Smart Tax Moves If You Have Multiple Income Streams

There's a common debate about whether to diversify your income or stay specialized, although the statistics are factual. Nearly half of Americans have at least two revenue streams, and multimillionaires have at least seven. The reason is simple. Having multiple income streams equips you with options and provides you with financial stability.

Once you decide to have multiple revenue streams or you already have them, the most critical thing to keep in mind is taxes and remaining compliant. However, more crucial is to plan so you have plenty of time to define a strategy and save for tax payments. Never wait until the last moment.

Step 1: Treat each income stream like a business

Whether you earn a W-2 salary, work as a freelancer or contractor, consult, rent properties, or trade stock