Collective Blog - Tax Tips, Business Advice & More

Inspiration and advice on leveling up your Business-of-One.

What is BOI and How Does it Affect my Business

You may have heard that your LLC must file a BOI report. But what does that actually mean? And are you really required to do it? In this article, we’ll go over the basics of BOI: what it is, who has to file the report, when, and how to file your report. What is BOI […]

Introducing Collective Accounting: The first AI-powered accounting suite for solopreneurs

Today, we’re excited to announce the launch of Collective Accounting, the first AI-powered, integrated accounting suite, designed for Businesses-of-One. With Collective Accounting, members can unlock financial reports and insights, send invoices, collect payments via ACH and credit card, and get a birds-eye view of their business finances. These tools, coupled with our team of experts […]

Collective Predicts Videography Will be 2024’s Most Lucrative Category of Business-of-One

Collective today named Videography the standout category of Business-of-One for 2024, citing its superior profitability and growth trends and the independent nature of work as a great fit for the orientation of a Business-of-One. By Collective’s estimates, through H1 2023, solo videographers had been on pace to generate an average of $290,254 in revenue last […]

Tax Requirements When Hiring a Foreign Contractor

Solopreneurs and small business owners often turn to outside help when they don’t have enough time to accomplish a task or need someone with specific expertise. While they may initially consider hiring employees, opting for a contractor can offer greater flexibility. Sometimes, you may want to hire a contractor who lives in another country. Before […]

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 […]

Tax Tips

Understanding the Differences Between Form 1120-S and Form 1040

How Can a Tax Advisor Benefit My Business

1099-K for LLC and S Corp Owners

What is Form W-8BEN

How to Prepare for Filing Your Individual Tax Return

Tax Requirements When Hiring a Foreign Contractor

Making Charitable Contributions Work for Your Business

How to File Taxes for an S Corp

How to Write Off Meals for your Business

Paying Yourself the Profits: Understanding S Corp Distributions

How to Handle Quarterly Taxes as an S Corp

Deductible Business Travel Expenses for Solo Business Owners

Common Tax Deductions for the Self-Employed

Dropshipping Tax Basics: A Beginner’s Guide

How To Do Taxes When You Switch to an S Corp Mid-Year

What Online Businesses Need to Know About Sales Tax

How much does a CPA actually cost?

What are Excise Taxes?

What are Itemized Deductions?

How to Navigate Business Entities and Tax Requirements While Living Abroad

Bookkeeping

Getting Paid in Digital Currency: Bitcoin, Ethereum, USDC, and More

Bookkeeping Guide for Real Estate Agents

What is Bookkeeping?

Why Bookkeeping Is Important: The Basics

How To Use Financial Reports To Run and Scale Your Business

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

How to write off your S Corp mileage using QuickBooks online

The Best Payroll Provider for Freelancers

5 Ways to Organize your Money with QuickBooks Online

What Every Freelancer Should Know About Bookkeeping

Setup Your Business

Collective makes setting up and running your freelancing business simple and affordable while saving you some serious money on taxes. See how much you could save with Collective.

Business Setup

Can an S Corp have a single owner?

Forming an S Corp vs. Accepting a W-2 Role: Pros and Cons

What is BOI and How Does it Affect my Business

What is an S Corp and is it right for your business

What is a Retroactive S Corporation Election?

Forming an LLC or S Corp at Year-End: Are the Tax Benefits Still Worth It?

How to Start an S Corp: What You Need to Know

Who Can Own an S Corp?

LLC vs. PLLC: Which is Best for Your Business

LLC vs Professional Corp: What’s the Difference?

DBAs 101: Doing Business As What?

Differences Between Single and Multi-Member LLCs

How Health Insurance Works for S Corp Owners

What is Self-Employment?

How an S Corp Accountable Plan Can Benefit You

What Impact Will an S Corp Have on Your Future Social Security Benefits?

Should You Add Your Rental Property to Your Business LLC?

LLC Mistakes That Put Your Liability at Risk

Should You Add Your Spouse to Your LLC?

What Is a Business Entity? (With Examples for Self-Employed Businesses)

Money Management

Retirement Plans for S Corp Owners

What is Payroll?

4 Retirement Savings Options For The Self-Employed

5 Personal Finance Best Practices for Six-Figure Business Owners

How to Account for Health Insurance, Vacation Time and Other Benefits in your Hourly Rate

How to Save When You’re Self-Employed and have Inconsistent Income

How to pay yourself when you’re self-employed

How to Run Payroll for an S Corp

How to Use your Personal Financial Identity to Grow your Business

9 Reflection Questions to Help Your Business Level Up Next Year

How the 80/20 Rule Helped me 3x my Revenue in Less than a Year

How to Create an Authentic Budget for Your Business

Create a Better Business Using Values-Based Spending

Level Up Your Freelance Finances with These Expert Tips

How to Pay Yourself When You’re a Freelancer

What Is an S Corp “Reasonable Salary”? How to Pay Yourself the Right Way

How to Open a Business Bank Account for Your New Business

Small Business Hacks

Business Expenses for Social Media Influencers

Meal and Entertainment Deductions

Differences Between Employee and Independent Contractor

Should I Hire a 1099 Contractor or W-2 Employee?

How to Build Business Credit

How To Handle Business Inventory

How to Take Parental Leave When You’re Self-Employed

The 6 Lead Generation Mistakes to Avoid In Your Solo Consulting Business

How To Establish An Effective Lead Generation Routine As An Independent Consultant – A Case Study

Tips for Creatives to Overcome Isolation and Loneliness

How to Turn a Referral Program Into a Main Source of Income

How to improve your payments workflow

Want a sustainable business? Try diversifying your income

7 Tips for Successfully Hiring Your First Freelancer

The Self-Employed Guide to Health Insurance

5 Tips on How to Scale a Business from a Successful Freelancer

Four Queer Entrepreneurs Share their Advice for New LGBT+ Businesses

5 Ways to Build a More Queer and Trans Inclusive Business

3 Reasons Why I Don’t Work Weekends: The Importance of Setting Boundaries as a Freelancer

Three Ways Entrepreneurs Can Cultivate Mental and Emotional Health

Community Spotlight

Milan Clarke – Social Media & Photography Agency

Cameron Gurr – Pro Resume Writer

Chynna Monforte – Web Designer

Jason Polevoi – Documentary Filmmaker, Producer, and Taco Lover

Bethany Joy Clark – Community Builder & Fertility Coach

Howie Chan – Brand Builder & Strategist

Lisa Devenny – Freelance Brand Builder & Graphic Designer

Adele Park – A Freelance Package Designer

Anita Barcsa – Freelance Portrait Photographer

Alice Yang – Making Art Work

Wilian Iralzabal – No Code Designer & Developer

Olivia Nunn – Veteran, Pageant Queen, and Mental Health Advocate

Vincent Nguyen – Veteran, Environmental Consultant, & Yogie

Tasha Jones – Veteran and Government Consultant

Britt Coffey – Certified Personal Trainer & Lifestyle Transformer

Dennis Belogorsky – Independent Video Producer and Brand Storyteller

Jordan Robinson WNBA Writer and On-Camera Host

How this solopreneur helps clients like The Rock, Marvel, and Adobe

The human side of social media and branding through user generated content

Money & finance – investing to increase net worth when self-employed

Estimate your tax savings

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.

* Based on the average 2020 tax savings of active Collective users with an S Corp tax election for the 2020 tax year.