Episode 170: Answering your S-Corp Questions and More

q&a solo show Apr 27, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

1. I have a business that was recently registered as an S-corp under the advice of my accountant. I registered my business in my home state of TX. Due to my husband's work in the military, we move every few years. What's the point of registering my company in my home state when apparently I need to register it in whatever current state we're living in as well? - submitted by Jen H

As a military...

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Episode 169: Managing the Mailbox Panic

other legal solo show Apr 22, 2021

On this episode of the podcast I talk abut what types of mail may be headed your way in regard to business documents and what you can expect to find when opening your mailbox.

 

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

Do you have an increase in panic every time you open the mailbox? Fear of getting bills on top of debt or IRS hate mail that you fear will be in there, leading to procrastinating in opening the mail?


YAAAS, I need to finish reading this one...

Episode 165: Getting Stuck with Overcomplication

other legal solo show Apr 15, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

"Your systems are only as good as your ability to manage them." This is the mantra I often tell myself. Sometimes we start off very well-intentioned, and then we get overwhelmed with choices and burned out because we've created too much for ourselves.

 

We do this with the legal and tax aspects too. We get really well-intentioned, maybe it's with setting up Quick Books and getting our bookkeeping in order with sub accounts and then we realize we've created an...

YAAAS, I need to finish reading this one...

Episode 163: FB Live

q&a solo show Apr 13, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

 

1. I am self-employed (single-member LLC) and I know that I will, of course, have to pay taxes. My husband (employee for a company, not self-employed) is concerned that if we file together he will not get a return. Should we file together or separately? What are some pros/cons for this? - submitted by Bristol E

 

If we are married and filing jointly then our taxes are based on our...

YAAAS, I need to finish reading this one...

Episode 161: You're Not "Too Beginner"

other legal solo show Apr 08, 2021

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On this episode of the podcast I talk about what makes someone a beginner and who is "too beginner" for my Unf*ck Your Biz course.

 

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

While I was looking through the responses business owners shared with me as to why they did not join the Unf*ck Your Biz course I noticed that 25% of the responses all said the same thing. "I'm too beginner."

 

Whether you buy the course or not, this is pep talk to you that your business is not "too beginner." If you view yourself...

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Episode 159: Answering Your Legal Protection Questions

q&a solo show Apr 06, 2021

This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.

 

 

This week on Facebook Live I answered the following questions:

 

1. Researching domestication of my client’s LLC from one state to another and discovered their LLC expired in January. Can they still switch states if it’s expired, or will they have to renew it first? They asked if they should just apply for the LLC in their new state and dismiss the old one but wouldn’t that cause problems with the payments received since January not going...

YAAAS, I need to finish reading this one...

Episode 157: Calculating Business Tax

income tax solo show Apr 02, 2021

On this episode I dive into a detailed example of how to calculate your business taxes in the third and final episode of my business boot camp.

 

If you haven't already, go back and listen to boot camp episode one and two before diving into today's episode.

 

Example: Elle graduated college this year and went straight into her photography business. Her business made $25,000 and she had business expenses of $7,000. Elle paid $100 in student loan interest (adjustment). She had no itemized deductions.

 

To calculate Elle's tax percentage:

  1. Calculate net business income = Business income - Business expenses

  2. Add in any other income. In this case, Elle does not have any but this is where you would add in other job income, spousal income, rental property income, etc.

  3. Subtract adjustments to get AGI (Adjusted Gross Income) = Net business income - Adjustments

  4. Elle does not have any itemized deductions which means she will only deduct her standard deduction ($12,200) in...

YAAAS, I need to finish reading this one...

Episode 156: Determining Business Income

income tax solo show Apr 01, 2021

On this episode I dig into quarterly taxes and how to calculate them for your business.

If you haven't already, go back and listen to yesterday's episode before diving into today's episode.

The first step is to understand what business income is. According to the IRS, self-employment income is income earned from carrying on a trade or a business as a sole proprietor, contractor, or some form of partnership.

Keeping it simple, if you're doing something that's bringing in money and you're listening to this podcast, you probably have a business.

For tax purposes, freelance/1099 income is the same as business income. Only our self-employment income is subject to self-employment tax (our share of Medicare and social security). This is a 15.3% tax on our net self-employment income (business profit, calculated after business expense deductions).

To be a deduction, the IRS says it must be an ordinary and necessary expense. An ordinary expense is one that is common and accepted in your...

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Episode 155: Finding Your Why

income tax solo show Mar 31, 2021

On this episode of the podcast I share the first of my three part series of the Unf*ck Your Biz boot camp. After this three part series you will have an idea of how our taxes are calculated. This will prepare you for paying quarterly taxes and not always leave you relying on your tax preparer.

 

As I shared on last week's episode, your tax preparer is not always going to be keeping you up to date and checking on you and your tax savings as they relate to personal life.

 

If you want to Unf*ck Your Biz you need to have a why. We need to know where we're going before we get there. You need to dig deeply into your why. A full why statement would read something like: I want to unfuck my biz because I want/need better cash flow so I'm less stressed out and have more money saved so I can pay off my loans and live financially free. Financial freedom means something different to everyone and will be your why for unfucking your finances.

 

The same goes for legal protection...

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Episode 154: Answering your DBA and Business Auditing Questions

q&a solo show Mar 30, 2021

On this episode of the podcast I discuss DBAs, tax filing, and how to audit your business.

 

This episode is brought to you by my FREE Tax Challenge. Taxes suck but we all have to file them. I'll walk you through the 5 steps you need to get your tax documents organized and ready to file. Sign up for this free challenge.

 

Here are this week's questions:

1. I am a solopreneur of a small health and wellness business and am planning to get married this year. What is the most tax advantageous way for myself and future spouse to file our taxes? Separately? Jointly? - submitted by Christiana

Generally speaking, the best way when you are married is to file - married, filing joint because you get a bit of a better tax rate. A few times you might not want to file jointly is if one person has a lot of student loans or medical bills so it's best to look into that. Note that if you are not filing quarterly taxes for your business, it can eat into your spouse's refund. I share a lot...

YAAAS, I need to finish reading this one...
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