Robert Rimberg -CNBC- Kicking off a side business to earn extra cash? Master these tax tips first.

Key Points

• Households under financial pressure are finding different ways to generate a few extra dollars, from selling crafts to generating video content.
• Though independent contractors may get a Form 1099 from the platforms they use to do business, they are required to report all income they receive from their side work and pay taxes on it.
• Simplify your workload at tax time: Track your income and expenses, and be sure to set aside some money to cover quarterly taxes. You may be eligible for small business deductions, too.

Track your income and expenses, and be sure to set aside some money to cover quarterly taxes.

Read the full CNBC version here. I highly recommend.