Inspiration and advice on leveling up your Business-of-One.
What are Intangible Assets?
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 […]
What S Corp Owners Need to Know About the QBI Deduction
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 […]
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 […]
Should You Start a Holding Company?
If you’re a small business owner who owns multiple businesses, you may wonder whether or not starting a holding company is right for you. Holding companies can offer advantages, like letting you own multiple companies through one entity, protecting your personal assets from business debts, and keeping business liabilities separate. Other benefits of a holding […]
How to Pay Estimated Taxes
As a Business-of-One, there’s no doubt that taxes can be confusing. From keeping track of income and deductions to submitting quarterly estimates, there’s no shortage of paperwork and attempts to interpret the tax code. In this post we’ll break down what estimated taxes are and everything you need to know about calculating estimated tax payments, […]
Tax Payments 101: A Beginner’s Guide to Understanding How They Work
So, you’ve finished your tax return and you owe the government more money than you expected. What happened? Chances are, you didn’t pay enough between your W-2 withholdings and estimated taxes throughout the year. Nobody likes making sense of tax buzzwords and tax forms (okay, maybe we do a little bit) – but it is […]
How to Write Off a Car for Business
As a self-employed business owner, you know how important it is to track and manage your expenses. From supplies to services and travel, there are many items that can be written off – including the use of your personal car! If you’re considering writing off your car as a business expense but aren’t sure where […]
Self-Employed Guide to the Home Office Tax Write Off
For Businesses-of-One, setting up a home office can be a great way to get tax deductions. But figuring out how to go about writing off a home office can be confusing. This guide will help you understand what expenses you can write off when you’re self-employed and how to claim a home office on your […]
Self-Employed Workers are Optimistic About 2023
We’re thrilled to release the first edition of the Collective B1 Economic Report, a semi-annual look into how the economy is going for American Businesses-of-One. This first of its kind report, examines revenue trends, cost trends and near-term business expectations among the self-employed, providing a brand-new indicator of economic growth. The report’s data and survey […]
Collective Across the Country
At Collective, our mission is to enable Businesses-of-One to become more financially successful by giving them time to focus on their passion and not their paperwork. It’s a big mission. It will take us a long time to deliver. There are a lot of solo businesses. Like, a LOT. In our first year, we started with just […]
Why Bookkeeping Is Important: The Basics
You may be wondering what bookkeeping is – and how it can help your business, before and during tax season. One thing to know right off the jump: bookkeeping is essential. The first step in many critical business tasks, it allows you to have a better view of your business’ finances at any given time. […]
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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.
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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.
Estimate Your Tax Savings* Based on average estimated tax savings of active Collective users with over $80,000 net revenue in 2019 ($12,217) and potential savings declared by Intuit Quickbooks TY17 US subscribers that have identified >$10,000 in income and >$0 in business expenses ($4,628)