Alexis Krystina – The Charmed Life Do You Really Need An LLC?  I see so many people in the online entrepreneur space bragging about getting an LLC for their business as if it makes them somehow more of a “real” business owner. And I have a few bones to pick on this. Because if we’re being real, an LLC is in zero ways more legit than a Sole Proprietor, and I honestly feel like when people start bragging about their LLCs, they 1. do not realize that there aren’t as many benefits as they think and 2. it causes other

Alexis Krystina – The Charmed Life The Best Kept Secret About Bookkeeping For Your Business As a new business owner, you’ve got a lot on your plate. All of a sudden you need to become an expert in copywriting, social media marketing, and taxes. Like seriously, you just wanted to help people and get some freedom or maybe you just started a business as a side thing but now there’s this overwhelm. Naturally, you figure it out. You ask around, you do research, you invest, you learn. But when it comes to taxes and bookkeeping it just seems like there’s more

Alexis Krystina – The Charmed Life Should You Become An S Corp? What Is An S-Corp? An S-Corp is a tax election available to LLCs (it’s also available to Corporations, but I’m not getting into any Corp stuff here). If someone says they are an “S-Corp”, what they really mean is they are an LLC that has elected to be taxed as an S-Corp. See, LLCs by default are taxed exactly the same as a Sole Proprietor–so when people tell you that there are tax benefits to becoming an LLC, that’s simply not true by default. The tax benefits are

Alexis Krystina – The Charmed Life What Freelancers Need To Know About Taxes How Should You File Taxes? Freelancers typically will file taxes as a Sole Proprietor which means they will file a Schedule C form that gets integrated with their personal tax return. Once they reach a point where they are making thousands in net profit, they may want to look into filing as an S-Corp. S-Corp status is more complex and may offer some tax benefits–but at that point, I’d consider them a full fledged business rather than a freelancer. As far as actually filing taxes, a freelancer