Taking on a side hustle is a great way to improve your financial picture. The money you earn from that second gig could make it possible to pad your savings, work your way out of debt, or simply have more flexibility when it comes to higher-than-average bills. Unfortunately, that’s something a lot of us are grappling with now thanks to rampant inflation).
But when it comes to filing taxes, working a side hustle could add a layer of complexity to the mix. If this year’s tax return is your first to include side hustle earnings, here are some key points to keep in mind.
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1. You must report all of your income
Usually, when you earn $600 or more on a freelance basis from the same client, that company will send you a 1099 form summarizing that income. But you may not get a 1099 in every situation. The absence of that form doesn’t mean you’re off the hook in terms of reporting your income to the IRS.
Failing to report income could have serious consequences, like penalties that cost you money. A good bet is to carefully look through your bank statements and make sure you’re reporting every dollar you took in on the side.
YES, SIDE HUSTLE MONEY IS TAXABLE: Here’s what to know if you made $600 or more in 2021.
2. You can deduct expenses you incurred to do your side work
If you incurred expenses in the course of working your side hustle, you’re allowed to deduct them on your taxes – provided you have receipts to back up your claims. Imagine you did work as a freelance photographer on the side in 2021. You may have spent money on equipment and driving back and forth to different places for photo shoots. Those are legitimate expenses you can deduct to minimize your tax liability for that gig.
3. You may or may not be penalized for an underpayment
If you earn a substantial amount of money from a side hustle that pays you on a freelance basis, it’s a good idea to make estimated quarterly payments on your earnings during the year. If you don’t, you could get stuck with a penalty for paying too little tax. If 2021 was your first year working a side hustle and you paid no tax on that extra money, you may have a penalty on your hands.
TAXES 2022: How do you get an extension? Do you still have to pay now?
That said, you won’t be penalized if you owe the IRS less than $1,000 in taxes as a result of your underpayment. So let’s say that after accounting for your side hustle income and deductions, you owe the IRS $500 for 2021. You’ll still need to pay that tax debt – but you shouldn’t be slapped with penalties since it’s under that $1,000 threshold.
A side hustle could be a great source of added income that helps you more easily cover your bills and meet different financial goals. But it’s important to understand how that gig might affect your taxes – and take steps to minimize your liability come tax season.
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If you’re looking for a way to improve your home WiFi setup, Amazon’s Eero mesh systems could do the trick. The most advanced version you can get right now is the Eero Pro 6, which covers up to 2,000 square feet with one router and supports gigabit internet. Prime members can get a two-pack for $80 off, bringing the final price down to $319. It’s not the record low that we saw during the holiday shopping season ($299), but it’s the best price we’ve seen in the new year.
Only the two-pack has this discount, but it should be enough for even large homes. With the router and the access point, you’ll get up to 3,500 square feet of coverage, with gigabit speeds and support for WiFi 6.
Setting up the Eero Pro 6 should be quite simple — you only need to download the companion mobile app, plug the system in, and follow the prompts. In addition to improving your WiFi setup, the device also has a built-in Zigbee smart home hub, meaning you can connect compatible devices like lights, locks and more to it without buying a separate hub. And if they are Alexa-enabled gadgets, you’ll be able to control them with your voice, too. If you already have a smart home system in place, the Zigbee feature many not be that appealing, but it will be handy for those that are just starting to bring IoT gadgets into their home.
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- By the end of March, every state – except Hawaii – would have dropped indoor mask mandates implemented amid the COVID-19 pandemic, paving the way for more in-person work schedules.
- People have discovered two benefits of being remote, namely, eliminating the psychological and financial costs of commuting and realizing that they can be more productive.
- Office occupancy is at 36% in 10 major cities across the country for the week of Feb. 16, with Austin, Texas, leading the pack at almost 52%, according to data from Kastle Systems.
Dr. Harris Baden, a pediatrician who heads the Cardiac Critical Care Unit at Seattle Children’s Hospital, is excited about Washington dropping its indoor mask mandates on March 21.
Baden, who spends half his time seeing patients and the other half as a professor and administrator at the University of Washington School of Medicine, says not being able to gather for training and discussions over the last two years amid the COVID-19 pandemic has undermined the education of young residents and fellows.
Entrepreneurial spirit is sweeping the industry. Too bad the promotional language is so cliched.
Newspapers displayed on a stand in London in 2012. Recently, an entrepreneurial spirit has taken over journalism. | Dan Kitwood/Getty Images
Opinion by JACK SHAFER
01/14/2022 01:15 PM EST
Jack Shafer is Politico’s senior media writer.
