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Tax and Money Education for Creative People, Freelancers and Solopreneurs
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LLC Myths: The Truth About LLCs and Taxes
Listen and Subscribe Here
In this episode of the Sunlight Podcast, I’m unpacking some of the biggest myths I hear about forming an LLC. If you're self-employed or thinking about business formation, it's so important to understand what an LLC really is—and what it isn't. I talk through common misconceptions about taxes, liability protection, whether an LLC makes you a “real” legal entity, and how much ongoing accounting or paperwork is actually needed.
I also share why business insurance is still essential (yes, even if you have an LLC), and how good financial advice can help you make smart choices for your business. Plus, I give a sneak peek at my upcoming book, Taxes for Humans, where I go even deeper into LLCs, business structures, and all the stuff no one teaches you when you become self-employed.
Listen and Subscribe Here
In this episode of the Sunlight Podcast, I’m unpacking some of the biggest myths I hear about forming an LLC. If you're self-employed or thinking about business formation, it's so important to understand what an LLC really is—and what it isn't. I talk through common misconceptions about taxes, liability protection, whether an LLC makes you a “real” legal entity, and how much ongoing accounting or paperwork is actually needed.
I also share why business insurance is still essential (yes, even if you have an LLC), and how good financial advice can help you make smart choices for your business. Plus, I give a sneak peek at my upcoming book, Taxes for Humans, where I go even deeper into LLCs, business structures, and all the stuff no one teaches you when you become self-employed.
00:00 Introduction to LLC Myths
04:43 Myth 1: LLCs Change Your Taxes
08:28 Myth 2: LLCs Make Your Business Official
10:25 Myth 3: LLCs Are the Only Protection
13:12 Myth 4: LLCs Are Set It and Forget It
17:19 Final Thoughts and My Book, Taxes for Humans
Takeaways
LLCs do not change your taxes; they are a legal entity.
Your business is official when you have a profit motive, not an LLC.
LLCs provide liability protection but are not the only option.
Business liability insurance can also protect your business.
Maintaining an LLC requires annual fees and updates.
Accounting practices are essential to uphold LLC protections.
Don't rely on friends' advice about LLCs; understand your own needs.
Pre-orders for books are crucial for their success.
An LLC is a flexible entity that allows various tax options.
Separate business and personal accounts are mandatory for LLCs.
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight podcast to new audiences.
Links:
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
My On-demand class: Make Taxes Easier and Stash an Extra $152k in Your Savings
New Rules for LLCs: Update
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New Rules for LLCs: Update
In today’s episode, I’m revisiting an important topic and giving you an update about the Corporate Transparency Act, which aims to identify owners of LLCs and prevent financial crimes.
I’m providing an update on information about the requirements of filing a Beneficial Ownership Information report, including the deadlines and penalties and how you can file.
Join me in this episode to get all the timely information about this act and learn how you can get step-by-step video directions on filing for your LLC!
LISTEN AND SUBSCRIBE HERE
In today’s episode, I’m revisiting an important topic and giving you an update about the Corporate Transparency Act, which aims to identify owners of LLCs and prevent financial crimes.
I’m providing an update on information about the requirements of filing a Beneficial Ownership Information report, including the deadlines and penalties and how you can file.
Join me in this episode to get all the timely information about this act and learn how you can get step-by-step video directions on filing for your LLC!
Also mentioned in today’s episode:
Why you should be aware of scams when it comes to filing 6:00
Why the Corporate Transparency Act was passed and why it’s important 9:05
The deadlines for filing and the penalties 14:48
If you enjoyed this episode, please rate, review and share it!
Links:
Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc
New Rules for LLCs: How The Corporate Transparency Act Affects You
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New Rules for LLCs: How The Corporate Transparency Act Affects You
In today's episode, I want to talk about a new law that goes into effect in January of 2024 and affects small business owners with an LLC: The Corporate Transparency Act.
Join me in this important episode to learn more about this law, why it’s actually a good thing and how you can comply to avoid fines.
LISTEN AND SUBSCRIBE HERE
In today's episode, I want to talk about a new law that goes into effect in January of 2024 and affects small business owners with an LLC: The Corporate Transparency Act.
Join me in this important episode to learn more about this law, why it’s actually a good thing and how you can comply to avoid fines.
Also mentioned in today’s episode:
What is the Corporate Transparency Act and why is it a good thing? 2:25
Who needs to comply with this law 5:09
New York State and their own version of this law 9:22
When to file and how it effects new LLC’s 13:02
If you enjoyed this episode, please rate, review and share it!
Links:
LLCs & Why You Need to Separate Your Accounts
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LLCs & Why You Need to Separate Your Accounts
Today, I’m sharing an article I wrote about why it’s so important to keep your personal and business bank accounts separate as an entrepreneur. I’m also sharing information about LLC’s vs. a sole proprietorship and if having an LLC really changes anything during tax time.
Join me in this episode to hear why mixing your personal and business accounts can hurt your business and to learn more about whether you should switch to an LLC.
LISTEN AND SUBSCRIBE HERE
Today, I’m sharing an article I wrote about why it’s so important to keep your personal and business bank accounts separate as an entrepreneur. I’m also sharing information about LLC’s vs. a sole proprietorship and if having an LLC really changes anything during tax time.
Join me in this episode to hear why mixing your personal and business accounts can hurt your business and to learn more about whether you should switch to an LLC.
Also mentioned in today’s episode:
LLC’s and your taxes 1:09
Why your personal and business accounts should be separated 2:19
Can you operate as a sole proprietorship or do you need an LLC? 6:04
If you enjoyed this episode, please rate, review and share it!
Links:
VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/
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