Wealth Witches

I can see the eyerolls now… quarterly taxes. You shouldn’t be thinking about taxes only during tax season. You may think that paying taxes quarterly would be an even 3-month rotation, but payments are actually due April 15th, June 15th, September 15th, then January 15th of the following year. If your state does income taxes, their dates may be different. Paying quarterly estimated taxes is just an...

This is an information heavy episode, so get ready to take some notes! First, calculating how much your business should make based on your personal financial needs. Start with listing all your personal expenses like rent and utilities, then add 20%. That’s a starting point for the amount of money you need each month. To find your business revenue goal to support that, double that number. That’s yo...

Now that you’ve narrowed down what entity type fits best, it’s really common for entrepreneurs wonder about the best way to pay themselves. For sole proprietors, single member LLCs and partnerships, for the most part you can’t pay yourself wrong. You’ll be taxed on all of the profits either way, whether you pay yourself all the profits or leave them all in the business account. For an S-Corp elect...

Get your notebook - today we’re diving into the different entity types and what they all mean. Some things you need to consider:  Are you planning to continue this business, or are you just dipping your toe in? Do you have employees or contractors?  How much profit do you expect to make in a year? Do you want to do all the registrations yourself or do you want help?  Do you want you...

We’ve chatted about why you need to really understand your numbers, now it’s time to go deeper with your infrastructure and foundation. Business entity types - should you be a sole proprietor, LLC, or S-Corp? Don’t just go to legalzoom - understand what each of those is and what you actually need. Get registered with the IRS and your state, and possibly your county. Set up a business bank account....

There are a million tips out there, like: Save your receipts. Contribute to retirement. Be an S-corp! The problem is there's no "why" behind those. If you don't know why you're doing those things, you're going to miss out on a lot of tax deductions. You can go through the motions, but you aren't making money moves that support your life goals. Blanket advice is one-size-fits-all and everybody's go...

Not treating your business like a business could be costing you tens of thousands of dollars in taxes every year. First, you need to separate your finances. Keep your business account separate from your personal account. Mixing finances is called “piercing the corporate veil,” and that can render your LLC protection essentially useless. Also, if you aren’t keeping business expenses separ...

Would you take money advice from a crusty old white man using technical jargon? Me neither. Finances are gate-kept and overwhelming, for no good reason. Let's take a step back and investigate our money beliefs. For one, that all debt is bad - it's not. Debt is just a decision to borrow money, for a fee. You don't need to pay your mortgage off to be financially responsible. Long term, it's actually...

My company, The Freelance CFO, has been around in various iterations for about 10 years now, but I really went all in full time at the beginning of the pandemic in March of 2020 after being let go unexpectedly from my day job. Because I had a solid financial foundation in my business, I was able to survive and thrive. Cliches aside, I want to change the world. I want to change the way our wor...

Have you worked with accountants or lawyers that use language around money that doesn’t make sense to the average person? We’re here to remove the stigma around money conversations for everybody. We’re going to focus on how to stop ignoring your money and burying your head in the sand. Taking control of your finances and how you show up in life will give you more energy, excitement, clarity, and c...

Here, I will help people just like you increase their understand fo money, finances, and accounting and gain the clarity they need to make bold money moves with confidence. You'll learn how to take control of your finances, drop your shame, and make decisions that move you forward. I'm here to disrupt the narrative of how we interact with our money. In season 1, we'll be covering business finance...