The entrepreneurial spirit rages beneath the breastbone of your average journalist, rivaled in intensity only by his scorn for his bosses. Scratch him and he’ll bleed a gusher of ideas for the brilliant magazine, a breakthrough website, a must-listen podcast or even the revolutionary newspaper that he would launch if only the hacks and dullards clogging the news landscape would absent themselves and some venture capitalist would endow him with a payload of startup cash.
But the mission statements and manifestos these media visionaries compose upon starting their new thing rarely breaks fresh ground. Instead, they retreat to well-grooved cliches handed down, it seems, from earlier visionaries who were handed them by even earlier visionaries. Sometimes it feels like cliches all the way down. They vow to cut through the infoglut. “Stories are too long. Or too boring,” they complain. There’s too much news regurgitation and not enough attention paid to what matters. The existing press fails to “explain the news.” And there’s too much clickbait out there.
Latest to peddle a shopworn journalistic mission statement are the founders of Grid News. While we wish them and all new entrants great success in their new enterprise — the journalistic arts have yet to reach perfection and we believe the world needs more journalists not fewer — they haven’t articulated a unique message for their product.
Liberal: Democrats’ Hispanic Voter Problem
“The Democrats are steadily losing ground with Hispanic voters,” observes Ruy Teixeira at Liberal Patriot. “It’s not as bad as you think, it’s worse”: “In the most recent Wall Street Journal poll, Hispanic voters were split evenly between Democrats and Republicans in the 2022 generic congressional ballot. And in a 2024 hypothetical rematch between [Donald] Trump and [Joe] Biden, these voters favored Biden by only a single point. This is among a voter group that favored Biden over Trump in 2020 by 26 points.” Why? Hispanics are “an overwhelmingly working class, economically progressive, socially moderate constituency that cares above all about jobs, the economy and health care.” Whoever delivers on those fronts has their vote. Right now, that’s not the Democrats.
From the right: Biden’s Bad Year
President Biden “ends his first year in the Oval Office not as a contrast to [Donald] Trump, but rather a contrast to competency,” snarks David Winston at Roll Call. Team Biden “made the wrong choice at almost every point in this new presidency, starting on Day One by canceling the Keystone XL pipeline to placate Democrats’ strident progressive wing.” The prez “called defeating the coronavirus job one” and “declared victory” in July only to see “the number of deaths on his watch surpass the numbers under” Trump. He pumped trillions “into the economy as new, intrusive regulations put the brakes on growth, but not on inflation.” And “then there was Afghanistan.” Biden “needs to accept that simply not being Trump isn’t actually being president. . . . If he doesn’t, next year could be worse.”
Libertarian: The ACLU’s Mission Creep
“Forgiving student debt” might be a good idea, Reason’s Jacob Sullum notes, but “continuing to collect payments on student loans violates no one’s civil liberties.” “So why is the American Civil Liberties Union (ACLU), which ostensibly exists to defend constitutional rights,” collecting signatures for a petition to cancel all student debt under $50,000? It’s “another sign that the venerable organization has strayed so far from its historic mission that it is becoming indistinguishable from myriad progressive advocacy groups.” It even attacked the Kyle Rittenhouse verdict: “Thus did an organization that is supposedly dedicated to defending the rights of criminal defendants abandon that cause, bowing to political correctness by implying that the law and the evidence did not matter.”
Pandemic journal: Fire Fauci
“Anthony Fauci, the country’s No. 1 public health enemy,” essentially said “Americans should be demanding ‘your papers, please’ of their friends and family” by suggesting they require “their guests show them proof of vaccination,” fume Issues & Insights’ editors. The “petty tyrant” who has “ruining Christmas on his mind” is “a career bureaucrat with too much power, and too much influence, both of which have been imparted to him by Democrats and the media, not for his achievements but because” he would “contradict Donald Trump.” “Lockdowns cost livelihoods — and lives.” Fauci has not only been at “the forefront of this rancid stew of public health policy,” he’s “obfuscated, evaded and outright lied before Congress.” He should “be fired for dishonesty as well as his incompetence.”
