THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
search A TOPIC
Categories
- Business Management 17
- Creative Specific 3
- Estimated Quarterly Taxes 5
- General Economy; Tax Policy and Legislation 39
- Get to know Hannah Cole 8
- Interviews and personal stories 25
- Personal Finance 19
- Personal and Career Development 17
- Practical and Tactical Tax 54
- Retirement and Future Success 26
- Sunlight Podcast 149
- Tax Deductions for Freelancers and Self-Employed 7
- le 1
- the Sunlight Tax Podcast 12
Proof You're Doing Fine: Break Even Point
LISTEN & SUBSCRIBE HERE
Proof You're Doing Fine: Break Even Point
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.
LISTEN & SUBSCRIBE HERE
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
If you enjoyed this episode, please rate, review and share it!
Links:
What are your money concerns?
Suggest a blog topic for Hannah here.