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Terence Yang on leaving tech and stepping out as a coding teacher

The deets: Name: Terence Yang Business Name: Code Creative Follow on Outschool and LinkedIn Describe your business: I…

Nov 4, 2021 · 3 min read
Community Spotlight

Mané Bailey on how discipline fueled her 7-figure business

The deets: Name: Mané Bailey Pronouns: She/Her Business Name: Ivy Entertains & MB&Co Follow Ivy Entertains on Instagram,…

Oct 28, 2021 · 3 min read
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Faith Storey on taking risks in your business

The deets: Name: Faith Storey (she/her) Business Name: Storey Studios Follow on Instagram Describe your business: I manage…

Oct 15, 2021 · 2 min read
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Garrett Yamasaki on website success – and Doodles

The deets: Name: Garrett Yamasaki Business Name: We Love Doodles Follow on Instagram, Facebook, Pinterest, and Youtube Describe…

Sep 30, 2021 · 3 min read
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Mark Griffo II on new projects as stepping stones to success

The deets: Name: Mark Griffo II Business Name: Griffo House Follow on LinkedIn and Twitter Describe your business:…

Sep 16, 2021 · 3 min read
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Teena Thomas on starting a business during a pandemic

The deets: Name: Teena Thomas (she/her) Business Name: Revolve Social LLC Follow on Facebook and Instagram Describe your…

Sep 2, 2021 · 4 min read
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Priscilla Cornwell on taking care of your mental health

The deets: Name: Priscilla Cornwell Business Name: The Luxurist Method Follow on LinkedIn and Instagram Describe your business:…

Aug 5, 2021 · 3 min read
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Kenzel Fallen on the importance of nurturing relationships

“It’s important to create and nurture genuine working relationships backed up by a strong work ethic and consistent…

Jul 21, 2021 · 2 min read
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Tyrone Marshall Jr on how to create a solid foundation for your business

The deets: Name: Tyrone Marshall Jr Business Name: Melanated Business Strategies LLC Follow on Instagram and Facebook Describe…

Jul 8, 2021 · 1 min read
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Stephen Larmer on knowing when to hire the right help

The deets: Name: Stephen Larmer Business Name: Stephen Larmer Design Follow on Instagram Describe your business: I guide…

Jun 10, 2021 · 4 min read
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Michael Nguyen on embracing failure

The deets: Name: Michael Nguyen Business Name: Take This Productions Follow on Instagram and LinkedIn Describe your business:…

May 27, 2021 · 3 min read
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Stephanie Wong on evolving with a rapidly changing industry

The deets: Name: Stefanie Wong Business Name: Sanctuary of Design Follow on LinkedIn Describe your business: I’m a…

May 6, 2021 · 4 min read
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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.

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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.

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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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