uber and lyft are just two of the thousands of part-time jobs that are
driving a popular work trend called the side hustle it is defined as any type of
employment undertaken in addition to one's full-time job a side hustle is
generally freelance or piece work in nature providing a supplemental income
but earning that extra money
about that side hustle joining us with answers is business accountant and tax
attorney mark kohler he's the author of the tax and legal playbook game-changing
solutions to your small business questions hello hello good morning I am
so excited to be here this is such a great topic so do we have to tell our
full-time employer that we have a part-time side hustle thing well with
all these legals questions it always depends it's a tricky question first if
you don't have a contractual agreement or some sort of employee handbook or
statement of policy as you've signed you do not have any duty legally or
ethically to say hey I've got a little side business but if you have signed a
contract and you want to look at your employment agreement on what they might
restrict you on and so legally they can prevent us from doing the side hustle if
you've signed a contract that says I won't then they could terminate you so
you want to make sure if it's in that the company's policies but nine times
out of ten what they're doing is saying hey we don't want you to compete in the
same industry so after our customers right take our secrets but if you want
to drive uber start a little online business do a little fixer-upper
yeah that's not usually gonna be a restriction so you shouldn't be worried
about just at least discussing it with your boss before you go ahead and do it
no you should and let's get real this is people who need this extra income fifty
million Americans have a little side business whether they're fixing up a
little rental property or selling something people need this and employers
need to realize it's okay it's coming very common and in terms of you know the
disclosure do you have to disclose it before you start that side hustle or can
you start it and go you know if this is working out I better tell the boss
that's a great question I now again if contractually you're required to
disclose don't get sneaky up front just say hey I'm gonna do this the policy say
I need to check with you first it doesn't conflict will you let me do it
but if there's no disclosure requirement don't keep it quiet your side hustle is
your side hustle get out there and make money out of it you know don't bring it
up don't talk about it at the watercooler just make some money on the
side how do we report income okay well this is another wonderful opportunity
not only a making some extra income it's a side business where you can save
this new tax cuts and Jobs Act was harder on employees but very friendly to
Main Street businesses the government wants you to start a side business
you're stimulating the economy you're gonna get write-offs for your cell phone
home office travel dining your internet this is all good and so that side house
who could save you taxes and really help you supplement your income so cost
versus benefit do you think most people it's a good idea to do that having a
site this is what I talked about in my book so now my newsletter every week is
this is the American Dream let's embrace it
take it let's make a little X money pay off some debts maybe build our
retirement a little quicker fund our Roth and if the employer does ask I
wanted to interject this is if your employer does find out yeah don't don't
be evasive say yeah it's making me a better employee I have more security
financially yeah and guess what it's made me a better employee because I know
what you're going through I've learned a lot about owning my
business I want to help our business do you notice that because it's it's scary
to start your own business and to leave your full-time employment this is a way
to kind of ease yourself into to maybe something that could be a fault it is
it's right yeah and it's a gateway drug right yeah you're like man this is
pretty cool working out on my own yeah and but here's the things some people
say oh it's scary to start a business I say it's scary not to are you really
gonna put all your eggs in your day job that one basket and if anything goes
wrong in your day job what are you gonna fall back on right why not I have a
couple little side businesses that boy if there's a change in my employment I
can give it a little more time maybe I feel that gateway drug take me in a
whole other direction and I'm live in my dream getting up every day excited about
what I'm doing what are your side houses
I do hair nails you name it yeah my side hustles was writing books and just hope
when people do this really my wife's like you're staying up tonight or write
another book if I start another book shoot me but yeah thank you Mark :
business accountant and tax attorney you can check out his website and follow him
on social media and if you want to book your manicure and pedicure thank you