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  1. #41
    Quote Originally Posted by Louis-954 View Post
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    My business used to be a sole proprietorship up until 2014. Crash course...

    - You will be taxed on all profits of the business no matter how much you take for yourself.
    - You have to pay an annual self-employment tax of 15.3% to social security and medicaid. As a regular employee this tax is garnished from your paychecks throughout the year. As the owner of a sole-proprietorship though, you pay it with your other income tax.
    - One advantage is that you can deduct many things as business expenses to maximize profits (including start up costs!). Will you be working from home? If so, you can write off things like your internet and mobile phone bills. Is there a room in your home you have set aside dedicated solely to your work? If so, you're eligible for a tax break there as well.
    So basically everything is taxable right? Seems like it lol.

    Quote Originally Posted by Bold View Post
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    Saw this site a few days back, cool that you're kicking this off.

    In bed atm, but I'll send you a few links to articles of how to build a social media presence. Legit ones from guys who have actually built one. Wishing you the best of luck with it.
    Send me those links.

  2. #42
    http://kolektakon.com/
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    Quote Originally Posted by Pimp of Pimps View Post
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    So basically everything is taxable right? Seems like it lol.
    Could you clarify your question? Not *everything* is taxable.

    If you incorporate, you get a lot more tax breaks. Like I said before, SP's are subject to a self-employment tax, if you own a corporation though, only the salary you take out is subject to tax. You won't be taxed for your companies profits, only on what you pay yourself. Lets say your SP earns $100,000, a 15.3% tax would have to be paid on the entire amount come tax season. Now lets say you instead have a corporation that also earns $100,000, but you take $30,000 of that amount as a salary, in this case you wouldn't owe a self-employment tax on the outstanding $70,000, only on what you took for yourself.

    Also, I dunno if it matters to you, but corporations persist through death. SP's expire as soon as the owner passes. So if you have an heir, or someone you would want to inherit your business if/when you pass that's another reason to incorporate.
    Last edited by Louis-954; 05-09-2016 at 11:35 PM.

  3. #43
    https://www.youtube.com/channel/UCO1...BKGitI2F7_c_JQ

    Check this channel out for business studies. A treasure trove of information.
    @Bold; @Heart;

  4. #44
    PIERCE THE HEAVENS Bold's Avatar
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    "YOURS IS THE DRILL THAT WILL PIERCE THE HEAVENS!"
    -- Kamina

  5. #45
    Quote Originally Posted by Quiet View Post
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    in


  6. #46
    Execellent




    "Don't count the days, make the days count"

  7. #47
    PIERCE THE HEAVENS Bold's Avatar
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    @Y; @Pimp of Pimps;

    iirc, you guys have experience in coding.

    I dunno if there are any other coders on here, but I trust you guys so I figured I'll ask you two.

    I'm a total novice in coding and want to make money off it, but I'm a huge nerd so when I'm interested in studying something, I really get into it. Did some light reading and I'll do more obviously, but I've decided I'll start learning HTML & CSS, then Javascript, PHP, and jQuery. Once I'm very competent at each of them, I'll study Python and Ruby and then figure out where I want to go from there.

    What advice would you guys give me to get started and which languages would you say are going to be valuable in 5 or 10 years down the line?


    "YOURS IS THE DRILL THAT WILL PIERCE THE HEAVENS!"
    -- Kamina

  8. #48
    He who masters nothing Y's Avatar
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    Learn SQL, Java C#, C++ and Phyton and you're good to go.


  9. #49
    PIERCE THE HEAVENS Bold's Avatar
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    Quote Originally Posted by Y View Post
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    Learn SQL, Java C#, C++ and Phyton and you're good to go.
    You must spread some Reputation around before giving it to Y again.

    Mah, nigga.

    Will rep you when I can.


    "YOURS IS THE DRILL THAT WILL PIERCE THE HEAVENS!"
    -- Kamina

  10. #50
    He who masters nothing Y's Avatar
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    Quote Originally Posted by Quiet View Post
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    You must spread some Reputation around before giving it to Y again.

    Mah, nigga.

    Will rep you when I can.
    You're welcome


  11. #51
    @Pimp of Pimps; @X; @Bold; @Y; @Cake; @Alex.D Loss;

    Are there any aspiring copywriters in this forum?

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