Can you save money setting up your business as an LLC? Should you elect to be treated as an S-Corp?
I get asked these questions a lot by clients who want to maximize their tax savings. I wish there was a one-size-fits-all answer. But the honest the answer is: it depends on a bunch of different factors.
Before you set up shop as an LLC or an S-Corp, here’s a quick rundown of how these two business structures can benefit you and your business.
Accountants are smart, hard working, and they basically do everything for you, right?
Well, yes and no.
Typically your tax accountant (maybe you call them an EA or a CPA) is focused solely on filing your federal and state income taxes. This means there’s still a lot of “financial admin” you’ll have to take care of on your own to keep your business running.
Here are five financial tasks you’ll need to get done to keep your business running smoothly.
You’ll need to take care of these yourself or commission your accountant to do in addition to tax filing.
It’s been over 4 years since I’ve gone off my own and I’ve learned more about the world and myself in this short amount of time than I think I’ve learned in my whole life - at least it feels that way. Now that my business is no longer a sketchy house of cards that could fall down at any moment, it’s a lot of fun making things exist in the world to help people.
Here are twelve small truths that I’ve learned while forging my own path.
When you’re at a bar at 1am; you’re not drunk, but not not sober, surrounded by a bunch of friends, the last thing you want to do is load several heavy, oddly shaped items into a car only to have to unload them shortly after. This is the worst part about playing in a local band; you have to do everything yourself… but it’s just part of it. It comes with the territory.
To my freelancer friends and small business buddies who hate selling or pitching or talking about the money part of things. I get it, it sucks, but too bad. It’s the trade off for being able to spend your working life building something you believe in. It’s the cost of mostly being in charge of your life. Talking about money doesn’t have to suck. You can stop hating it, but you have to do some work to change your own perspective on it.
Here are some ways I think about selling. I hope some of it will light up your brain and help you power past some of your limiting beliefs around selling and talking to customers about money.
People talk about opportunities like they’re a nebulous, disembodied thing. Like they’re floating around and will land on your shoulder and boom, your life is changed forever. Let’s say they are. Imagine opportunities are all floating around in form of balloons. Every balloon is connected to a string. And at the end of the string, even though you might not be able to see it, there is a person holding the string.
You see, opportunities are not standalone. They’re always connected to a person.
This article is all about understanding who you serve. Who is your ideal customer, target market and what’s your niche?
Picture this. You’re back in 5th grade. You’re standing in a line with your fellow classmates, facing an open field. And you’re all about to be humiliated because you’ll now be ranked by your kickball skills.
There are two team captains and they’re staring you all down and sizing you up. The first picks start and of course, the kids with the most kickball skills are picked first. Then the kids with the moderate skills are picked. They don’t even need hard kickball skills, they can have skills like morale building, being a team player or not getting in the way of the star players. And then the last picks are the kids who might not only lack skills; they might be a liability. On the dusty field, it’s not about feelings or friendships, it’s all about skills. After all, it’s not called friendship ball.
I’ve been a big fan of Refinery 29’s Money Diaries since I first heard about it. Up until then, almost all the articles I’d read about money were drier than Joshua Tree in August. They were boring, not relatable and the antithesis of a conversation.
Needless to say, I was stoked when I was asked to be a co-host for the new Money Diaries podcast.
Over the last several weeks, I’ve been working closely with their production team, doing research and recording interviews with experts and new diarists with my co-host, Lindsey Stanberry.
I got clocked in the head about 200 times in a recent boxing sessions with my trainer. I don’t remember how many hits I took to the body because it was really the face punches that stood out to me that day. He wasn’t even hitting me hard, there were just so many. It was very disorienting. Ask someone to lightly slap you all over your face 200 times and you’ll see what I mean.
There was a time in my life where I was running about six miles a day, nearly every day. I didn’t become that annoying person overnight.
The first time I went out on a run, it was on a track at a community college near my childhood house. The loop was one-quarter mile, so I had to run around it four times to complete a mile. The first time I went out, I couldn’t run around the loop once without stopping. I only ran/walk a mile that day.
Then the next day, I woke up and ran/walk another mile. I slowly progressed, but before I realized it, I could run a mile without stopping. And eventually I could easily run six.
I usually hate Maroon 5. But it’s Saturday night in Little Tokyo and a stranger is absolutely slaying his version of ‘Sunday Morning’. The crowd is feeling it and the next thing I know I’m totally grooving to the only thing crappier than an actual Maroon 5 song - a cover of a Maroon 5 song. But I don’t care that I look like a loser. After all, it’s a karaoke bar.