Looking to boost your income fast? Look at these nine quick side hustles for inspiration and start earning today!
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Sometimes, life throws unexpected financial curveballs our way. Whether it’s sudden bills, unforeseen expenses, or urgent repairs, the need for quick cash can arise at any moment.
Relying on your regular paycheck might not always cut it, and that’s where fast and legal money-making opportunities come into play. Whether you’re tackling side hustles or exploring new avenues for income, it’s crucial to stay informed about tax obligations. Below, you’ll find practical insights, ideas, and tips to help you navigate towards earning extra cash swiftly and responsibly.
Looking to earn extra cash fast? Consider these nine side hustles:
1.Sell Items Online
Clear out your clutter and make money by selling old clothes, electronics, books, and more on platforms like eBay, Craigslist, or Facebook Marketplace. You can also try Poshmark or Etsy for specific items. Just remember to factor in shipping costs when pricing your items.
Time to set up: Few hours
Time to make money: Days or weeks
Requirements: Account on selling platform, items to sell
2. Answer to online surveys
(Image credit : surveylegend.com)
Looking to earn money quickly? Participating in online surveys can be a swift way to make some cash. Websites like Survey Junkie and Swagbucks offer opportunities for users to join and complete surveys in exchange for cash prizes or gift cards. While each survey typically pays a few dollars, it’s a straightforward method to earn money while handling other tasks. You only need a smartphone or computer to get started — no advanced qualifications are necessary.
Most survey sites provide cash rewards or gift cards as incentives. However, be cautious of sites that require you to use earnings exclusively on their platform, as this could signal a potential scam or limit your ability to withdraw your earnings.
Setup time: Minutes
Time to earn money: Hours
Requirements: Smartphone or computer
3.Pursue Freelance Gigs for Quick Cash
(Image Credit: Fiverr )
Freelance websites like Upwork and Fiverr offer a plethora of job opportunities across various fields like programming, graphic design, and writing. Setting up is straightforward: Create an account, browse available jobs, and bid on those that match your skills. Once selected, complete the work to client specifications and get paid. Building a positive reputation can lead to more lucrative projects and steady income.
Many freelancers turn this into a full-time career, enjoying the freedom to work on their own terms. Depending on your expertise, you can also create online courses, work as a virtual assistant, or contribute regularly to online publications.
Setup Time: Hours
Earning Time: Days
Requirements: Skills for freelance work, a computer, necessary software
4.Pet Sitting and Dog Walking for Quick Cash
(Image Credit: Rover )
Apps like Rover and Wag offer lucrative opportunities, especially if you adore animals. Whether you’re pet sitting or dog walking, you can start earning in no time. Create a profile, upload photos with your furry friends, and begin booking clients based on your schedule. You can offer services like dog walking during the day, evenings, or whenever your clients need you.
These platforms also allow you to care for pets over longer periods, such as during vacations or emergencies. Keep in mind, building a solid reputation as a pet sitter may take time before you start earning substantial income.
Setup Time: Hours
Earning Time: Hours
Requirements: Pet sitter app, smartphone, pet supplies (like leashes and bowls), passion for animals
5.Drive Delivery for Quick Cash
(Image Credit: UberEats)
Becoming a delivery driver is a straightforward way to earn extra income, requiring just a vehicle and a smartphone. You can sign up with various rideshare and food delivery apps like Lyft, Uber Eats, Instacart, and DoorDash, giving you the flexibility to work any time of day.
As a delivery driver, your tasks include picking up orders from restaurants, delivering food, and accepting new assignments through the app. Getting started does involve a traditional process, including submitting an application, attending an interview, and undergoing a background check. This process typically takes several weeks, so if you need quick cash, plan accordingly.
Setup Time: Several Weeks
Earning Time: Hours
Requirements: Vehicle, smartphone, willingness to undergo background checkswya ot make
Navigating Taxes for Your Side Hustle
Before diving into the world of side hustles for some extra cash, it’s crucial to stay ahead of your tax responsibilities. You definitely don’t want a hefty bill catching you off guard come tax season, so here’s what you need to know:
Do I Have to Pay Taxes on Side Hustle Income?
Absolutely. According to IRS rules, if you’re self-employed and earning more than $400 annually, you’re required to file a tax return and pay estimated quarterly taxes. Unlike traditional jobs where taxes are deducted automatically, as a freelancer or side hustler, it’s on you to set aside enough for Uncle Sam.
How Do I Prepare for Taxes?
To avoid any surprises, start by opening a dedicated savings account specifically for taxes. Whenever you earn from your side hustle, stash a portion in this account. This keeps your tax money safe and separate from your spending cash.
How Much Should I Save for Taxes?
A good rule of thumb is to allocate between 25% and 35% of your side hustle income into your tax savings account. This should cover both income taxes and the self-employment tax (which covers Social Security and Medicare). Since you’ll likely pay taxes quarterly, keep your savings topped up throughout the year.
Can I Deduct Side Hustle Expenses?
The perk of being self-employed is that you can deduct business-related expenses from your taxable income. To simplify this, consider setting up a separate checking account solely for business expenses. This way, when tax time rolls around, you can easily tally up your deductions without mixing personal and business finances.
By staying organized and proactive with your taxes, you can enjoy the benefits of your side hustle without any tax-related surprises. Ready to hustle smart? Keep these tips in mind and stay financially savvy all year round!
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