Fact checked by Vikki Velasquez Alistair Berg / Getty Images Filing taxes for your side hustle is easier with a little organization and the right forms Key Takeaways Side hustle earnings are taxable and must be reported, even without a 1099 form. Self-employment tax covers Social Security and Medicare contributions. Organized recordkeeping helps maximize deductions and accuracy. You may qualify for valuable tax breaks like the QBI deduction. Planning ahead can help prevent penalties and simplify ...