Proof That You’re Doing Fine- The Breakeven Point

2022-09-20

I often see a lot of 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

I often see a lot of 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:

https://www.sunlighttax.com/deductionsguide

Comments (3)