▲ 0 r/TaxQuestions
Side hustle taxing.
I use this mobile app that I'm now able to earn $600-$700 a year. That right there should be taxable on its own. My question is if I decide to spend that money on that same mobile app to expand my earnings further, would spending that several hundred dollars negate the taxable income as a sort of "business expense"? Note, I choose when to withdraw money from the app. I could not withdraw it all and increase my earnings in app that way, but the most cost effective and efficient way would be by withdrawing and "reinvesting". Since I'd have to withdraw to my bank account first and that would make it income.
u/AbbreviationsSea2084 — 3 days ago