MeKenna as well as Kat make up the Support team at YNAB. In addition to working for YNAB, they’re both side hustlers: freelance lighting designer (MeKenna) and freelance actor/performer (Kat). To reduce tax-time stress, put their tips for managing side hustle income and expenses in YNAB into practice in your budget!
No matter what your side hustle is, you can find the right tools, processes, and systems to make it easier. While we both manage our side hustles a bit differently in our budgets, we agree that we couldn’t imagine managing the expenses and income without YNAB.
We all have one thing in common: All side hustle income and expenses are paid into our personal accounts. This works well for us, but it is not ideal for businesses. A separate business budget is a better option. You can find lots of resources and information on how to set up a separate business budget at our Small Business landing page.
How to manage Tax-Deductible Expenses
Option One: Tagging
Kat’s approach:
I took the list I received from my accountant of deductible expense categories and made notes of those that…
