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Resources / Authors / Dana Sitar

Author

Dana Sitar

Dana Sitar is a freelance journalist who has covered personal finance, careers, and digital media since 2011, with bylines in The New York Times, Forbes, CNBC, and Inc. In 2021 she founded Dana Media, a content agency focused on personal finance and fintech brands.

Articles published
8
Topics covered
5
Last published
Jan 2024
Dana Sitar

What Dana covers

Browse all topics
Business Formation 3 articles Bookkeeping 2 articles Accounting 1 article

All articles by Dana

Business Formation

Owner’s Draw vs. Salary: Paying Yourself as a Business Owner

The way you set up your business has a ripple effect. Impacting everything from how you manage money…

Jan 22, 2024 · 15 min read
Blog

Bookkeeping Guide for Real Estate Agents

As you embark on your journey as a real estate agent, don’t forget about keeping track of the…

Dec 5, 2023 · 10 min read
Blog

The Real Estate Agent’s Tax Guide for 2024

Paying taxes as a real estate agent can be complicated when you’re first starting out. Even if you…

Jan 25, 2023 · 11 min read
Business Formation

Ultimate Guide to Forming an S Corp in Illinois

Running your own business is exciting no matter what stage you’re in! Whether you’re just starting out as…

Mar 21, 2022 · 14 min read
Business License

How to Get a Business License in Illinois

If you’ve been working as a freelancer or small business in Illinois, you might not realize you’re required…

Mar 7, 2022 · 9 min read
Blog

How to Choose an Online Bookkeeping Service as a Business-of-One

Running your Business-of-One comes with tons of benefits – and freedom in the way you work. It also…

Dec 1, 2021 · 12 min read
Accounting

How to Calculate Net Income

Knowing your business’s net income is vital to understanding the financial health of your business — and it’s…

Jul 28, 2021 · 7 min read
Business Formation

S Corp vs. C Corp: What’s the Difference and Which Is Better for Your Business?

The main difference between an S Corp and a C Corp is how the IRS taxes the business.…

Jun 22, 2020 · 12 min read

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Net profit = Total revenue - total expenses

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  2. Subtract your expenses. Deduct all business costs like supplies, rent, utilities, software, contractor payments, and loan interest.

An estimate is fine, you don't need exact figures.

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Collective provides a suite of tools, back-office support, and general information. Our services are not intended as tax, legal, or professional advice.

* Savings estimates reflect the average 2023 federal self-employment (SE) tax savings for Collective members with an S Corp tax election, based on business profits that would've otherwise been subject to SE tax. Actual savings will vary based on individual circumstances.

** Based on data sourced from Shopify blog, QBO Essentials, QBO Live, Gusto, Taxfyle, Intuit "Tax Pro" Research, LegalZoom and JustAnswer.com as of August 2025.

† Individual tax return packages are billed as an annual, one-time add-on fee.

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