LLC vs S-Corp: What’s Better For Your Business?

LLC vs S-Corp: What’s Better For Your Business?

Written by Luke Frye

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.

Top Nine Tax Code Myths and How to Stop Falling for Them

Top Nine Tax Code Myths and How to Stop Falling for Them

Tax filing and small biz accounting are complicated at the best of times. So, as a CPA for photographers and creative biz owners, I spend a lot of time busting tax myths for new clients.

Here are some of the most common tax myths that trip entrepreneurs up. Avoid them all and file a better tax return this year.

Five Things You Thought Your Accountant Was Doing

Five Things You Thought Your Accountant Was Doing

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.

Twelve Small Truths About Running a Business

Twelve Small Truths About Running a Business

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. 

How To Make Money: Get Over Your Hate of Selling

How To Make Money: Get Over Your Hate of Selling

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.

How to Make Money: Focus On Who You Serve

How to Make Money: Focus On Who You Serve

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?

How to Make Money: Use Skills to Solve Problems for Specific People

How to Make Money: Use Skills to Solve Problems for Specific People

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.

Big News: The Money Diaries Podcast!

Big News: The Money Diaries Podcast!

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.

One Simple Habit That Will Change Your Financial Life

One Simple Habit That Will Change Your Financial Life

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.

Three Steps to Stop Freaking Out About Your Finances

Three Steps to Stop Freaking Out About Your Finances

Before we begin, I’d like to introduce you to the pyramid of financial awesome.

The pyramid of financial awesomeness, lays out everything you need to do to get your personal financial life together. You start at bottom and then progress upward.

In this post, I’m going to walk you through the three things you can do to build a solid foundation.