Turn your passion into a sustainable business
Simplifying your finances in the creator economy
⬇️Grab an Income & Expense Tracker
tinyurl.com/beltrefinancial
To quickly save on taxes, you can:
1) Save for retirement
2) Prepay expenses
3) Consider your business entity
This may seem complex, but taking these steps puts you in more control of your taxes
Feeling overwhelmed? You're not alone. My DMs are open if you have any specific questions!
To quickly save on taxes, you can:
1) Save for retirement
2) Prepay expenses
3) Consider your business entity
This may seem complex, but taking these steps puts you in more control of your taxes
Feeling overwhelmed? You're not alone. My DMs are open if you have any specific questions!
If you're a sole proprietor hitting >$60k net profit, it might be time to consider becoming an S-Corp for next year.
An S-Corp can save on self-employment taxes.
This is a complex decision with several pros/cons, so it should probably be a Q4 consideration, not a Q4 action.
If you're a sole proprietor hitting >$60k net profit, it might be time to consider becoming an S-Corp for next year.
An S-Corp can save on self-employment taxes.
This is a complex decision with several pros/cons, so it should probably be a Q4 consideration, not a Q4 action.
Make necessary purchases in advance. Need new gear for next year? Buy it now to deduct it now to lower your taxable income
Most creators will prepay predictable and necessary expenses like Software Subscriptions and Office Equipment/Supplies.
Make necessary purchases in advance. Need new gear for next year? Buy it now to deduct it now to lower your taxable income
Most creators will prepay predictable and necessary expenses like Software Subscriptions and Office Equipment/Supplies.
A Solo 401(k) or SEP IRA lets you contribute a significant portion of your net profit.
Example: On $80k profit, you could shelter ~$16k+ directly from taxes.
You have until your tax filing deadline next year to set up and contribute for this year.
A Solo 401(k) or SEP IRA lets you contribute a significant portion of your net profit.
Example: On $80k profit, you could shelter ~$16k+ directly from taxes.
You have until your tax filing deadline next year to set up and contribute for this year.
You can't manage what you don't know!
1. Tally your Net Profit (Income - Expenses) for the year
2. Estimate your tax bill using a tax calculator (I prefer KeeperTax's)
Now you have your starting point!
You can't manage what you don't know!
1. Tally your Net Profit (Income - Expenses) for the year
2. Estimate your tax bill using a tax calculator (I prefer KeeperTax's)
Now you have your starting point!