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I often see creative entrepreneurs struggling with mindset issues when it comes to the idea of being an official business owner and not knowing when to file their Schedule C.
Today, I explain why it’s important to know when the IRS recognizes your business as official, the self-employment tax deductions you can take advantage of once you start your business and what the breakeven point is when you’re an entrepreneur.
Also mentioned in today’s episode:
Why the first year in business is a very tax advantaged year 2:50
How to know when your business has officially started according to the IRS 4:18
When to file your first Schedule C 7:05
Normalizing the idea of spending money before earning a profit as a sole proprietor 10:44
The economic and business idea of a breakeven point 14:56
Income tax and how the IRS defines a business and the importance of profit motive 19:28
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