We’ve had 49 weeks to think about taxes.<\/p>\n\n\n\n
But if you’re anything like me, you wait until the final 3 weeks.<\/p>\n\n\n\n
And then you panic.<\/p>\n\n\n\n
A lot.<\/p>\n\n\n\n
I’ve had years where my side hustle made hundreds (2020). Then five figures (2021). Then six figures (2022).<\/p>\n\n\n\n
And now closing in on seven figures (2023 – website sale + earnings).<\/p>\n\n\n\n
Every year I’ve had different tax challenges, and every year I’ve felt like I was somehow getting screwed.<\/p>\n\n\n\n
It’s an awful feeling.<\/p>\n\n\n\n
But throughout it all I have<\/em> learned a TON.<\/p>\n\n\n\n And while there is undoubtedly more to learn, here are 5 key tax lessons that took me 33 years to figure out…<\/p>\n\n\n\n Instead of trying to tell you how<\/em> to file your taxes (Disclosure<\/strong>: I am not a CPA. You should<\/em> get one!), I’m going to debunk some common tax myths I hear repeated ALL THE TIME. Even by some CPAs!<\/p>\n\n\n\n Figuring out these myths were bogus was a great relief to me – it allowed me to worry a bit less that I was somehow massively screwing up and overpaying.<\/p>\n\n\n\n So here goes –<\/p>\n\n\n\n 5 Tax Myths Debunked<\/strong><\/p>\n\n\n\n (This week, I’m trying something a little different – I discuss each of these myths in much\u00a0more detail on camera. So make sure to check it out below!)<\/p>\n\n\n\n Tax Myth #1<\/strong>: Your CPA is also a tax strategist and will proactively come up with creative, legal ways to save you money.<\/p>\n\n\n\n Tax Myth #2<\/strong>: Setting up and LLC saves you money on taxes<\/p>\n\n\n\n Tax Myth #3: <\/strong>C-Corp & S-Corp designations will save you a lot of money<\/p>\n\n\n\n Tax Myth #4:<\/strong> There are massive tax savings for low earners<\/p>\n\n\n\n Tax Myth #5<\/strong>: You should write off all your income<\/p>\n\n\n\n