularly $119) to file a federal return. You can get the same help with claiming business deductions with TurboTax self-employed, for instance. What makes this program best? It’s easy to use and relatively cheap. (There’s an additional cost for state tax returns.) Your best bet? TaxSlayer Self-Employed, which guides you through entering your business income and expenses to maximize your tax deductions.Ĭost? $49.95 for a federal return. And it’s where you get to take all sorts of deductions for things like business cards, mileage, office expenses, subscriptions, dues, and work-related travel and meals. The Schedule C helps you report the profit and/or loss from your business. If you use side hustle platforms that handle client invoicing for you, all you need is a tax-filing program that accommodates a Schedule C. It’s also worth mentioning that several sites are offering tax-season discounts. Here’s our best recommendations based on the complexity of your situation. What do you need? That depends on whether you just have one side job or many the number of expenses your business generates whether you also need help with invoicing clients or making tax deposits to federal and state authorities. On the bright side, tax software for side hustlers is relatively cheap - and tax-deductible. But claiming those deductions is complex enough to almost demand tax software for side hustlers.
And that means you get a host of deductions and credits that aren’t available to employees. On one hand, having a side hustle makes you a “self-employed business owner” as far as U.S. Tax season is a mixed bag for side hustlers.
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