From the course: Finance Foundations for Solopreneurs

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Taxes as a solopreneur

Taxes as a solopreneur

From the course: Finance Foundations for Solopreneurs

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Taxes as a solopreneur

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- The biggest mistake a solopreneuer can make is not understanding how taxes impact the business. I know that I certainly wasn't prepared for it. At least in the United States, when you're a W-2 employee your employer takes those taxes out for you, and what you're left with is yours to spend. When you own your own business and generate revenue well, it's easy to think that all that money is now yours to spend. It's not. Some of it, and sometimes a lot of it, belongs to the government. This video isn't going to be about the methodology of taxes. I'm not a CPA and can't teach you that. Also, taxes vary a whole lot by region. But as a veteran solopreneuer, here are my five best practices. Find a savvy business CPA first. This person is one of the most important business partners you will have. Lots of the best tax practices are complicated. You need a skilled CPA to help you stay the course through good and rough times. Choose the right business entity for your best interest. You have…

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