Considering a side hustle

Bognin · 2019-01-03T20:44:19+00:00

I know the problem too. My advice to you regarding a side hustle is that it should be something that does not provide any extra income but IS building your equity or portfolio, credentials, etc. So you could renovate a house and rent it out with no profit, you could invest sweat equity in a startup, or you could do what I’m doing and work for discount on a passion project in the role/field which you aspire to or will give you major economic benefits later. I’m suggesting that this income be something that will give you comfort in retirement, but never show up on your tax returns as cash income in the short term.

ThrowawayAccount602 · 2019-01-03T20:45:26+00:00

From my experience, a small increase in income only triggers a small increase in child support but you will want to verify the precise amounts using the calculator for your state. Given that this is a side hustle, it sounds doubtful that you would make a great deal of money to trigger a huge increase in child support.

Remember also that it is based on net income and not gross income. If you are smart, you should be able to find a fair bit of offsetting expenses that will make your net income considerably lower than your gross income. Obviously you shouldn't cheat but a good accountant can find lots of fully legal deductions to make your net income considerably lower.

FastEdge · 2019-01-03T21:12:07+00:00

If you are considering a regular, W2 position, there's not much you can do about it. They can find out your income if the matter is brought to question. However, if you are talking about starting your own business, you should look into creating an LLC. Then you can hire yourself at whatever salary you would like to claim. Head on over to r/Entrepreneurs. You'll get all the info you'll ever need.

Good luck.

MNCPA · 2019-01-04T03:41:45+00:00

Read the Michigan rules on calculating child support.

https://micase.state.mi.us/calculatorapp/public/welcome/load.html

For example, in Minnesota, courts generally only consider 40 hours a week as the standard work week. Anything above this amount is generally not reportable. *I say generally because the courts will look to what is reasonable. If you work 40 hours in an office job and do Uber/Lyft on the side, then the court won't include Uber/Lyft.

Lastly, as a CPA, these are not questions for a CPA. These would be questions for a family law attorney. 'Hey, I was thinking about doing a few side hustles. Will this screw me in child support?' Might be worth a 30min call to an attorney.

Igleslogle · 2019-01-03T19:52:06+00:00

Is it cash ? Then none of her business. Actually let her find it fuck her . Keep doing you.

dday_throwaway3 · 2019-01-03T22:52:05+00:00

Here's the deal. Once the divorce is final and child support is set, your state allows CS to be recalculated periodically. I don't know the exact amount -- that's your homework -- but in other states it's once every two or three years. Regardless of you having a side hustle, expect your ex to 'true up' at those intervals.

pharmd718 · 2019-01-03T18:23:11+00:00

Those are all questions for your accountant

Title	Considering a side hustle
Author	WhiskeyStoneCold
Upvotes	5
Comments	11
Date	January 3, 2019 6:19 PM UTC (7 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/ac8fva/considering_a_side_hustle/
Archive Link	https://theredarchive.com/r/Divorce_Men/considering-a-side-hustle.819856 https://theredarchive.com/post/819856

Comments