It’s tax season (at least in the US), and that means you’re probably nervous about how much you might owe OR excited about how big a refund you might get back.
I have a love-hate relationship with taxes. Obviously it sucks to give your hard-earned money away to the government, but there is at least a small part of me that feels satisfied in making my contribution and being a responsible citizen and all that jazz.
In the pre-Side Hustle Nation days of this blog, I even cataloged a dozen-plus ways I’ve been a government mooch in my lifetime, benefiting from a variety of public and subsidized services.
Still, I think it would be foolish to give Uncle Sam more than you’re legally required to, and that’s what brings us to today’s episode.
I’m joined by Joshua Sheats from RadicalPersonalFinance.com and the host of the Radical Personal Finance podcast.
He explains there are 2 tax codes: the personal tax code and the business tax code. As a business owner, even as a side hustler, there are a number of distinct tax advantages available to you. << click to tweet!
And that’s what you can look forward to in this call!
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Learn:
- When and why you should incorporate your business, and why most beginning side hustlers should NOT.
- How to set up a business name even as a sole proprietor.
- The types of expenses you can deduct as a side hustler.
- 3 overlooked tax savings opportunities that will get your gears turning.
- How to audit-proof your side hustle.
- A free business idea for people who get a kick out of helping people save money.
- Joshua’s thought-provoking #1 tip for Side Hustle Nation.
Links:
- Radical Personal Finance and the Radical Personal Finance Podcast
- Money: Master the Game by Tony Robbins
- SaveTaxesByMoving.com
Joshua’s Series on Tax Planning:
With April 15th fast approaching, what do you think? Is this stuff useful to you?
Anyone want to take me up on the performance-based accountant business idea?
Download the Free PDF "Highlight Reel" from this Episode
With all of my guest's top tips and resources included.
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Excellent interview with a wealth of useful information. The rush to form a corporation, especially very “thin” corporations like LLC’s and “S” corps where the stockholders are perhaps all in the same family, is something I have advised against for years. See
https://retiredpay.com/are-you-sure-you-want-to-start-a-llc/
Not only are many brand new entrepreneurs “protecting” then selves against somewhat sketchy or over-stated risks, but in many cases forming a corporation reduces fraud and customer service protections that the individual has by default as a private person.
Also, should someone inadvertently commit fraud, relying on the “corporate veil” to protect one’s assets is not at all as sure as many seem to think. A judge can “pierce the veil” very easily and transfer to penalties to the actual owners of the corporation very easily in most states.
Far better think to focusing one’s energies (and money) on building a viable business rather than “projecting” assts against dangers which might well not exists. Of course this is opinion only from a layman. Always seek a professional for actual legal advice. (my lawyer made me say that ;-) )
Dave, thanks for stopping by! Revenue first, red tape later, I like it :)
Thanks for this episode! I put of listening to it for quite a while because I didn’t want to think about taxes … but I’m glad I listened! The information that was shared was incredibly valuable.
Happy it was helpful Jim — thanks for stopping by!