Tax terms to know once you make $100k in 2024 #contentcoach

The most important ones explained:

Self employment tax: payment that self employed people owe to the federal government in order to fund social security & Medicare. Will alway be 15.3%🤮

Net operating income: shows how profitable the business is. Gross income minus expenses equals net operating income

Operation company: having a team or process to get goals done smoothly and efficiently. Making products, selling services, keep client organized, etc

Management company: making sure everything is working well and everyone knows what to do for the operation company, hiring/firing, training new team members, individual(s) that oversee the process

Bonus depreciation: special tax discount that allows businesses to deduct a large percentage of the cost in year 1 rather than multiple years (5+) 60% as of 3/20/24

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@allen.advisor
@allen.advisor
@allen.advisor

Content creators Tax Business owners Entrepreneur Coach

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