Josh Bauerle is the CPA on fire at cpaonfire.com. Josh specializes in tax preparation, tax planning, bookkeeping, and general consulting services to take the accounting side of your business to the next level.
Just 30 minutes with Josh about a month ago saved me thousands of dollars, so you owe it to yourself to listen to this episode and see if you can put some money back in your pocket too.
In this episode, Josh goes into detail about the tax implications with each type of business entity you can form, as well as how you can potentially save thousands of dollars by registering as an S-Corp.
Josh also covers which expenses are deductible to your business, how to include health insurance as a tax-deductible, and how you can reduce your tax bill by investing more into retirement accounts. He also spends some time explaining the often confusing issue of how much sales tax FBA sellers should be paying and under which state tax laws, as well as recommending a service to automate the process.
Tune in as Josh answers several questions from the Side Hustle Nation community and shares some of his best tax saving tips and advice. This isn’t another one of those dry conversations around tax, it’s packed with actionable tips and advice to help you put more money back into your pocket.
Grammar police: I understand it should either be “pay less tax” or “pay fewer taxes” … but sometimes search popularity trumps grammar :)
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Learn:
- Which form of entity is better to start your side hustle.
- The tax implications of being a sole proprietor, LLC, partnership, or an S-Corp.
- How you can make potentially huge tax savings being an S-Corp.
- Which expenses are tax-deductible to your business.
- How to handle health insurance and retirement accounts as a small business owner.
- How much you should be setting aside to cover your tax bill.
- How to properly account for a car in your business.
- What kind of records and receipts you should be keeping for tax purposes.
- How to navigate the tricky FBA sales tax per states you are selling in.
- Some helpful tips that could save you hundreds, or thousands in tax before year end.
- Josh’s #1 tip for Side Hustle Nation.
Links:
- CPAonfire.com
- Rocket Dollar – unique platform for setting up a Self-Directed Solo 401(k) or IRA
- Gusto
- Elizabeth Potts Weinstein answers your legal questions in episode 204
- TaxJar.com
Download the Free PDF "Highlight Reel" from this Episode
With all of my guest's top tips and resources included.
Enter your email to access it now:
Success! You just unlocked the highlight reel from this episode ... AND over 200 other subscriber-only bonuses. Check your email for details :)
(If it doesn't show up in 5-10 minutes, check spam/promotions.)
You'll also receive my best side hustle tips and weekly-ish newsletter. Opt-out anytime.
It was very interesting reading all this side hustle stuff so I am going to get into it and download what I didn’t know I could do so thank you.