If you’re a side hustler or solopreneur, taxes can go from simple to overwhelming real fast and the truth is, many entrepreneurs are quietly losing thousands of dollars just by not knowing what they don’t know.
In this episode, I sat down with CPA and TurboTax Expert Lisa Greene-Lewis to break down the most common tax mistakes side hustlers make, from choosing the wrong business structure too early to missing out on key deductions and failing to stay organized throughout the year. We also unpack what actually makes taxes more complex as your business grows and how to stay ahead of it before tax season hits.
This conversation is all about helping you feel more confident, more prepared, and more in control of your finances. Because the goal is not just to make money in your business but to keep more of it.
Main Takeaways
- Lack of consistent tracking is the biggest mistake that leads to overpaying taxes
- Many solopreneurs miss deductions simply because they are unaware of what qualifies
- Staying organized year-round is the key to reducing stress and maximizing savings
Highlights Include
- 00:00 – Introduction to tax season for solopreneurs
- 02:00 – Lisa’s journey into tax expertise and entrepreneurship
- 05:20 – LLC vs S corp: what you actually need to know
- 08:20 – When taxes start to feel complicated
- 09:30 – Why tracking income and expenses is critical
- 11:40 – Common deductions people miss
- 13:00 – Home office deduction explained
- 14:20 – Section 179 and equipment write-offs
- 15:10 – What you can’t deduct (clothes, hair, makeup)
- 16:40 – Business credit card interest deduction
- 17:20 – Employing your kids as a tax strategy
- 18:00 – SEP IRA and retirement savings for entrepreneurs
- 19:00 – Qualified Business Income deduction
- 20:10 – Key tax law updates and 1099-K changes
- 23:20 – How to stay organized with QuickBooks
- 25:40 – How TurboTax experts support business owners
- 27:10 – Lisa’s personal system for staying organized
Links Mentioned in This Episode
- TurboTax: turbotax.com/business
- QuickBooks: https://quickbooks.intuit.com
Watch & Listen
Watch this episode on YouTube and listen on all podcast platforms:
- Apple Podcasts: https://podcasts.apple.com/us/podcast/side-hustle-pro/id1126021323
- Spotify: https://open.spotify.com/show/13qDj08lBR4ymzGhXIKy8t
- YouTube: https://www.youtube.com/sidehustlepro
Announcements
If you’re ready to build a podcast that becomes your exit plan from your 9-to-5, sign up for my next live class: Start the Podcast That Builds Your Exit Plan on April 17th.
Save your seat here.
Social Media
LinkedIn: https://www.linkedin.com/in/lisa-greene-lewis-7721b815a
Website: turbotax.com/business
Side Hustle Pro – @sidehustlepro
#SideHustlePro
