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A blog to help freelancers with taxes - Collective

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Money Management

Blog

S Corp Financial Management: A Plain-Language Guide for Solopreneurs

You set out to do your craft, not to run payroll and chase tax deadlines. Once you elect…

Aug 25, 2026 · 7 min read
Money Management

Best Business Bank Accounts for Solopreneurs in 2026

Your business income and your grocery budget don’t belong in the same account. The moment you start accepting…

Aug 19, 2026 · 11 min read
Money Management

Payroll Solutions for Solopreneurs: A Comparison Guide

When you make an S Corp election, running payroll becomes part of your required compliance. It’s one of…

Apr 30, 2026 · 4 min read
Blog

How S Corp Owners Navigate Mortgage Approval

One of the most persistent anxieties in self-employment is the mortgage question. Will lenders take me seriously? Will…

Apr 8, 2026 · 4 min read
Blog

Retirement Plans for S Corp Owners

Intro to Retirement Plans The perks of owning your own business are bountiful but one question many S…

Dec 10, 2024 · 2 min read
Blog

What is Payroll?

TL/DR Version Payroll is the process of managing wages, salaries, and taxes for your business team, whether it’s…

Aug 18, 2023 · 12 min read
Money Management

4 Retirement Savings Options For The Self-Employed

Retirement accounts are important for anyone who wants to retire someday. When you work for a big company…

Sep 14, 2021 · 6 min read
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

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

The topic of insurance and “benefits” as a full-time freelancer is one that both fascinates and perplexes old…

Jun 3, 2021 · 5 min read
Blog

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

Dr. Martin Luther King Jr. is believed to be the first to introduce the phrase, “a budget is…

Apr 27, 2021 · 7 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

How to Run Payroll for an S Corp

You don’t need to be a business with a bunch of employees to run payroll. If you’re the…

Mar 11, 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.

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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.

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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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