ilmscore | Prediction Details
"So, if you run your side hustle through your personal bank accounts, then you're going to create a documentation nightmare. Just think about it. your side hustle income and your personal transfers and transactions are all going to get mixed together. And then you're not going to be able to easily prove, you know, what was what was related to your side hustle as a business deduction and what was personal. And your legitimate business expenses, like you can overlook them and you could forget about them because they're all mixed up. And then you're either going to overpay taxes because you forgot to claim real expenses related to your side hustle or you're going to underpay taxes because you know you're just guessing."
By ClearValue Tax | January 5, 2026 | Pending
From video
IRS Cracking Down on Side Hustle Income (Avoid These Mistakes!) 00:06:31 - 00:07:10
Interpreted Prediction
Mixing personal and business finances creates significant accounting difficulties, making it hard to track and prove legitimate business expenses, which can lead to overpaying or underpaying taxes.

Prediction Details

Topic
Consequences of mixing personal and business finances

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