This week, I set a goal that was very mandatory for myself. Filing my taxes. In fact, I’ve already completed this goal as of this past Monday so I’m happy to say that it’s off my list.
However, this time around filing my taxes was a little different as it was the first time I would be claiming my notary business. And to be honest, I procrastinated. Beforehand, I was a simple 1040 or 1040EZ preparer. I would just have to plug in the numbers from my W-4, my 1098-E and thanks to the higher interest I earn with my Ally savings account, 1095-INT. All of these documents made it very easy for to complete my taxes in about 20 minutes or less. But having a part time business (side hustle), I had to add a whole new process to calculating my extra earnings.
I had to record my apartment as overhead and make sure I deducted the right amount of space for my business (300 sq. ft.). I had to calculate the my phone usage as a business expense. And I’m on a family plan. I had go through and all my notarizations for 2018 and the travel expenses (Uber) to conduct my notarizations. Yeah, this year’s taxes was much more tedious. I lot more work than I’ve done in the past.
But I’m glad I got it done before the deadline. And although I could’ve requested an extension, there was no logical reason why I needed to. Other than I had procrastinated so long.
To my fellow side hustlers reporting their income for last year taxes, I know the burden and wish you much success in getting it done.