Money Guy Show How to Turn YOUR Side Hustle Into a Business!
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May 15, 2024 Learn how to transition your successful side hustle into a full-fledged business with tips on business structure, tax implications, and long-term planning. Explore the challenges of saving versus spending, managing finances in the 'messy middle' of life, and considerations for job hopping at a high salary. Get insights on employee hiring, staying informed with financial advice, and balancing financial planning with enjoying each decade.
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Separate Business and Personal Finances
- Separate your business and personal expenses to simplify accounting and tax preparation.
- Keep dedicated business bank accounts and credit cards to legitimize and track your business accurately.
Start Simple, Upgrade Structure Later
- Begin with a simple sole proprietorship when starting out, but separate your banking and credit cards.
- Consider forming a single-member LLC for liability protection as your business grows.
Hire Carefully and Seek Guidance
- Evaluate if you need an employee or an independent contractor to optimize benefits and taxes.
- Consult professionals, such as attorneys and accountants, to properly navigate payroll, benefits, and legal requirements.