Solopreneur Taxes 101: From W-2 to Schedule C

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

Steve Nay: 

Tyler Smith: 

Creators and Guests

Steve Nay
Steve Nay
Strategic tax advisor for solopreneurs. Enrolled Agent; Owner of Daybreak Tax LLC
Tyler Smith
Tyler Smith
Financial coach for working professionals
Solopreneur Taxes 101: From W-2 to Schedule C
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