Small Business Tax Questions with Johnny Horta

Small Business Tax Questions with Johnny Horta

Author: ListenMoneyMatters.com | Andrew Fiebert and Matt Giovanisci January 28, 2015 Duration: 39:14
Running a small business has many tax benefits, but it has many tax pitfalls too. To make sure none of us get on the wrong side of the IRS, we will discuss small business tax questions with Johnny Horta.  LMM’s resident tax expert schools us on small business taxes for all our side hustlers out there.  If you run a small business, you’ll have more write-offs than if you are an employee.  The downside is, you have to pay all 15.3% of your FICA and social security taxes rather than paying 7.65% while your employer picks up the other half.  If you’re self-employed, it’s a good idea to set up a Simple or SEP IRA.  A Simple allows you to defer up to $12,500 and a SEP, up to $53,000.  This can help lower your tax burden while helping you save for retirement.  If you’re just starting out, it’s a good idea to schedule a consultation with an accountant or a tax attorney.  Just ask for a certain amount of time, an hour maybe and ask what they charge for that.  Be sure to have a list of questions to make the most of the time.  According to the IRS, you are a business if you make money for three of five years. Otherwise, it’s classified as a hobby.  Lots of people want to use a home office deduction.  But to do so, the office has to be “regularly and exclusively used as a home office for the business.”  So if you work on your computer by day and watch Netflix on it by night, sorry, you’re out of luck.  When you decide how to set your business up, sole proprietorship, LLC, etc., the most important thing to consider is the likelihood that you’ll be sued.  If it’s small, a sole proprietorship will probably be suitable.  Remember, Johnny will answer your questions live via our webinar February 2.  Show Notes  Horta Tax and Financial Services:  Connect with Johnny on Facebook. IRS:  Get some answers here before spending money on an accountant. LMM Get Involved:  Find out the details for our upcoming tax webinar with Johnny February 2 at 8:30 pm Easter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ever feel like personal finance advice comes from another planet, spoken in a language you don't understand? Listen Money Matters is the antidote. Hosts Andrew Fiebert and Matt Giovanisci ditch the jargon and the judgment, offering real talk about money that's actually useful. Their conversations are grounded, often funny, and built on the idea that managing your finances shouldn't feel like a lecture from the wealthy elite. You'll hear practical strategies for budgeting, investing, getting out of debt, and building a life where money works for you, not the other way around. This podcast cuts through the noise with actionable steps, whether you're looking to optimize an already solid portfolio or are just figuring out where your paycheck goes each month. The tone is refreshingly direct and relatable, making even complex topics feel approachable. It's the kind of discussion you'd have with a savvy friend who's done the research and isn't afraid to be blunt about what works. Tune in for a no-BS take on financial freedom that empowers you to make smarter decisions with confidence.
Author: Language: English Episodes: 100

Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.
Podcast Episodes
A Master Class on Diversification with Adam Grealish [not-audio_url] [/not-audio_url]

Duration: 1:00:12
You’ve heard the term diversification, but you might not know precisely what it means. Turns out it’s more complicated than just owning stocks and bonds. We are going to deep dive and give you a master class on diversifi…
Out of Control Spending and The Refrigerator Method [not-audio_url] [/not-audio_url]

Duration: 49:46
Almost 50% of Americans cannot come up with $400 if they needed it urgently. 1 in 3 Americans has $0 saved for retirement. In the U.S. it seems we’re much better at spending money then we are saving. This spending proble…
What the F**k Are Annuities? [not-audio_url] [/not-audio_url]

Duration: 46:48
Annuities are not exactly transparent, and neither are the people selling them. They are almost always a terrible investment, and when we explain what the f**k are Annuities, you will understand why and stay far away fro…
What to do After a Job Loss To Can Get back On Your Feet [not-audio_url] [/not-audio_url]

Duration: 55:44
The worst has happened. Whether their fault, your fault or nobodies fault, you lost your job. We don’t want to make a bad situation even worse by making big financial mistakes. This is what to do after a job loss so you…
5 Questions: LLCs, Winning The Lottery And Budgeting [not-audio_url] [/not-audio_url]

Duration: 55:36
We get a lot of questions from listeners, and sometimes they are so good, we want to share them with everyone. Today we answer five awesome questions from you about LLCs, winning the lottery, budgeting an irregular incom…
How to Buy a House Without Putting 20% Down [not-audio_url] [/not-audio_url]

Duration: 42:49
Whenever you hear people talk about buying a home, they insist you need a 20% down payment. But there are ways around that. We will show you how to buy a house without putting 20% down. There are some good reasons to put…
28 Tax Deductions You Didn’t Know You Could Write Off [not-audio_url] [/not-audio_url]

Duration: 1:05:29
None of us likes paying taxes, and everyone agrees that the tax code is too complicated. But taxes are not meant as a show of our civic commitment but as a series of incentives set by the government to encourage citizens…
The Scariest 1%: The Impact of Fees in the Long Term [not-audio_url] [/not-audio_url]

Duration: 55:01
You’re paying your money manager for his or her expertise, right? They know all the secrets and tricks to picking the right stocks and making the right investments. They know things you will never understand. Well, they…
The Real Difference Between a Rich Mindset vs. a Poor Mindset [not-audio_url] [/not-audio_url]

Duration: 1:18:02
Maybe you are rich. Maybe you are poor. Maybe you have experienced being both at some point in your life. If you haven’t figured it out yet, being rich isn’t all about money. It’s about well-being, abundance, having time…