Staying Focused vs New Ideas

Staying Focused vs New Ideas

ShareIf you are like me at all, you constantly have a flow of ideas for new businesses, websites, and more. While a creative mind is a fantastic thing for anyone looking to be income independent, it can also be an Achilles heel. The prioritization of current projects with planning and starting up new ones can be daunting even for the most seasoned entrepreneur. So how do you go about juggling everything while maintaining productivity?  This could be a very complicated answer but fortunately for you, I’ve spent the time in your very shoes to provide some tips on how to manage it all. 1. Don’t Bury Yourself Let’s say you are currently running two different projects: a drop shipping business and a niche e-commerce store. The drop shipping game has been running smoothly now that you have the process down and you are starting to finally get some organic traffic to your niche c-commerce website. Now you’re itching to fire up something new and shiny. The allure of new is always going to be easy to fall for. First you need to step back and really give your current operations a good review. Can they operate well with you giving them significantly less face time? Remember when starting these off, how much work was involved in getting them set up and running correctly? You will need to be able to take time away from them to get the hot newness going. Can you afford to take the hit in income or will they continue to run smoothly? Only when your current lines of business are taken care of and can run for a...
10 Tax Tips for New Business Owners

10 Tax Tips for New Business Owners

ShareTax season is upon us, but as a new business owner you must realize that all year is actually tax season. Keeping these tips in the back of your mind will keep you ahead of the game and organized when it comes time to officially file. While reading through this list remember that these are just general tips and should never take the place of advice and guidance from a seasoned tax professional. So before launching any strategy or taking any deduction, consult a pro so you don’t get in trouble with the man. This may be a lengthy read for some, but taking the time to learn how to properly file taxes as a new business owner is worth the extra couple of minutes. 1. Business Structure How you set up your business will effect how you pay taxes on your income. As a sole proprietor you will pay self-employment taxes on the entire amount that you earn. If you decide to go the LLC route, you can then elect what to be treated as a “S Corporation” or “S Corp” for short, which can help reduce your self-employment taxes. You can do this with an S Corporation because you are allowed to pay yourself a “reasonable” salary, which is subject to employment taxes such as FICA, Medicare and Social Security, and then any remaining profits can be taken as a profit distribution or “dividends”, which are not subject to to those employment taxes. For example, you are a web designer and as a sole proprietor made $50,000 last year. You would have to pay employment taxes on the whole...
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