How My Nursing Side Hustle Saved Me $9K in Taxes

Why am I Sharing?
I don't think I'm going to dazzle you with any innate blogging prowess. In fact, I'm shy and introverted. Yet nothing fires me up more than understanding sustainable ways that nurses can save or make more money. Forget the "eat our young" mentality; it's all about lifting each other up nowadays.

So, why am I stepping out of my comfort zone to share this? Because I managed to save myself a whopping $9,000 in taxes this year, and** I had to share in case another nurse could benefit.** Yes, you read that right – nine grand. Enough to buy approximately one new pair of figs and a Valentine's Day Stanley Cup. Intrigued? Keep reading.

Thinking I Was Rich When I Wasn’t
Like many of us, I have a stable hospital job making me a cozy W2 employee. Taxes? Set 'em and forget 'em. But in 2023, I tried out 1099 contract work on the side – the kind where the pay comes pre-taxed. I'll admit, I had a vague idea about the tax implications, but I brushed it off and acted like I was swimming in cash.

In Desperation, I Called the Experts
Come December 2023, panic sets in as I call around to various accountants. They all deliver the same gut-punch – a looming $10,000 tax bill. Ouch.

So there I am, staring at the IRS website, about to pay my bill when another accountant swoops in with advice on how to slash my tax bill from $10K to $5K based on having my own business. I didn't think twice. Done deal. Sayonara, gross IRS webpage.
Fast forward through the paperwork frenzy, and the moment of truth arrives. The final bill? A mere $700 owed to the IRS.

Spoiler: He Saved Me $9K
To me, $9,000 is a jaw-dropping amount of savings. Turns out, I had a treasure trove of deductions I didn’t even know about due to some big expenses that year. Your story might not mirror mine exactly, but the bottom line is this – there's potential for significant savings lurking in your expenses if you are a small business owner or like me, a "solopreneur".

Moral of the Story: Learn the Tax Law
I'm kidding. I used to do my own taxes because, well, I'm cheap and thought accountants were for the rich. But it turns out, Uncle Sam loves small businesses and has plenty of tax incentives up his sleeve. You could become your own tax whiz or consider consulting an expert.

How This Can Work for You
Here's the golden nugget my tax preparer shared: "Many contractors overlook deductions they're entitled to – like their car, rent, cell phone, or travel expenses. By strategizing and deducting these, you can slash your tax bill without spending an extra dime."

That's my 1099 tax journey in a nutshell. Here's to saving money and lifting each other up. Cheers!

P.S.
I'm no tax guru, just a fellow 1099 worker sharing my experience. But if you're on the hunt for a tax power wizard, my CMA said he offers free info calls to new clients and is licensed in all 50 states (linked below).