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A blog to help freelancers with taxes - Collective

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Business Formation

How to Start an LLC in Oregon: A Step-by-Step Guide

Starting an LLC in Oregon FAQs Why Start an LLC in Oregon? If you’re in Oregon, or planning…

Mar 3, 2023 · 8 min read
Business Formation

How to Start an LLC in New Jersey: A Step-by-Step Guide

Starting an LLC in New Jersey FAQs Why Start an LLC in New Jersey? If you’re in New…

Feb 28, 2023 · 8 min read
Business Formation

How to Start an LLC in Texas: A Step-by-Step Guide

Starting an LLC in Texas FAQs Why Start an LLC in Texas? If you’re in Texas, or planning…

Feb 21, 2023 · 7 min read
Business Formation

How to Start an LLC in Florida: A Step-by-Step Guide

Starting an LLC in Florida FAQs Why Start an LLC in Florida? If you’re in Florida, or planning…

Feb 13, 2023 · 7 min read
Business Formation

How to Start an LLC in New York: A Step-by-Step Guide

Starting an LLC in New York FAQs Why Start an LLC in New York? If you’re in New…

Feb 9, 2023 · 8 min read
Business Formation

How to Start an LLC for all 50 States

Starting an LLC FAQs This comprehensive guide on how to start an LLC in all 50 states provides…

Jan 5, 2023 · 37 min read
Business Formation

A Step-by-Step Guide To Starting an LLC in Illinois

There’s a lot to like about Illinois. The Prairie State is home to Chicago – one of the…

Apr 7, 2022 · 10 min read
Business Formation

The Complete Guide to LLC Costs in California

Running a business of any kind comes with expenses. Even a Business-of-One operating out of your own home…

Sep 1, 2021 · 9 min read
Guides

The Ultimate Guide to Naming an LLC in Virginia

Registering your freelance business as an LLC (Limited Liability Company) in Virginia comes with a host of perks.…

Jul 31, 2019 · 5 min read
Guides

The Ultimate Guide to Naming an LLC in Washington

Registering your freelance business as an LLC (Limited Liability Company) in Washington comes with a host of perks.…

Jun 3, 2019 · 9 min read
Business Formation

Freelancers Guide to LLCs in Washington – What You Need to Know

Are you a freelancer who’s ready to officially form their own business? That’s great! Just keep in mind…

Jun 3, 2019 · 12 min read
Business License

Washington State Business License: What You Need to Know

If you run a business in Washington, you’ll need a Washington state business license, permit, or certificate of…

Jun 3, 2019 · 6 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.

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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.

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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