When should I file for S Corp Status?

The answer is pretty easy, you only need to file for S Corp status if you need to hire employees. You can do it if you are profiting off others as freelancers and contractors – but you don’t have to.

Yes, technically you can save some money on self employment tax as an S Corp – because you will pay yourself less than you charge and then you get to keep the profits, called disbursements (which are not subject to self employment tax).

But, here is the problem: If you are the only one working for you, then ALL the money you make is your earnings.

You, as self employed, do have the right to profit (employees do not) – but don’t use that as an excuse to weasel out of paying your taxes.

If the IRS decides you are not paying yourself a fair wage, you are in big trouble.

We aren’t self employed because its cheap or easy. We do it in order to be in control of our life and work.

This post originated at http://www.brazenhustle.com

Should you have a P.O. Box?

Having a P.O. Box seems to give a sense of security, but is it really safer than your mailbox?

I’ve seen some news reports of people stealing mail. I have received my neighbors mail. I received total stranger’s mail. I’ve received my own mail that was apparently sent to the wrong address as someone had written across the face of the envelope, “wrong address, return to sender”…

I feel super lucky that I have received all my checks and 1099s so far… I switched to a P.O. Box this year.

Ya, the post office is still not perfect and can still misplace letters – but it just seems like the right thing to do.

Let me know if you have a P.O. box and how it has worked out for you, or hasn’t!

This post originated at http://www.brazenhustle.com