DIGITAL STARTUP SOCIETY BLOG — Going Legit in Your Online Business

Let’s take a quick walk down memory lane and browse through all the different topics we covered over the past 29 days. You’ve learned a lot about why you need to find the right professionals to help you become compliant with the law in terms of taxes, licensure, fees, and how to protect your business and your personal assets. Here’s a quick rundown:  Welcome and Why It’s Important to Get All Your Ducks in a Row When Your Hobby Side Hustle Turns into a Real Business  Who Do You Need on Your Team to Go Legit with Your Online Business? ...

When it comes to paying your taxes, it’s important for you to understand that whether you like it or not, you must do it. That includes paying federal, state, local taxes, possibly sales taxes, and other fees that you are legally obligated to pay. Not doing it doesn’t relieve you of this legal responsibility. In fact, you could end up owing a lot more by not covering your bases.  Because it is so in-depth and can be confusing, while getting in the way of what you do best, you need someone to help you navigate the issues. You can choose...

Time and again, online business owners tend to put off dealing with taxes and going legit. But there are many reasons that it is a colossal mistake and added stress is just a small reason why it’s important not to drag your feet about going legit.  You Probably Owe More Than You Think – One of the things that trips up new business owners is how much they really owe in taxes. When you have a small business, you are responsible for self-employment taxes, which is the half of the payroll tax that an employer typically pays. Plus, taxes are...

One way to cut your tax liability is to set up a standing meeting with your tax professional before the end of the year, preferably at the beginning of the final quarter of the year. This way, you can get a list of the things you can do to get ready for tax time that isn’t happening yet.  Use Extra Cash on Hand – As close to December 31st as possible, use whatever extra cash you have on hand for your business needs. Now is the time to use the money if it’s also a deductible expense - either for...

Getting to know other online business owners is a great way to mastermind with and talk about what’s available when it comes to taxes, legal entities, financial planning, marketing, and more. When you network with other online business owners, you’ll be able to take advantage of the hive mind to get more answers than if you’re just floating around out there on your own. Masterminding and networking with small online business owners is beneficial for you and them. They Understand the Challenges You Face Only a group of like-minded individuals can understand the challenges you face in your small business....