Your 2016 Side Hustles


#1

Its tax time, so I’m getting all my income and expenses organized from my side hustle.

How did your side hustles go for 2016?
What did you do to earn extra income?
How much did you make? What were your expenses?

This was my first full year of working my side hustle. I run a small 3D printing, design, and technical writing company JVFTech.com. I currently have two regular customers, and a lot of irregular ones. I’m pretty happy with the results, I haven’t put much into it, and don’t do any advertising, other than running a page through 3DHubs.com.

Income for the year was around $1700. I think I could grow this a lot, but need to find the time to fit it in my schedule. My work hours tend to be irregular for my full time job, and we just had a baby 8 months ago.

I’m still working on calculating my expenses and trying to determine what qualifies and what does not. I don’t want to get in trouble with the IRS. I think my expenses will be around $800, which include depreciation on my machine, electricity to run it, 3D printing materials, among other things.

Overall I’m pretty happy with it this year. I didn’t put in a lot of time.

The 3D printing side is pretty passive. Get the order, spend 10 minutes processing it, 5 minutes to setup the print, and maybe 15 minutes to clean up after. All in it ends up being about 30 minutes of work for most prints. Rate depends on size and complexity, so my hourly income varies significantly (I would estimate between $5/hr and 60/hr).

For design work I charge $45/hr (did maybe 10 hrs of work), for consulting $55/hr (2 hours), for technical writing (no work here yet) price varies.


#2

Congratulations on becoming a new papa!! Nothing will change your life more IMHO.

Sounds like a great start to the side hustle. It is hard to balance work with life with side hustle, especially with new baby in tow. But I am a big believer that if you love it, it will come together. Afterall, entrepreneurs are the only people willing to work 80 hours to avoid working 40. :stuck_out_tongue_winking_eye:

Best of luck and congratulations again!


#3

Great job! I think you’ve got a good handle on your side hustle and it will only grow from here! I also started a new side hustle this year, teaching drivers education. I’m paid as an independent contractor, not as an employee, so I am anxious as to how this will effect my taxes. I kept back about 40% for a tax payment just to be safe. I normally get a large refund from my full time job so I don’t anticipate owing anything this year. I believe this year I made around 5k from my side hustle. I wrote a blog post about side hustles, check it out here!

http://www.dollardiligence.com/2017/01/05/3-things-look-side-hustle/


#4

Congrats! Do you do this work from inside your home? I’ve read that one could dedicate a part of the home for a home business and take a portion of the mortgage/electricity/upkeep as a business expense. I was curious how that is typically done, and how likely it is to get audited.


#5

Investment properties.

Invested it.

USD$58747.48

About the same.

I intentionally run gearing levels so that my property investments work out roughly cash flow neutral, to minimise my income tax liability. I view property as a long game, and my unrealised capital gains in 2016 were approximately USD$27,000.

I will point out that the year before unrealised capital gains on my portfolio were comfortably in the six figures, but Brexit has f*cked that up pretty good this year.


#6

I do this from home, but I’m hesitant to take any write off’s for it. I haven’t been tracking how much electricity my equipment uses. I do have a small part of my basement dedicated for printing and office work, but again, I’m not sure how to take the write off and don’t really feel like messing with it this tax season. Maybe if my business grows this year I will look into it.


#7

Landscaping and other work around the house for friends, neighbors and coworkers.

No overhead other than gas to drive to job site (although I did try to ride my back when it was reasonable) since I use client’s tools and equipment.

Mainly use the extra $50 to $150 bucks to pay for monthly credit card bills so that I can invest more each month!!!

Nothing like true under the table income that you enjoy :grin:

Probably should try to step up my game and do some 3D printing instead of mowing lawns!