Setting Up a Teaching Business and Don't Know What to Do About Taxes? Watch This...

People constantly ask me about how taxes work when building a teaching business.

I also get questions regarding registering a business and becoming self-employed.

Here is my best advice…

Disclaimer: I’m not a legal expert. This video shares my experience when it comes to taxes and business registration. That’s why you should…

Talk to Someone ?

Set up 2-3 meetings with an accountant in your local area, explain your situation, and create a plan moving forward.

Most offer a free initial consultation and will help you according to your situation.

Like I said in the video, I was putting off making some changes as no one likes to deal with taxes.

However, now that I have clarity on what I need to do, I can move forward with confidence.

I started out as a sole proprietor. I did this as I wanted the easiest way to get things off the ground.

As my business grew, I decided to incorporate.

I did this through Legal Zoom (aff link) and registered an s-corporation (I think this is mainly a U.S. term).

This was based on the advice from my first CPA.

I use a couple of programs to help me track income and expenses and run payroll.

WaveApps: this is free and you can connect your bank account(s) or upload your statements and then categorize your incomings and outgoings.

Gusto: I use this to run payroll (to pay myself!) so that the right amount of tax is applied and gets paid automatically.

I need to turn the levels down on the mic, otherwise, I really like it.

Here is what I used to film this video (aff links):

iPhone 7+ – it’s an amazing camera

Microphone – need to turn down those levels!

Tripod – I got the smartphone holder too

What type of business entity do you have? Let us know in the comments!

Thanks for reading.