In this episode...
April 15th might feel like the deadline, but some of the most important tax decisions need to happen long before then.
In part two of my conversation with Garrett Alexander, co-founder of Game On Financial, we break down three things creators should be doing now to make tax season easier—and potentially keep more of what they earn.
Garrett explains why consistent bookkeeping matters more than most creators realize, when it may be time to formalize your business with an LLC, and when an S Corp could start saving you thousands in self-employment taxes.
We also dig into how an S Corp actually works, why you can’t just pay yourself a tiny salary, how “reasonable compensation” affects your audit risk, and why your payroll and retirement strategy need to work together.
If your creator income is growing, this episode will help you understand the financial decisions worth making before tax season—not after it.
This is part two of my conversation with Garrett. If you missed Episode 11, go back and listen to our discussion about commonly missed creator deductions and how to know whether an expense is actually deductible.
Chapters:
02:19 — Why Bookkeeping Saves You Money
04:16 — LLC or S Corp? What Creators Need to Know
08:27 — When Should You Become an S Corp?
09:23 — How an S Corp Can Save You Thousands
13:53 — The S Corp Salary Mistake That Can Trigger an Audit
20:03 — How Accountants and Financial Advisors Work Together
25:56 — Don’t Wait Until April 15th
Key Moments:
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Social Media: Game On Financial