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
This Financial Life with Thomas Frank Part 2 [not-audio_url] [/not-audio_url]

Duration: 42:53
Today is Part 2 of our delve into Thomas’s financial life. There wasn’t much to critique in Part 1. Will Part 2 also make the rest of us feel like losers? At just 23 Thomas is doing better than many of us a decade or mor…
Automate Saving Using Digit with Ethan Bloch [not-audio_url] [/not-audio_url]

Duration: 44:19
We are advocates of automating your finances and that includes automating saving money. But we don’t want saving to crimp your style. That’s why we love Digit. You can automate saving using Digit. We interview Ethan Bloc…
Naked Economics, Statistics, and Politics with Charles Wheelan [not-audio_url] [/not-audio_url]

Duration: 55:31
Charles Wheelan is a lecturer in economics at Dartmouth and has authored five books. He joins us to discuss statistics, politics, and the economy. Economics is the study of how we allocate scarce resources. Poverty, heal…
What the F**k is REIT Investing? [not-audio_url] [/not-audio_url]

Duration: 41:52
Are you looking for a way to invest in real estate without all of the hassles of becoming a landlord? Then REIT investing might be just what you’re looking for. But what the f**k is REIT investing? Real estate can be an…
Taxes 101 with Johnny Horta [not-audio_url] [/not-audio_url]

Duration: 45:36
Tax time is nearly upon us. Past guest, contributing writing, and tax expert Johnny Horta joins us to explain the vagaries of the US tax system. Until we get a flat tax (which will never happen) taxes will continue to be…
Don’t Let Money Control Your Life [not-audio_url] [/not-audio_url]

Duration: 44:04
Jen McDonough paid off $212,000 in four years. She works now as a motivational speaker and has authored three books. Meet The Iron Jen. Jen’s world changed when one of her children developed a chronic medical condition.…
The Evolution of Resolutions [not-audio_url] [/not-audio_url]

Duration: 57:54
Making and failing to fulfill the same old New Year’s resolutions? LMM will teach you new ways to make sure this time they actually stick. Once the hangover subsides, we are all gung ho to really stick to our resolutions…
The Importance of Finishing What You Start [not-audio_url] [/not-audio_url]

Duration: 53:27
Starting a new thing is exciting. But some of us quickly lose our initial enthusiasm. We’ll discuss how to see things through to the end. What does make you stick with something? Sometimes it’s the time and money you inv…
Habits and Thomas’ Ridiculous Morning Routine [not-audio_url] [/not-audio_url]

Duration: 56:53
Your morning routine can make or break your day. It can set you up for a good mood and good productivity or send you screaming back under the covers. Not all of us are morning people. But you don’t have to be one in orde…
Something Is New In Season 2 [not-audio_url] [/not-audio_url]

Duration: 37:07
Listen, Money Matters is back! We have a new host, former guest Thomas Frank of College Info Geek. We’re excited to kick of Season Two. We missed you! There have been some changes to LMM since our last episode but we are…