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A blog to help freelancers with taxes - Collective

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LLC

Blog

LLC vs S Corp in New York State: Which Is Right for You?

If you run a Business-of-One in New York State, the LLC vs S Corp decision includes a state…

Oct 8, 2026 · 12 min read
Blog

LLC vs S Corp in New York City: Which Is Right for Your Business?

If you live or do business in the five boroughs, the LLC vs S Corp decision works differently…

Oct 8, 2026 · 14 min read
Blog

LLC vs S Corp in Georgia: Which Is Right for You?

If you run a Business-of-One in Georgia, the LLC vs S Corp decision starts with federal taxes but…

Oct 8, 2026 · 10 min read
Blog

LLC vs S Corp in Florida: Which Is Right for You?

If you run a Business-of-One in Florida, the LLC vs S Corp decision comes down mostly to federal…

Oct 7, 2026 · 9 min read
Blog

LLC vs S Corp in Texas: Which Is Right for Your Business?

If you run a Business-of-One in Texas, the LLC vs S Corp decision comes down mostly to federal…

Oct 7, 2026 · 9 min read
Blog

LLC vs S Corp: The Difference and Tax Benefits in California

If you run a Business-of-One in California, the LLC vs S Corp decision has a layer the federal…

Oct 7, 2026 · 12 min read
Blog

Your LLC Turns One. Here’s What to Do Next.

One year in means something. You have real income, real expenses, and at least one tax season behind…

May 20, 2026 · 6 min read
Business Setup

LLC vs. S Corp for Creators: Your Questions Answered

If you’ve spent any time in creator communities, you’ve probably seen the conversation loop: someone asks whether they…

May 6, 2026 · 6 min read
Business Setup

The Best Structure for Solo Consultant Taxes

Running a consulting practice means wearing every hat. Account executive, project manager, delivery lead, and eventually, the person…

May 6, 2026 · 5 min read
Business Setup

Formation Solutions for Solopreneurs: A Comparison Guide

For a solopreneur, forming an LLC is one of the most consequential early decisions you’ll make — not…

Apr 30, 2026 · 5 min read
Business Formation

What is an LLC?

An LLC, or Limited Liability Company, is a legal business structure that combines the limited liability protection of…

Aug 17, 2023 · 10 min read
Business Formation

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

Starting an LLC in Maryland FAQs Why Start an LLC in Maryland? If you’re reading this, you’re probably…

Apr 4, 2023 · 8 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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