I had a discussion with a new entrepreneur the other day.
They left their full-time position and started their own business. (One of the key factors to remember during this discussion is that the new business is different from the full time employment they left. Had that not been true, the analysis would be different. I will mention some of those differences as we proceed.)
Continue reading New Venture Reasonable Compensation
The year is almost half- over. And, if you’ve been like many folks during the pandemic and have started a business, I certainly hope you’ve been following a few basic rules.
Continue reading Basic Biz Rules
Ah, you have to love it when companies have an agenda they want to promote and tailor their research findings to so yield.
Continue reading And the survey says…
I wrote a few weeks ago that W2 employees have no real opportunity to adjust how they pay their taxes- or what they owe. That benefit really only accrues to those who own their own business.
Continue reading Tax Sheltered Income?
I am sure there is not a soul that will be surprised to hear that the number of business failures this year exceeds historical levels. Not just small business this time- but big retail companies (18 retailers filed for bankruptcy in the first 6 months of the year, 11 more in the next 45 days! A total of some 6000 retail stores have disappeared across the USA.) Yes, these numbers exceed those from the Great Recession.
Continue reading Let’s Get Started
The world as we know it has changed. That part is absolutely true. More so than after 9-11, when many of us thought the same thing. Because this time, it’s not just America that has been hit- but the world. And, it’s still hitting the world- and will be doing so for a while.
Continue reading We’re All Startups Now!
This year has been crazy. We’ve gone from being relatively care-free to an agonized mess.
Our annual accounting with the government should have ended a month ago- but a great percentage of us won’t finish with this task for another two months. Which is part of the subject matter I’ll be discussing today.
We have a slew of clients who are running a lifestyle business. They like to be known as solopreneurs, but with annual turnovers less than $ 50,000, creating a formal business enterprise is not in the cards- because the return on investment would be too low. (We do have a bunch who clearly want to have at least $ 50,000 BELOW the line- those clearly need more formal structures.)
Continue reading Gig Workers/Self-Employed/Disregarded LLC
Let’s assume we’re a solopreneur in Virginia or Arizona or Montana (or some other state).
And, we’ve picked up a great little contract from FlyHighBiotech in San Diego. And, another from IoT4U in Sunnyvale. (In case you don’t know, both of these cities are in California.) And, neither entity is expecting us to show up at their offices to share our results- everything will be done via Microsoft Teams, Skype, Whiteboard, and eMail.
Continue reading They want more!
Please note: This post will be a little long today. But, I didn’t think it would make sense to split it into multiple entries. I am pretty sure you will agree with me when you finish reading it.
Continue reading Tax Planning- for Tax Savings