![]() Open a separate account for your side gig You’ll also need to pay a 15.6% self-employment tax on any earnings where you make over $400.Ģ. ![]() If you have a home-based business, you’ll need to pay federal income tax. Yes, you have to pay taxes on a home-based business Here are some things that will help make preparing your taxes less stressful.ġ. Taxes on home-based business: What you need to know Ready to make sense of paying and filing taxes on a home-based business-and even learn a few ways to save some money? Let’s get started. If you started making money through a side hustle or the COVID-19 pandemic led you to look for a work-from-home opportunity, your 2020 taxes might look a bit different this year. We’re getting close to that dreaded time of year again: Tax season. ![]()
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