Show Notes

Launching a side business can be exciting, challenging and at times, a little overwhelming, especially when it comes to taxes. Usually, it doesn’t take a lot of money to start a new business. To find out what hard costs, fixed costs and other tax related expenditures a solopreneur needs to know, Lori Vajda and Nola Boea sat down with Certified Public Accountant Bette Hochberger. Her approach to taxes when starting and incorporating your side business, is the subject of today’s episode.

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In This Episode You’ll Learn

• What tax values to consider when it comes to incorporating a business.
• The different ways the federal government views business taxes depends on whether a business is an LLC, S-Corp, or C-Corp. 
• What the tax implications are when incorporating or not incorporating your side hustle business.
• Why the IRS actually does not recognize the LLC in any of its forms.

From payroll to paying quarterly taxes to keeping actual receipts, knowing what you don’t know about business taxes can cost you. As Nola and Lori found out, even if you don’t make any money in your first year or first few years, the IRS requires you to file taxes for your business. But, perhaps more importantly, knowing what items can save you money on your taxes is a benefit you, as a business owner, can’t afford not to know.. 

(3:57.63) The surprising value incorporating your business can have on your personal taxes. 

(7:18.88) Knowing the difference between filing your side business as an S Election versus an S Corporation, can cost or save you money on your personal taxes. 

(8:17:71) The different forms of incorporation which provide self-employment income and which ones don’t.

(8:59.88) If you just started your business and aren’t making any money, filing taxes can give you financial benefits you might not be aware of.

(15:05:21) This common mistake many entrepreneurs make in their first year of business, could cost you big money.

(18:50:99) What is the ‘pay as you go’ system the IRS uses for small side businesses and why you need to know about it.

Resources

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CPA Bette Hochberger
Bette Hochbeger YouTube
Bette Hochberger Facebook Tax Tip Tuesday