Tax
Setting aside for tax as you go
Side income is usually taxable. The easiest way to avoid a difficult bill later is to set money aside each time you're paid.
Pick a percentage
Check your tax authority's guidance, or ask an accountant, for a reasonable share to set aside. If unsure, err on the higher side.
Move it straight away
When a payment arrives, move the tax share to a separate account the same day. Out of sight is easier to leave alone.
Keep the records
Note each payment, its date and the amount set aside. You'll need them when you file.
Review once a year
When you file, compare what you set aside with what you owed, and adjust the percentage for next year.
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