China watch: Beijing’s ‘Democracy’ Lie
“Everyone understands that China is in fierce competition with the United States,” Jianli Yang writes at National Review. But it would be “ridiculous” to think the fight was between two democracies. No, it’s “between the world’s most powerful democracy and the world’s most powerful autocracy.” That’s why Beijing argued in a white paper in advance of President Biden’s democracy summit that “democracy is the right of the people of all countries” and that it exists perfectly in China under the Chinese Communist Party. That’s a “farfetched lie,” and the CCP knows it. Its “leaders know that the system they have adopted is far from democratic, but they also know in their hearts that democracy is a good thing, so they insist on calling their system a ‘democracy.’ ”
— Compiled by The Post Editorial Board
Microsoft has released an emergency patch to address a critical flaw in the Windows Print Spooler service that bad actors are actively exploiting, as noticed by The Verge. A few days ago, the tech giant has published a security advisory to notify users about the flaw called PrintNightmare, though it didn’t name the bad actors currently using it to infiltrate victims’ computers.
Attackers taking advantage of the vulnerability can remotely run code with system-level privileges, giving them the ability to install programs in the victims’ computers, delete or change data and create new accounts with full user rights. The vulnerability impacts all versions of Windows, and the company advised users to disable Print Spooler to deactivate local and remote printing to prevent hackers from getting in. They can also disable just the inbound remote printing capability through Group Policy.
Now, after investigating the vulnerability, Microsoft has issued patches for several versions of the Windows Server, Windows 10, Windows 8 and even Windows 7 — security updates for this OS ended in January 2020 — platforms. The vulnerability has been classified as “Critical,” which means its “exploitation could allow code execution without user interaction.” Microsoft is asking users to install the updates immediately or to take steps towards protecting their systems if they can’t.
Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren’t over just yet.
Lennar (LEN), a Miami-based builder, reported earnings and revenue after the closing bell Wednesday that topped forecasts. What’s more, Lennar said that its backlog and new orders for homes continued to surge. The stock was up about 3% Thursday on the news.
“The housing market remained very strong across the country, even as interest rates mildly ticked up,” said Lennar executive chairman Stuart Miller in the earnings release.
“A combination of strong personal savings rates during the pandemic, strong stimulus from the government and a developing return to normalcy continued to drive the economy forward while bringing the housing market to new heights,” Miller added.
The average selling price for one of Lennar’s homes during the most recent quarter was $414,000 — up more than 6% from the second quarter of 2020 and higher than expected.
Record low inventory, record high prices
Data from online real estate broker Redfin (RDFN) released Thursday also show just how frothy the housing market has become.
Redfin said the number of homes for sale fell 27% in May from a year ago to a record low. Houses were on the market for just 16 days, on average, also a record low. And 54% of houses sold above their listing price — an all-time high level.
That could be a problem. Prospective buyers, especially younger first-time buyers, are increasingly getting priced out of the market.
“May marked the likely peak of the blazing hot pandemic housing market,” said Redfin lead economist Taylor Marr in a report.
“Sellers are still squarely in the drivers’ seat, but buyers have hit a limit on their willingness to pay,” Marr added. “The affordability boost from low mortgage rates has been offset by high home price growth.”
Supply constraints appear to be one reason why prices continue to spike.
Housing starts and building permits figures for May came in weaker than expected, according to a government report Wednesday.
Given these concerns — as well as difficulty finding construction workers — it makes sense that builders may hold off on new projects and instead focus on completing existing ones.
“It is sensible for builders to reduce permitting activity as they work through existing commitments to build,” said analysts at Citi in a report Thursday.
Tablets are in a really weird place. Our smartphones pretty much do everything we want. If we need to get work done, even though there’s attachable keyboards for iPads and other tablets, most of us will choose from a wide range of laptops.
It’s especially important to figure out what you want from a tablet. In the case of Amazon’s Fire HD Plus, if you want a tablet with a great screen, access to all your video entertainment options and books, and a pretty affordable price, then look no further.
However, as nice as it is living within the Amazon ecosystem, it does have its limits.
Before we dig into that, let’s start with the tablet itself, which I’ve been testing out with both a wireless charging dock and Fintie detachable keyboard case that’s part of its productivity bundle (which also includes a 12-month Microsoft 365 Personal subscription).
The Fire 10 HD Plus packs a gorgeous 10-inch HD screen, yet it doesn’t feel big at all.
At 10.1 inches, it’s slightly smaller than the 10.2-inch iPad and 10.9-inch iPad Air. Still, it’s light and compact.The Fintie does add considerable bulk and weight, though.
It’s zippy, too. Flipping between apps is effortless. There’s also a split-screen option allowing you to use two apps at once, such as writing an email while having a browser open.
