Rebeck & Allen

Detroit Tax Law Blog

What is a side hustle?

Your primary job in Michigan may not be enough to pay the bills, or you may not have enough money to put aside savings for a planned purchase, retirement or emergency. If that is the case, you may take on a second job to make up the difference. According to The Motley Fool, the term for this is a side hustle. Anyone, at any age, can take on a side hustle despite a stereotypical association with millennials. The top-earning age group for side hustles is people aged 53 to 62. 

A side hustle is not necessarily all about the money, though. Some people are able to take a passion project or hobby and turn it into a money-making concern. They do it primarily for enjoyment; the money is a secondary consideration. In some cases, the side hustle turns out to be so successful that it has the potential to become a primary job. 

What the IRS is looking for in a business audit

Audits are a common fear among all taxpayers. Business owners work hard year-round to maintain their tax records to remain in good standing with the IRS. There are few pieces of mail to receive that will send your heart racing like a letter from the IRS.

Hopefully that day never comes but that doesn’t mean you shouldn’t prepare for one. The internet makes it easy to compile and adjust your folder of records going back four years that would interest an auditor. First, you need to know what the commonly reviewed records are:

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Rebeck & Allen

Rebeck & Allen
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Southfield, Michigan 48076

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