While many Americans are relying on side hustles to get by, it’s pivotal that you avoid certain banking mistakes if you want to maximize the benefits of your additional income stream — and avoid any unpleasant surprises.
These are the seven most common banking mistakes to avoid if you have a side gig, because they could hurt your finances.
“People with side jobs often make the mistake of not splitting their personal and business finances when they do their banking,” said Chad Harmer, a financial planner and founder of Harmer Wealth Management. “When you combine these accounts, it can be hard to keep track of your income and spending, which can make things more confusing and make filing your taxes harder.”
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