508: The Tax Mistakes Side Hustlers Make That Cost Them Thousands (And How to Avoid Them)

If you’re a side hustler or solopreneur, taxes can go from simple to overwhelming real fast and the truth is, many entrepreneurs are quietly losing thousands of dollars just by not knowing what they don’t know. In this episode, I sat down with CPA and TurboTax Expert Lisa Greene-Lewis to break down the most common tax mistakes side hustlers make, from choosing the wrong business structure too early to missing out on key deductions and failing to stay organized throughout the year. We also unpack what actually makes taxes more complex as your business grows and how to stay ahead of it before tax season hits.This conversation is all about helping you feel more confident, more prepared, and more in control of your finances. Because the goal is not just to make money in your business but to keep more of it.Main TakeawaysLack of consistent tracking is the biggest mistake that leads to overpaying taxesMany solopreneurs miss deductions simply because they are unaware of what qualifiesStaying organized year-round is the key to reducing stress and maximizing savingsHighlights Include00:00 – Introduction to tax season for solopreneurs02:00 – Lisa’s journey into tax expertise and entrepreneurship05:20 – LLC vs S corp: what you actually need to know08:20 – When taxes start to feel complicated09:30 – Why tracking income and expenses is critical11:40 – Common deductions people miss13:00 – Home office deduction explained14:20 – Section 179 and equipment write-offs15:10 – What you can’t deduct (clothes, hair, makeup)16:40 – Business credit card interest deduction17:20 – Employing your kids as a tax strategy18:00 – SEP IRA and retirement savings for entrepreneurs19:00 – Qualified Business Income deduction20:10 – Key tax law updates and 1099-K changes23:20 – How to stay organized with QuickBooks25:40 – How TurboTax experts support business owners27:10 – Lisa’s personal system for staying organized Links Mentioned in This EpisodeTurboTax: https://turbotax.com/business QuickBooks: https://quickbooks.intuit.comWatch & ListenWatch this episode on YouTube and listen on all podcast platforms:Apple Podcasts: https://podcasts.apple.com/us/podcast/side-hustle-pro/id1126021323Spotify: https://open.spotify.com/show/13qDj08lBR4ymzGhXIKy8tYouTube: https://www.youtube.com/sidehustleproAnnouncementsIf you’re ready to build a podcast that becomes your exit plan from your 9-to-5, sign up for my next live class: Start the Podcast That Builds Your Exit PlanSave your seat here. Social MediaLinkedIn: https://www.linkedin.com/in/lisa-greene-lewis-7721b815a Website: https://turbotax.com/business Side Hustle Pro – @sidehustlepro#SideHustlePro Hosted on Acast. See acast.com/privacy for more information.