The Future is Freelance: 92% of Side Hustlers Say the Gig Economy Is Just Getting Started
New TaxAct® survey reveals side hustlers plan to stick with their gigs long-term — with many unclear on the tax rules
DALLAS, April 7, 2025 /PRNewswire/ -- TaxAct®, a leading provider of tax preparation software for individuals and businesses, has released the results of a survey that looks at how Americans are rethinking work and income through side hustles. Findings reveal a striking disconnect between the growth of side hustles and Americans' understanding of the related tax implications.
According to the survey, a staggering 92% of respondents believe more people will be working side hustles, signaling side hustles becoming the "new normal." Despite this, 56% admit they are lost when it comes to filing taxes on their side hustle income. This revelation comes amidst a surge in gig work, freelancing, content creation, online marketplaces and more.
Other Notable Findings:
- Survival, Not Luxury: Almost half (42%) of side hustlers use their extra income to make ends meet and pay off debt. Additionally, almost one-quarter (22%) plan to work their side hustle until they pay off debts or bills or reach a savings goal.
- Modest Income Reality: Most side hustlers (73%) earn less than $1,000 per month, revealing the financial landscape of this kind of self-employment, which is contrary to online portrayals of wealth.
- "Forever Side Hustle" Trend: 42% of respondents plan to continue their side hustles indefinitely, signaling a long-term shift in how Americans earn income.
- What's Making an Impact: Economic conditions (29%), the rise of AI tools (16%) and regulatory or government policies (15%) are seen as major factors impacting the future of side hustles.
File with TaxAct and experience how easy it can be to get them over with. Start today at www.taxact.com.
Survey Methodology
Survey fielded in February 2025 reaching n=750 total completions. Respondents were US based, aged 18-64, who engage in side hustles alongside their primary responsibilities.
About TaxAct
TaxAct is a comprehensive DIY tax software provider that makes tax filing easy, accurate and stress-free. Offering user-friendly technology, step-by-step guidance, and expert support, TaxAct empowers individuals, families, and businesses to file confidently across all 50 states. To learn more visit www.taxact.com or connect with us on Facebook, LinkedIn, and Instagram.
Media Contact:
Andrea Courtney
Taxact@finnpartners.com
415-249-6760
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SOURCE TaxAct