Have you ever wondered whether or not you’re currently set up under the right tax entity? Guess what… you might not be! Also, it may benefit you WAY more in the end to go with a true tax entity rather than starting as a sole proprietor.
Katelyn Magnuson is a Fractional CFO and owner/founder of The Freelance CEO and she’s here to share her thoughts on all things numbers and tax entities. Listen in as she shares her top advice and why filing as an LLC sooner than later may mean saving tens of thousands of dollars in taxes.
Have you ever thought to yourself, “I LOVE numbers?” No? You’re not alone, but that has never been a problem for Katelyn. She’s always loved how knowing your numbers impacts achieving your goals. She’s built an entire firm of people who are dedicated to helping their clients reach all of their money goals… (and buy the latte too!)
You see, no matter if you’re building a business, starting a side gig, or trying to figure out retirement, you have to know where you’re at to get where you want to go. That’s where Katelyn and her team step in.
Listen as she shares her thoughts about why starting as an LLC is often the best thing, what it means to partner with your CFO, and why you should start with your goals, not what you’re currently making.
Katelyn is an amazing money-mind and this is one episode that you cannot afford to miss.
In This Episode:
[02:50] What does “CFO” stand for and what does a Freelance CFO do?
[06:09] Are you able to switch your financial goals mid-track?
[07:33] Do they only educate or do they also do the work itself?
[09:39] When you’re first starting, what kinds of entities can you set yourself up as?
[13:42] Can you be an S-Corp without being an entity?
[17:29] Do most people realize that they’d be better off filing as an LLC even if it is more up front?
[20:33] Learn more about how they advise their clients and why.
[21:32] Are there any cons to being an S-Corp?
[26:25] What other eligibility should you look at before becoming an S-Corp?
[29:55] Katelyn shares her best advice for business owners.
[31:37] Listen as Katelyn shares her three rapid fire answers about food, tools, and advice.
Links and Resources
The Dos & Don’ts of Finance for Photographers with Katelyn Magnuson
Connect with Katelyn:
Find Success Beyond the Lens:
@successbeyondthelens
@successbeyondthelenspodcast
Grab your Boundaries Resources