I have two ways I make money: my regular 9-5 job and by being a beer brand ambassador/wine taster. This summer I made fantastic money, coming close to $1,000 a month in extra cash. I always set aside 10% of my earnings into a fund that I use for expenses not reimbursed by the agencies I work for (like sample cups, uniform pieces, etc.). I figured I could use whatever money was left over towards my taxes.
I'm getting worried now because I did the IRS withholding calculator to see if I was on track, and they said I would likely owe $2,000+ at the rate things were going now! I'm a little panicked - I didn't have all the exact numbers from my previous job's earnings and taxes withheld, so I rounded it as best as I could. With all the events I've done and am signed up for now, I'll be reporting about $7,000 in side income for 2017. I did put in rough mileage deductions (I have not had the chance to properly put this into an excel sheet, but I have a calendar of locations for my events), but not deductions for other items.
I don't know what to do right now while I still have time to make changes. How can I make sure I'm on track to owing way less than $2,000? What should I do in 2018 to make sure my side gig doesn't put me underwater?
Submitted September 27, 2017 at 09:29AM by BlinkerBeforeBrake http://ift.tt/2xKNAVk
