MORE and more Americans are taking up side hustles as inflation pushes up the cost of living.<\/p>\n\n\n\n
In fact, 22% of households have started a\u00a0side hustle<\/a>\u00a0or second job recently, according to a new\u00a0survey<\/a>\u00a0by Financebuzz.<\/p>\n\n\n\n Meanwhile, more than one in five (23%) think they will have to work until they die. <\/p>\n\n\n\n If you’re looking to make some extra cash, a self-proclaimed “tech nerd” on TikTok<\/a> has shared a simple way to earn $200 an hour.<\/p>\n\n\n\n New York-based Nik Pollina<\/a>, 29, said: “I’m a user experience researcher and as part of my job, I used something called usability tools.<\/p>\n\n\n\n “The thing about usability tools is that we need actual people to test our products.”<\/p>\n\n\n\n The products can be real items, websites, apps and more, which is where you come in.<\/p>\n\n\n\n Nik said there’s a variety of different tools to sign up for that’ll give you money to test the items.<\/p>\n\n\n\n The tests can last from just five to 30 minutes, meaning you don’t need to have a lot of time.<\/p>\n\n\n\n Nik added: “They’ll pay you anywhere from $5 to up to $200 an hour.<\/p>\n\n\n\n “I really don’t know why more people don’t do this, it’s all on your phone.”<\/p>\n\n\n\n She went on to recommend the following sites:<\/p>\n\n\n\n Nik added in the comments section that her aunt says three separate sites UserInterviews, UserCrowd and Branded Surveys pay the best.<\/p>\n\n\n\n While another follower commented: “As a UX researcher, thank you. I need more participants!!”<\/p>\n\n\n\n Before you sign up for anything, make sure to do your own research.<\/p>\n\n\n\n Whether you work a side hustle in addition to a full-time job or juggle multiple part-time gigs, your earnings are taxable.<\/p>\n\n\n\n Not only that, but you need to report your earnings from a side hustle or freelance job differently than you report standard income.<\/p>\n\n\n\n A Form 1040 is required for those with multiple sources of income, as you have to list all your income on a single form.<\/p>\n\n\n\n In addition, you’ll need to file a Schedule C and a Form SE to report your self-employment taxes.<\/p>\n\n\n\n If you have multiple streams of income, speaking to a tax professional can help you sort out what forms you need to submit and how to properly fill them out.<\/p>\n\n\n\n The additional income may also move your household into a different\u00a0tax bracket<\/a>, which will impact how much you have to pay the IRS.<\/p>\n\n\n\n Working a side hustle does allow you to claim more exemptions on your taxes, however, as you can report your expenses for potential tax deductions.<\/p>\n\n\n\n You’ll need to have proof of the money you spent on your side hustle though, so make sure to keep any relevant receipts for tax season.<\/p>\n\n\n\n For those looking for other side hustles to make some extra money, here is how you can make<\/a> $10,000 in a month on Amazon.<\/p>\n\n\n\nTax rules of a side hustle<\/h2>\n\n\n\n