If you earn at least $400 from your side hustle, you’ll have to pay self-employment taxes on that money. You should receive a 1099-MISC from any company that hired you as an independent contractor and paid you $600 or more, but you should also keep track of your income in case you don’t receive this form. If you expect to owe $1,000 or more in taxes from your side business at the end of the year, you’ll also need to pay quarterly estimated tax.