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The real draw of the Fire 10 HD Plus is as an entertainment device. Between the screen and support for Dolby Atmos audio, watching movies and TV shows is delightful, whether it’s Amazon’s own Prime Video or competitors including Netflix, Hulu or HBO Max. There’s also the treasure trove of books elegantly handled through Amazon’s Kindle app.
It’s available with 32 GB of storage for 179.99, or $219.99 for 64 GB. Either model lets you add a microSD card to bump up storage to as high as 1 TB. Amazon is also selling the Fire 10 HD Plus bundled with the charging dock or the detachable keyboard case for $40 more.
There is potential for using your Fire 10 HD Plus beyond entertainment. It supports Microsoft products like Office, Teams and Skype, as well as Zoom, if you want to use it for business.
The Fintie case with keyboard suits the tablet well. It connects by Bluetooth, and users can detach it if they want to use the Fire HD as a traditional tablet. But it’s important to keep in mind that these keyboards, like many aimed at tablets, can feel cramped compared to a standard keyboard for a desktop or laptop.
When paired with the charging dock, owners can not only wirelessly power up your tablet, but transform it into an Echo Show-style device. A display pops up with the weather, news items, recipes or other customizable details. The tablet also supports using digital assistant Alexa hands free. Amazon says you can fully charge the tablet in as little as 3.5 hours.
Here’s the problem, and it applies to all of Amazon’s tablets: you are stuck with Amazon’s app store. It has most of the big names you’d expect: Netflix, TikTok, Facebook, Hulu, Candy Crush Saga, and others. But Amazon’s app store is not anywhere as robust as Apple’s App Store or Google Play.
There is also a notable absence from Amazon’s marketplace: Google. So, no YouTube app or any other Google apps. Amazon’s Silk browser handles some Google services smoothly, such as YouTube and YouTube TV. However, if you rely on productivity apps like Google Docs, they don’t seem to work.
If you’re seeking an affordable alternative to an iPad or Microsoft’s Surface line, the Fire HD 10 Plus will serve you well. But only if you really want it.
Tiny musical instruments might just be the key to the future of quantum computing. Gizmodo reports that NIST researchers have built two miniscule (about the width of a human hair), quantum-entangled aluminum drums to measure their properties and lay the groundwork for large quantum networks.
The team used microwave light to give the drums two patterns (one “cool and calm,” the other less steady) that entangled on a level so precise that human instruments couldn’t match their level of coordination. The scientists then measured tiny differences in the drum head positions and found that they’d move at the same speed in relation to each other, just in different directions.
NIST could only keep the entanglement active for about 200 microseconds even in the near absolute zero temperature needed for the experiment. However, that would be long enough for them to be used as qubits for storing data and converting it to and from microwaves that could be sent to distant quantum computers in a network. Other researchers have tried this before, but they haven’t had success with on-demand entanglement like this.
There’s still plenty of work left before this reaches hardware outside of a lab. The research group would like to make the drums perform complex operations. The breakthrough suggests it’s just a matter of time, though, and practical quantum networking might be that much closer as a result.
You don’t have to look far to find ARM chips. They’re everywhere, from our phones to laptops and even some of the cloud servers that power the countless online services we depend on every day. And if ARM has its way, its designs will only become more ubiquitous over the next few years thanks to its first new architecture in a decade, ARMv9. With v9, ARM focused on three primary areas: security, AI-related processing and overall computing power.
ARMv9 includes the company’s new Confidential Compute Architecture, or CCA for short. It will enable a new “Realms” concept. ARM says all apps will have the opportunity to leverage Realms to protect their code and any private data they’re processing by executing in a different environment from other software.
ARMv9 chips will also feature the latest version of the company’s Scalable Vector Extensions (SVE) technology. Developed with help from Fujitsu, it’s one of the technologies in use by the world’s fastest supercomputer. The company says its new SVE2 platform will give ARMv9 chips an edge when processing 5G, machine learning, and virtual and augmented reality workloads locally on their CPU.
And when it comes to raw computing power, ARM claims v9 will enable performance increases of more than 30 percent over the next generations of mobile and cloud CPUs, thanks, in part due to its Total Compute design philosophy.
ARM didn’t say when the first ARMv9 chips will arrive in the hands of consumers, but the company is bullish about its prospects. It says v9 will power 300 billion new ARM-based chips. At the rate ARM chips are being shipped at the moment, the company estimates 100 percent of all the world’s shared data will soon be processed by ARM chips, whether that’s on an individual device or in the cloud.