W-2 employees can cut taxes by starting a side hustle. You can deduct ordinary business expenses even if you make no profit, as long as you show intent to earn money. Modern tech makes it easier than ever to find a viable side gig.
Here are 3 quick, easy ways to reduce your taxes. Another option is creating a side hustle. If I'm just a W-2 earner, the tax code is very black and white for me. I pay tax on the W-2 wages. Maybe I itemize and there's some tax savings I get that way, but not a whole lot. If I have a side hustle, meaning I am making an attempt outside of my W-2 job to earn money, I can now take advantage of all of the tax code, meaning I can write off business expenses. There's no law that says I can't take business expenses if I'm not making very much money, or even if I'm making any money. As long as I can prove I'm attempting to make money, I have the opportunity to write off some stuff. Side hustles is an option, and that— the sky's the limit on side hustles, especially nowadays with the way technology is.
