Picking up a side hustle can help bolster your finances, whether you’re saving for an epic vacation or simply need to make ends meet. In fact, the guys who started Airbnb — now billionaires — started by renting air mattresses on the floor of their apartment, because they were short on rent.
Gigs and temporary jobs can also be a great way to develop a new skill or monetize a hobby. The only downside? If you make more than $400 annually, you’ll need to pay self-employment taxes.
How else can I earn extra cash while I’m at home?
To generate extra sources of income while at home, brainstorm products and services that you could provide to the public. Here are some ideas:
- Rent out your RV or camping-ready SUV. A site like RVshare or Outdoorsy can connect you with nearby travelers who’ll pay good money to borrow your RV.
- List your extra space on Airbnb or Vrbo. Whether you have a spare room, guest house or vacation home, bring in some extra cash by renting it to people passing through.
- Sign up for an affiliate program. Earn commission by promoting products on your social media pages. For example, Macy’s Style Crew program is open to the public. There’s only a short form required to apply, and you’ll get 5% of every sale.
- Start a blog. Do you have great taste in books, shoes or something else? Sign up with a brand’s recommendation program to earn money by endorsing products.
- Utilize word-of-mouth. Let friends and family know that you’re trying to earn some extra cash, so that they can connect you with people who need a service you can offer.
- Add your car to a car-lending app. Offer up your vehicle to people who need a short-term rental, on an app like Turo or Getaround.
- Loan your extra land to campers. Have you heard of Tentrr? It’s like Airbnb, but for camping. If you’re sitting on extra land, you could earn extra cash by inviting people to stake their claim for a night.
- Rent out your empty driveway as a parking space. Parking spots are a hot commodity, especially in suburbs near city limits and areas close to train stations. Try Spacer for free to find a renter and get paid for your space.
Listen to a side hustle podcast
Side hustle podcasts can help you come up with ideas on a regular basis. Some of the best include:
- Side Hustle School
- The Side Hustle Show
- Smart Passive Income
How do taxes function for gig workers?
If you earn more than $400 yearly as a gig worker, you must file a tax return — even for temporary or part-time work, according to the IRS . Examples of gig work include:
- Driving for Uber or Lyft
- Renting out property or equipment
- Selling items online
- Performing creative or professional freelance work
The IRS recommends that you pay estimated taxes quarterly, otherwise you may be charged a penalty fee at the end of the year. Gig workers can pay taxes online, by mail or over the phone. Review the IRS website for more detailed information about paying quarterly taxes.
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