I’ll share my personal opinion on the matter :) take it with a grain of salt tho if you’d like :) no hard feelings

It sounds like you’re making some kinda traction on your business there. 40k isn’t something to laugh at, especially just a side gig. I would highly recommend looking into things like tax breaks though, and get yourself a separate account for just business and then just transfer to your personal what you’ll pay yourself. This way you will know exactly what came and went to the business for tax time, otherwise you’ll spend forever combing through bank records to figure out what was personal and what was business. Even better, get a corporation or LLC, use a business name too, get a business account, run payroll to pay yourself, etc etc - and really go full force if you think it’s gonna take off. Even if it doesn’t, those things help for tax time. The big benefit to this is audits. They love to audit self employed people more than anyone else… When you pay yourself from your corporation, it goes down dramatically for both you and your business to be audited. You also get to write off more and not have to be so diligent on tracking things. It’s really just “did it benefit the business? Okay, write off”. Where self employment is proving it did… (How many minutes on your phone bill was actually business?). If you make enough, you can also get yourself some medical coverage that is deductible on the corporation. The biggest benefit is separation too, so you can really get the picture as to how this business goes for you. It’ll be easier to prove as employment (just provide your paystubs), and more. I’m always up to chat about these things if you’re interested in it more. I’m a board member for 4 corporations, and a president of 1 (about to open 2 more depending on business)

Past all of that, it really just goes from answering to a boss/manager, to a client. This can go haywire in a lot of ways… You basically have to be the customer service person + the business representative + the business owner + the accountant (unless you hire someone) + even more hats. It can get messy legally, financially, even personally. But it’s all about getting down to business (pun intended) and laying out the plans, ideas, goals, and backup plans :) just as a quick overview!

Anyways as I said, always open to offer advice if you’d like!

Good luck :)