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The Self-Employed Guide to Health Insurance

WebWhen you pay from a business account, your health insurance cost is recorded in your accounting records as an employee benefit expense, which lowers your business’s …

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URL: https://www.collective.com/blog/small-business-hacks/self-employed-health-insurance

How Health Insurance Works for S Corp Owners

WebS Corps can provide health insurance coverage as a benefit to their employees. Companies that offer health insurance typically work with an insurer to set up a plan for their …

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Health Insurance for S-Corps Collective Help Center

WebFor reporting purposes, health insurance premiums (excluding COBRA premiums) paid on behalf of a greater than 2% S Corp shareholder-employee are deductible by the S Corp …

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What Impact Will an S Corp Have on Your Future Social Security …

WebTJ Porter is a freelance writer based in Boston, Massachusetts. He began covering finance while earning a degree in business at Northeastern University in Boston, Massachusetts …

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How to Account for Health Insurance, Vacation Time and Other …

WebFinally I plug all these numbers into the following equation: (Desired Net Income + Expenses + Taxes) / Annual Hours = Hourly Rate. In this example the math looks like this: …

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The Ultimate Guide to Naming an LLC — Collective Hub

WebOnce you’ve chosen a name for your business, take these steps to form your LLC: Fill out an LLC article of organization form with your state. Post a public notice with a newspaper …

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Employer Identification Number (EIN) Collective Help Center

WebIf you do not have a fax number, you can have the form faxed directly to Collective, our fax number is +1 650-275-4240 (it is a private and secure fax line). Call 1-800-829-4933 (the …

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S Corp vs C Corp: What’s the Difference

WebThe main difference between S Corp and C Corp status is how you pay federal taxes. In short, it is common for a Business-of-One to elect to be treated as an S Corp as a way to …

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Common Tax Deductions for the Self-Employed

WebA tax deduction allows you to reduce your taxable income when you file your tax return. This means you pay less in taxes. Imagine your self-employed taxable income is $45,000 …

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Three Ways Entrepreneurs Can Cultivate Mental and Emotional …

WebCollective handles the tax and accounting side of your business – so you have more time to focus on your passion. LLC formation, S Corp election, bookkeeping, monthly financial …

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What is Accounting

WebAccounting is the process of recording, summarizing, analyzing, and reporting financial transactions and information related to a business or organization. The primary goal of …

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What Is an S Corp “Reasonable Salary”

WebA reasonable salary is a must. The IRS requires S Corp shareholder-employees to receive a reasonable employee salary, which it generally defines as at least what other businesses …

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How to Balance your Business and your Life as a Mom Entrepreneur

WebCreating a dream day in your life and a weekly dream schedule is one of the best ways to start reimagining what balance can be in your business. If you’re craving more blank …

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What is Bookkeeping

WebBookkeeping is the systematic recording, organizing, and tracking of a business’s financial transactions. It matters because it provides valuable insights into a business’s financial …

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Priscilla Cornwell on taking care of your mental health

WebCollective handles the tax and accounting side of your business – so you have more time to focus on your passion. LLC formation, S Corp election, bookkeeping, monthly financial …

Category:  Health Go Health

Guide to Self-Employed Hair Stylist Taxes

WebFile your annual return: A self-employed stylist uses Form 1040, along with Schedule C, which assesses profit or loss. In order to report your Social Security and Medicare taxes, …

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Balance Sheet v Income Statement: Differences Explained (Finally)

WebThe income statement shows: The balance sheet can be divided into two columns. One side shows the company’s short- and long-term assets and the other side shows its liabilities …

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