Inspiration and advice on leveling up your Business-of-One.
Beating the Odds: U.S. Solopreneurs Find Success Amid Economic Challenges
We’re delighted to announce the release of the second edition of the Collective B1 Economic Report, which offers a window into the financial performance and business outlook of solopreneurs in the United States during the first half of 2023. The report highlights the resilience and optimism among solo business owners, despite economic challenges and rising […]
Dennis Belogorsky – Independent Video Producer and Brand Storyteller
Revealing the Story Whether on-set or traveling the globe, Dennis Belogorsky is building his own story one film at a time. “Working for yourself means you get to be yourself. I don’t want to be a fake character, someone I have to create every day. That’s why I left the corporate world.” As a filmmaker […]
LLC vs. PLLC: Which is Best for Your Business
Many business owners are familiar with limited liability companies (LLCs), but fewer know about professional limited liability companies (PLLCs). Both LLCs and PLLCs offer unique benefits to protect business owners from liability and the potential to save on taxes. However, not all businesses can become PLLCs, while more can choose LLC status. Here’s a closer […]
Jordan Robinson WNBA Writer and On-Camera Host
Calling Her Own Shots To some, the move to freelance feels natural. Not to Jordan Ligons Robinson. “I am a capital-P Planner,” she says. “I’m not a ‘let’s see how things go’ person. I like things planned and scheduled. So leaving my regular job to go month to month, I didn’t know what was coming […]
Dropshipping Tax Basics: A Beginner’s Guide
When you sell online and use a third party for fulfillment, understanding your dropshipping tax requirements is essential. While they may seem confusing initially, dropshipping taxes are fairly easy to handle once you get the hang of the basics. Here’s a guide to dropshipping taxes for beginners with everything you need to know to ensure […]
What is Bookkeeping?
TL/DR Version Bookkeeping is the systematic recording, organizing, and tracking of a business’s financial transactions. It matters because it provides valuable insights into a business’s financial health, helps with tax compliance, and supports decision-making. As a solopreneur or small business owner, understanding and implementing financial processes can lead to better financial management and long-term success. […]
What is Payroll?
TL/DR Version Payroll is the process of managing wages, salaries, and taxes for your business team, whether it’s just you or a small group. It involves calculating gross pay (total earnings before deductions) and net pay (take-home amount after deductions), choosing the right pay period and payout frequency, and understanding withholdings and deductions to ensure […]
Collective Raises $50M to Become First AI-Powered Finance Platform Designed for Solopreneurs
Three years ago, we launched Collective with the mission to empower Businesses-of-One with the technology and team that they need to enable them to focus on their passion, not their paperwork. Today, 39% of the U.S. workforce and growing are solopreneurs and Collective has created the first all-in-one back-office solution to help deliver this rising […]
What are Intangible Assets?
Intangible assets are often overlooked in day-to-day operations but understanding them can be an invaluable tool when it comes to building your brand and reducing your tax bill. In this article, we’ll discuss what are intangible assets are and how they can benefit your business. What are intangible assets? Intangible assets are the non-physical resources […]
What S Corp Owners Need to Know About the QBI Deduction
The Qualified Business Income Deduction is a relatively new tax deduction that offers considerable benefits to self-employed people and other small business owners. It provides a deduction for up to 20% of the income you earn from your business, so it can help S Corp owners save on their taxes. What is the Qualified Business […]
What Is Taxable Income?
Navigating the world of taxes can be confusing and overwhelming. As a small solopreneur, it’s important to understand what’s considered taxable income and how you can use the tax code to reduce it when possible. This blog post will explain key concepts related to taxable income and provide useful guidance for reducing your overall tax […]
S Corps Become More Valuable With New Social Security Wage Base
The Social Security wage base plays a role in how much you pay in Social Security taxes and as a result, self employment taxes, which are Social Security taxes and Medicare taxes combined. The Social Security wage base adjusts annually based on the national average wage index. For 2023, the wage base has risen significantly, increasing […]
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With Collective, freelancers save an average of $16,845 or more in taxes every year. Plus they never have to worry about the legal or tax side of running their business. See how much you could save with Collective.
Estimate Your Tax Savings* Based on the average 2020 tax savings of active Collective users with an S Corp tax election for the 2020 tax year