Episode 5: Side Hustles and 1099s The Tax Bill Nobody Invited
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Episode 5: Side Hustles and 1099s The Tax Bill Nobody Invited
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Your side hustle made money. Unfortunately, the IRS would also like to hear about it.
In this episode of MKE Tax Dad, Steve explains what a 1099 actually does, why income can still be taxable even when no form arrives, and why independent contractors often face a bigger-than-expected tax bill.
We cover the difference between revenue and profit, common business expenses, self-employment tax, estimated payments, recordkeeping, LLC misconceptions, and when a hobby starts looking like a real business.
Plus, in Ask Your Tax Dad:
- Do I report side-hustle income if I never received a 1099?
- Can I deduct coffee or lunch while I work?
- When should I talk to a tax professional about my side hustle?
Whether you freelance, deliver food, resell collectibles, photograph weddings, sell handmade products, or earn money from a weekend gig, this episode will help you keep that extra income from becoming an April surprise.
Have a question for Ask Your Tax Dad? Email steve@mketax.com or send a message on Instagram @mketaxdad.
Taxes. Coffee. Dad jokes. Actual answers.
MKE Tax Dad provides general tax education and entertainment, not individualized tax or legal advice. Rules discussed are based on 2026 federal tax law and may change.