The Tax Implications of Side Hustle Revenue in 2026

In this episode of The Tax Strategy Podcast with Fexingo, Lucas and Luna break down the new Schedule C reporting requirements for side hustle income starting in 2026. They focus on the lowered $5,000 threshold for digital payment platforms and explain why services like Venmo and PayPal now issue Form 1099-K for nearly any side cash. The hosts walk through a concrete example: a freelance graphic designer earning $12,000 from Fiverr and Upwork. They cover estimated tax payments, the home office deduction for gig workers, and recent IRS guidance on what counts as business vs. hobby income. Lucas also explains the 20% qualified business income deduction and how it applies to sole proprietors. By the end, listeners will know exactly what documentation they need and how to avoid surprise tax bills. #SideHustleTax #1099K #GigEconomy #ScheduleC #FreelancerTaxes #VenmoTaxes #PayPalTax #HomeOfficeDeduction #QBIDeduction #SelfEmployedTax #EstimatedTax #HobbyVsBusiness #IRS2026 #Fiverr #Upwork #Finance #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo