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Newbie On BHW Advice

Discussion in 'Business & Tax Advice' started by Quit925today, Sep 5, 2016.

  1. Quit925today

    Quit925today Newbie

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    What's up guys!

    I'm new to BHW but been around the internet marketing world. I did some offline marketing for some local clients and had jobs here and there. My expertise is online IMO.

    So, I have a 9-5 and I NEED to quit but was hoping for some advice. I don't mine sharing what I make at my 9-5 with a Bachelors degree (I think it was a waste) I currently make 38,500 a year with a finance who makes a lot more.

    I been running a shopify store Via paid ads and bringing home over 3k a month for the last 6 months... not too bad. I did plenty of SEO in the past ranking my website and getting rewarded with the organic traffic but I'm done with that for now:)

    I'm focusing on this 1 website and I want to turn it to 6 figures a year. My question are

    - should I use Legal Zoom to register my business?

    - Will I have to pay quarterly taxes or can I pay yearly?

    - What taxes can I write of with my business?

    - I have some savings and 401K... should I get a personal loan for some of my current job salary just in case?

    What do you guys think? I been working my whole life at a 9-5 job and seem like I'm going no where... I would rather be my own boss and control what I do and make. My earnings been growing from social media, word of mouth and all paid traffic.

    I live in the US and hopefully someone can give me a breakdown of what it would be like running my own business and answer r some of the questions.

    Many thanks!
     
  2. Quit925today

    Quit925today Newbie

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    Any advice guys? Appreciate it!
     
  3. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    You can use Legal Zoom but you should shop around, you might find a cheaper service locally. Or you can DIY

    For the best advice you should seek professional help from an Accountant/Tax Advisor or Lawyer.
    https://www.irs.gov/
     
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  4. Quit925today

    Quit925today Newbie

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    Totally agree with you. I know the best is too ask an accountant but sometimes feedback from successful business owners on BHW can be good:) Thank you
     
  5. FormerBoxer

    FormerBoxer Regular Member

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  6. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    I assume that you mean what expenses you can write off with your business for tax purposes, if that's the case you can deduct any expenses which are related to the operation of your company. For example, if you have a room in your house which you run your business out of you would be able to deduct a percentage of the expenses related to that home office (based on what % of your home devoted to your business activities.) Such expenses could include: mortgage interest, insurance, utilities, repairs, and depreciation.
     
  7. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    - should I use Legal Zoom to register my business?

    I would not use them for that; depending on your State you can set up a DBA, which is all you need to start off, by yourself for less than 100.00 usually. Those forms are easy to navigate through in most instances. Should you have issues doing that then you will need to hire someone but I don't think Legalzoom would do a DBA.

    - Will I have to pay quarterly taxes or can I pay yearly?

    In the USA, self employed people are required by the IRS to pay quarterly. See a local bookkeeper to set that up for you as that will save you a myriad of headaches unless you're the bean counter type.

    - What taxes can I write of with my business?

    I think you mean expenses. Anything that you buy that is tied to the business is a legitimate expense, including a portion of your home should you use that portion solely for your business and not for anything else.

    - I have some savings and 401K... should I get a personal loan for some of my current job salary just in case?

    Don't quit your job and don't borrow any money to get this going. Get it going, turn it into a legit operation, build up some liquid assets from it and then do the same thing with a few other sites before you consider leaving your job but one thing for sure - Do not borrow against your 401K to get this going.

    All in all, you want to sit with someone on a local level though as you're a tad green in this aspect of business and before you spend any real money have a chat with a local accountant or certified public accountant to get the framework in place.
     
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  8. Gosocials

    Gosocials Jr. VIP Jr. VIP

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