It's Not About The Money

How are taxes different when you’re self-employed? Steve discusses how things change when you go from a W-2 job to being your own boss. 

The biggest changes are the way you pay your taxes (withholding versus estimated tax payments) and what things you can deduct. 

There are a few gotchas and surprises on the journey, but you, armed with this knowledge, can go forward prepared to face them. 

• (00:00) - On Resolutions and Journaling
• (06:20) - Set the scene: You have a W-2 job but are considering starting a business
• (07:57) - W-2 jobs and withholding
• (12:21) - Withholding vs. estimated tax payments
• (13:56) - Rules of thumb for estimated tax payments
• (19:52) - Deductions for individuals
• (23:49) - Deductions for businesses
• (26:19) - Self-employment taxes
• (28:46) - The way to avoid all taxes

Links:

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Steve Nay: 

Tyler Smith: