• Skip to primary navigation
  • Skip to main content
Collective

Collective

A blog to help freelancers with taxes - Collective

What we offer

Business setup Form your business the right way Accounting Expert approved, powered by AI Invoicing Get paid faster, without the busywork Payroll Payroll made simple for S Corps Taxes Stress-free taxes for solopreneurs Business insurance Coverage for your business Health insurance Instant and affordable health coverage Support Human expertise + AI speed
Pricing Customers
About us Partnerships Careers We're hiring! Press
Blog Newsletter Webinars

Free tools

S Corp tax savings calculator Estimated tax & extension calculator Tax calendar S Corp admin cost calculator Freelance rate calculator Bill rate calculator
See all free tools →
Login
Business setup Accounting Invoicing Payroll Taxes Business insurance Health insurance Support
Pricing
Customers
About us Partnerships Careers We're hiring! Press
Blog Newsletter Webinars S Corp tax savings calculator Estimated tax & extension calculator Tax calendar S Corp admin cost calculator Freelance rate calculator Bill rate calculator See all free tools
Login
Resources / Authors / Sarah Li-Cain

Author

Sarah Li-Cain

Sarah Li-Cain, AFC®, is a finance and fintech content marketing writer and strategist with 14 years of experience, writing for outlets and companies including American Express, Investopedia, Intuit, LendingTree, and Bankrate. She's also a podcast producer and host, moderating and producing content for finance and B2B brands.

Articles published
15
Topics covered
4
Last published
Aug 2021
Sarah Li-Cain

What Sarah covers

Browse all topics
Money Management 5 articles Small Business Hacks 5 articles Tax Tips 3 articles

Blog | Updated Feb 20, 2025

5 Personal Finance Best Practices for Six-Figure Business Owners

You must be doing something right since your business is scaling to the multi-six figures. Go ahead, pat yourself on the back for the work you’ve…

All articles by Sarah

Blog

5 Personal Finance Best Practices for Six-Figure Business Owners

You must be doing something right since your business is scaling to the multi-six figures. Go ahead, pat…

Aug 13, 2021 · 6 min read
Blog

5 Outstanding Tools that Make Filing Your Self-employed Taxes a Breeze

As someone who is self-employed, I often feel overwhelmed juggling all the balls in the air and praying…

Apr 27, 2021 · 5 min read
Blog

How to pay yourself when you’re self-employed

Payday — these words can sound like music to your ears. After all, you’ve worked hard in your…

Apr 1, 2021 · 6 min read
Blog

There’s no right way for women to make money

When I first started working for myself, I would feel guilty that I wasn’t doing it “right.” I…

Mar 18, 2021 · 7 min read
Blog

Are you making one of these self-employed tax mistakes?

Making mistakes is a natural part of being a business owner. Unfortunately, some will cost you more than…

Mar 5, 2021 · 7 min read
Blog

14 Self Employed Expenses You Can Write Off On Your Taxes

One of the many perks of self-employment is that you write off business expenses on your taxes —…

Feb 11, 2021 · 7 min read
Blog

How to Setup an LLC for an Online Business

Congratulations, you’ve decided to start a business!  No matter where you start your business, one of the most…

Jan 21, 2021 · 7 min read
Blog

6 LLC Setup Mistakes (and how to avoid them)

When you’re starting a new business, it can feel both exciting and overwhelming. Sure, there’s many aspects to…

Jan 20, 2021 · 6 min read
Blog

7 Best Podcasts to Level Up Your Mindset as a Business-of-One

Raise your hand if you’re a freelancer or solo business owner who has got it all together and…

Dec 14, 2020 · 6 min read
Blog

9 Reflection Questions to Help Your Business Level Up Next Year

As a busy business owner, you’re probably concerned about looking towards the future. After all, you’ve got a…

Dec 8, 2020 · 7 min read
Blog

How I Recovered From Burnout and Created a Better Work-Life Balance

Hustle culture is alive and well—and I fell victim to it. To be clear, there needs to be…

Nov 16, 2020 · 7 min read
Blog

Why Women Need a Negotiation Support Group When Increasing Their Prices

There’s no need to tell you there are so many tactics you can implement to increase your income.…

Nov 11, 2020 · 6 min read
12Next page
Showing 12 of 15

We’re glad you’re here!

First, tell us about your business

Net profit = Total revenue - total expenses

  1. Find total revenue. Add up all money your business earned from sales of goods or services during the year.
  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.

W2 employees are people on your payroll

You withhold income tax, Social Security, and Medicare from their paychecks, and they get a W-2 form from you at the end of the year.

Don't count yourself (even if you pay yourself a salary) or 1099 contractors and freelancers.

I agree to Collective Terms of Service & Privacy Policy. Additionally, by providing phone number to continue, I agree to receive calls, incl. autodialed or prerecorded sales calls, from Collective.

Collective logo

We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

We are experts in the unique needs and challenges of self-employed people and know that our confidence gives others confidence, too. Reach out to say hello and join our team.

Products

  • Business setup
  • Accounting
  • Invoicing
  • Payroll
  • Taxes
  • Business insurance
  • Health insurance
  • Support
  • Late S Corp election

Company

  • Home
  • Pricing
  • About us
  • Careers
  • Contact us
  • Partnerships

Resources

  • Blog
  • Guides
  • Help center
  • Testimonials
  • Press
  • Create with us

Legal/Support

  • FAQ
  • Terms of service
  • Privacy policy
  • Security policy

Compare

  • Compare all
  • Collective vs Lettuce
  • Collective vs LegalZoom
  • Collective vs TurboTax
  • Collective vs ZenBusiness

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.

© 2026 Collective Hub, Inc. All rights reserved