Hyder A., Author at Finance Throttle

DoorDash Versus Grubhub – I Drive For Both!

Post author:Hyder A.
Post published:May 13, 2023

One recent summer, I spent time driving for both Doordash and Grubhub at the same time. While doing this, I noticed a few differences outlined below. Checkout my Dasher Tracker spreadsheet used to track your income, mileage, taxes, and more for Doordash, Grubhub, Uber Eats, and other delivery services. Grubhub He are a few things that Grubhub has that DoorDash does not: Order-ahead pickup: Grubhub offers an order-ahead pickup option, which allows customers to order and pay for their food…

What Do The Top World Religions Say About Money?

Post author:Hyder A.
Post published:May 11, 2023

Finance guru Dave Ramsey is a devout Christian. He often references the Bible when he teaches people about money. This got me curious as I wanted to know what the major religions teach about money. What I found was the major religions had more in common than I expected when it comes to personal finance. Keep in mind that these are just a few examples of the teachings and principles regarding money and wealth. It's important to note that there…

Does Velocity Banking Make Sense In 2023?

Post author:Hyder A.
Post published:April 19, 2023

The idea behind Velocity Banking is to use the HELOC (Home Equity Line of Credit) to pay off high-interest debt, such as credit card balances, and then pay off the HELOC more quickly than you would be able to pay off the original debt. By doing this, you can potentially save money on interest charges and pay off your debt more quickly than you would have otherwise. Here's how it works in practice: Take out a HELOC on your home,…

Saving Versus Investing in 2023

Post author:Hyder A.
Post published:April 16, 2023

Whether it's better to invest or save depends on your financial goals, time horizon, risk tolerance, and current financial situation. Here are a few things to consider: Financial goals: If your financial goal is to save money for a short-term expense, such as a down payment on a house or a vacation, then a savings account may be a better option than investing. However, if your goal is to save for retirement or another long-term goal, investing may be a…

Paying taxes in 2022 as a DoorDash driver

Post author:Hyder A.
Post published:January 29, 2023

Gig economy companies like Uber, DoorDash, and Lyft hire people as independent contractors. That means it is up to us to track our business expenses in driving food or people from point A to B. Door Dash Drivers are now required to fill out form 1099-NEC instead of 1099-MISC. Quarterly Payments Luckily for us, the federal tax rate is only 15.3%. That includes social security and Medicare. As a self-employed person, the IRS expects you to send in your estimated…

TurboTax 2022 Review

Post author:Hyder A.
Post published:January 29, 2023

Updated 1/29/2023 Can you believe TurboTax was created back in 1984? It took TurboTax years to get the IRS to allow them to create an online tax filing service. As per the agreement with the IRS, TurboTax allows individuals making less than $66,000 a year to use a free version of TurboTax. All you need to get started with TurboTax is a W2 and an account (If you use Mint, its the same Log-in and you get a discount). TurboTax…

I TRY CASH APP TAXES. IS IT ANY GOOD?

Post author:Hyder A.
Post published:January 29, 2023

Block is one of my favorite fin-tech companies. Block is the parent company of Square, Cash App, and more. Cash App is one of the top finance apps in the App Store and Google Play Store. The service is similar to PayPal and Venmo. It allows you to send, spend, or invest your money. You can buy stocks or Bitcoin. You can even bank with Cash App by setting up a direct deposit and getting a free cash back debit…

How To Correctly File Taxes On Your CRYPTO

Post author:Hyder A.
Post published:January 29, 2023

Crypto is a volatile asset that can be difficult to understand. With the IRS and SEC doubling down on crypto, you are now required to enter your social security number when joining a crypto brokerage like Coinbase. The IRS knows how much money you are making in the crypto space, therefore it is absolutely important to file your crypto capital gains and losses. If you have traded more than $20,000 within the tax year, you will probably receive a 1099-K…

CALCULATE YOUR NET WORTH

Post author:Hyder A.
Post published:January 9, 2023

When it comes to tracking the health of your personal finance, the net worth statement is the best way to measure your financial situation. This easy calculation can help you determine if you are on track with your financial goals, or if you are in trouble and need to tackle your debt. Download the Finance Throttle Net Worth Tracker or consider spending the time to create your own. WHAT IS A GOOD NET WORTH? Every person is different. Your net…

Cash-Back! My 2022 Results & What’s in My Wallet.

Post author:Hyder A.
Post published:January 4, 2023

In 2022, I was hard at work with my cash-back game. If you don't know, there are many credit card strategies available to you. You can focus on cash-back cards like myself to maximize your cash-back rewards on everyday expenses. You can focus on travel reward credit cards to travel for free, get airport lounge access, or upgraded airplane seats. If you are feeling lucky, you can go for crypto or investment credit cards that give you cash-back in the…