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If you have a side hustle, start this simple habit now to make filing your taxes easier, CPA says

The article from MSN Money discusses the importance of maintaining organized financial records for those with side hustles, as advised by CPA Katelynn Minott. She emphasizes that keeping track of income and expenses throughout the year can significantly simplify the tax filing process. Minott suggests using tools like spreadsheets or accounting software to log all financial transactions, including receipts for expenses which can be used for deductions. This practice not only helps in accurately reporting income but also in identifying potential tax deductions, thereby potentially reducing the tax liability. The article highlights that without proper documentation, individuals might miss out on deductions or face penalties for underreported income.

Read the Full MSN Article at:
[ https://www.msn.com/en-my/money/personalfinance/if-you-have-a-side-hustle-start-this-simple-habit-now-to-make-filing-your-taxes-easier-cpa-says/ar-AA1A5vQ6 ]