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Tax time for Entrepreneurs!

Discussion in 'Accounts and Finance' started by hiimjeremy, Apr 19, 2016.

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  1. hiimjeremy

    hiimjeremy Member

    Hey Pejman,

    Nice to meet you! It sounds like you've had a tremendous amount of success. Tax season in the US just passed pretty much, I wanted to know if you had any tips to get the most for yourself, being Self Employed?

    Can a new Entrepreneur in the online space get by without setting up an official business/company come tax time when he starts making some decent scratch on the internet? Are there a few guidelines you would be able to share so that the newbies in the space can be 100% prepared once they start earning a decent living online, as a self employed tax payer? If you have thoughts, that would be great!

    Loving your feature so far. Thanks for reading!
  2. Leverage what you use for marketing as a strategy. Instead of looking at conventional write offs like mileage on you car, leverage cars as an asset used for marketing if appropriate on your business. I teach people this in exoticcarhacks.com and they typically understand the loophole enough to make it work for them. Cars are only one of the many things you can write off
    hiimjeremy likes this.
  3. hiimjeremy

    hiimjeremy Member

    Good stuff! I currently work 1099 for a company who pretty much pays for a lot I need in order to make money, so there's only so much I can write off without having my own business which is sort of unfortunate. I don't drive more than a few times to meet up with partners per year currently, so I'm not sure if I can write off anything other than mileage.

    I'm pretty sure I'll need to set up an official business at some point though, to take advantage of more of those write-offs. Thanks for the reply!
  4. Yes, you need a real LLC or S Corp. Not a schedule C or SP.

    Where and what you drive to has no relevance on the write off I am talking about.

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