Opens in a new tab

Stagnant wages mean more workers turning to side hustles

June 8, 2019

Juggling silhouette at sunset

Although the June 7 jobs report showed that U.S. unemployment held steady at 3.6 percent, its lowest level in nearly 50 years, wage growth also was slow.

That might help explain this week's Saturday Shout Out article from MarketWatch that one-third of Americans say they need a side gig to pay expenses.

"A lot of people are working side hustles because even though the economy is strong, wages are stagnant," Amanda Dixon, an analyst at Bankrate, told MarketWatch. "For a lot of Americans, expenses are rising, but there are no raises at work."

Side gigs include everything from working as a bartender to running online blogs or social media accounts. The most common side hustles in 2018 were home repair and landscaping, selling products online, crafts and child care.

Taxes on side hustle income: Do you depend on the gig economy of some or most of your income? Either way, you'll owe taxes on that side hustle money.

These Don't Mess With Taxes posts provide info and tips on handling taxes on freelance earnings:

If you're just getting home from your weekend side job, check them out after, of course, taking a break and winding down from your added employment.

Advertisements

 





 

Share:

The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

Latest Posts
Celebrating standard tax deductions as we return to Standard Time

November 1, 2026

We returned to Standard Time at 2 a.m. Nov. 1. That’s darkened the mood of…

Read More
TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
Leave the first comment