Proof You're Doing Fine: Break Even Point

LISTEN & SUBSCRIBE HERE

I often see creative entrepreneurs struggling with mindset issues when it comes to the idea of being an official business owner and not knowing when to file their Schedule C. 

Today, I explain why it’s important to know when the IRS recognizes your business as official, the self-employment tax deductions you can take advantage of once you start your business and what the breakeven point is when you’re an entrepreneur.  

Also mentioned in today’s episode: 

  • Why the first year in business is a very tax advantaged year 2:50

  • How to know when your business has officially started according to the IRS 4:18

  • When to file your first Schedule C 7:05

  • Normalizing the idea of spending money before earning a profit as a sole proprietor  10:44

  • The economic and business idea of a breakeven point 14:56

  • Income tax and how the IRS defines a business and the importance of profit motive 19:28

If you enjoyed this episode, please rate, review and share it!

Links:

Visual Guide to Tax Deductions

Previous
Previous

Paddy Johnson: Real Talk on How to Succeed in the Arts

Next
Next

Mileage: The Best Tax Deduction You're Missing