NumberSquad’s Post

🔍 What is an LLC and Why It Matters 🔍 Today, I deepened my understanding of LLCs (Limited Liability Companies) in my freelancing journey! Here are the key points I learned: What is an LLC? ➡ An LLC is a legal business structure that offers significant tax and liability benefits compared to being a sole proprietor. 💰 Tax Benefits: 1️⃣ Deductions: Lower your taxable income with deductions for expenses like your home office, internet, business travel, and courses. 2️⃣ Pass-Through Deduction: As a single-member LLC, you can deduct 20% of your business income, reducing your overall tax burden. 🛡️ Liability Benefits: ➡ An LLC protects your personal assets (like your house and car) from business-related lawsuits. Only your business assets are at risk, which is vital when dealing with larger clients. 📈 Why It’s Important: ➡ It's not just about how much money you make; it's about how much you keep after taxes. Lowering your tax liability with an LLC means more money in your pocket. Forming an LLC can offer legal protection and tax savings. Always consult a professional for your specific situation, but it's worth considering! #Freelancing #LLC #BusinessStructure #TaxBenefits #FinancialLiteracy

Working from home? 🏠💻 Make sure you're claiming everything you're entitled to! To help your accountant accurately calculate your "Use of Home" allowance, you'll need to provide them with some key info 🔗 https://buff.ly/40emG5j #freelancer #accountant

MONEY TALK ~ Are you a freelancer who wants to master your finances? Discover how to manage irregular income and build a secure financial future. Read more at https://lnkd.in/d6Ua_kMA #GlaziaNow #MoneyTalk #MoneyManagement

Are you a self-employed individual whose income was impacted by COVID-19 in 2020 or 2021? Don't miss out on the Self-Employed Tax Credit (SETC) - a non-repayable tax credit of up to $32,220 designed specifically for those with Schedule C income. Whether you're a sole proprietor, contractor, freelancer, or gig worker, the SETC can provide vital financial relief. My team handles the entire process for you, so you can get your money in as little as 15 days after approval. Almost everyone who filed Schedule C qualifies, so contact me today to maximize your benefits with minimal hassle. ##SelfEmployedTaxCredit #SETC #COVID19Relief #SmallBusiness #Freelancer #ContractorLife #SoleProprietor #ScheduleC #TaxCredits

The team at Besolo demystified the process of leveling up to S Corp. We always get the question of what is involved to see the tax savings benefits and it's not nothing, but it's not rocket science either. Our recommendation is to take the tax savings and use them to contribute to a solo 401K, so you can build retirement and feel more secure in the solo lifestyle. 🤔 - Did you know that you can borrow up to $50K or 50% (whichever is less) of the balance of a solo 401K for personal reasons (loss of a client, sickness, etc.)? When you repay the loan, you pay interest to your own retirement account, not a bank. This is a great way to build a rainy day fund for your business-of-one that can still be earning interest versus sitting in your personal account doing nothing. #selfemploymenthacks #solopreneur #solo401K #LLCvsSCorp

Freelancers, don’t get caught off guard by self-employment #tax! 💸 - As a freelancer, you’re required to pay self-employment tax, which covers Social Security and Medicare. You also pay income tax on your earnings. Since taxes aren’t withheld from your payments, you’ll need to make estimated quarterly payments to the IRS to avoid penalties. Keep track of income, expenses, and stay on top of those quarterly payments!💃🏾 Comment any questions you have below & SHARE with a friend♻️ #freelancer #selfemployed #businessowner #entrepreneur #taxtips #taxexpert #llc #karladennis #kda

Bookkeeping Guide for Real Estate Agents It is important to monitor your company's finances as you start your career as a real estate agent. Because, well, you now own your own business! Since real estate agents are regarded as self-employed for tax purposes, you are solely responsible for your earnings, outlays, and taxes. You'll need to keep some records for that. You most likely require bookkeeping as a real estate agent in order to keep track of your income and expenses and to make sure you pay your taxes on time each year. 

𝗔𝘃𝗼𝗶𝗱 𝗖𝗼𝘀𝘁𝗹𝘆 𝗧𝗮𝘅 𝗠𝗶𝘀𝘁𝗮𝗸𝗲𝘀! 🚫 Tax extensions can be a blessing, but don't let them turn into a nightmare. Let us help you organize your finances and avoid costly mistakes. Contact us for reliable bookkeeping support! Secure your finances today! Comment 'Prevent' for more info. #BookkeepingIsFun #NoMoreMistakes

𝗔𝘃𝗼𝗶𝗱 𝗖𝗼𝘀𝘁𝗹𝘆 𝗧𝗮𝘅 𝗠𝗶𝘀𝘁𝗮𝗸𝗲𝘀! 🚫 Tax extensions can be a blessing, but don't let them turn into a nightmare. Let us help you organize your finances and avoid costly mistakes. Contact us for reliable bookkeeping support! Secure your finances today! Comment 'Prevent' for more info. #BookkeepingIsFun #NoMoreMistakes

What does a dog & being behind on your bookkeeping have in common? 🤔 The Scobby Doo... "RUH ROH" look!..🤣🤣 Don't leave a business owner frustrated with doing their own bookkeeping! P.S...Especially if they filed a tax return extension. 😉 Does this dog look like Scobby Doo?? 🐶 👇👇👇👇👇👇👇👇👇👇👇👇 #taxextentions #notfun #behindonbookkeeping #cpas #bookkeepingservices