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Books to read, people to consult, or general advice - Starting a Small Business
Posted on 3/26/14 at 8:13 am
Posted on 3/26/14 at 8:13 am
Quick summary: My wife is a teacher. I was a teacher, but I didn't like it, so I quit. I'm a very talented and experienced guitar player and I decided to focus on being a musician.
I went from having no paycheck to in 4 months being on track to make $30k/year, and there's a lot of room for growth. I perform and teach, but the bulk of my money goes to teaching.
The goal is for my wife to eventually quit teaching and get a part time job (or be a stay-at-home mom) and have me be responsible for the family income. Our budget says I would have to make $65k/year to make this possible, but I would definitely push for more money.
Now to the questions -
I'm basically starting a small business. Right now, I'm more of a freelance artist who teaches on the side. What books should I read to help me understand the nuances of owning a small business? How can I get the most out of deductions and adjustments for taxes? Since I am not employed by a corporation or other large entity, how can I make sure I'm not stuck paying a full $514/month for healthcare?
I know the healthcare one is a difficult one, but I'm just putting it out there to see if anyone knows anything.
I'm not asking for a person here to give me the rundown, but if you know of any books or a type of person I can go speak to, I'd love to hear it.
Thanks.
I went from having no paycheck to in 4 months being on track to make $30k/year, and there's a lot of room for growth. I perform and teach, but the bulk of my money goes to teaching.
The goal is for my wife to eventually quit teaching and get a part time job (or be a stay-at-home mom) and have me be responsible for the family income. Our budget says I would have to make $65k/year to make this possible, but I would definitely push for more money.
Now to the questions -
I'm basically starting a small business. Right now, I'm more of a freelance artist who teaches on the side. What books should I read to help me understand the nuances of owning a small business? How can I get the most out of deductions and adjustments for taxes? Since I am not employed by a corporation or other large entity, how can I make sure I'm not stuck paying a full $514/month for healthcare?
I know the healthcare one is a difficult one, but I'm just putting it out there to see if anyone knows anything.
I'm not asking for a person here to give me the rundown, but if you know of any books or a type of person I can go speak to, I'd love to hear it.
Thanks.
Posted on 3/26/14 at 11:24 am to StringedInstruments
quote:
full $514/month for healthcare
But the good news is, it's a writeoff!!! (for now, at least)
If you're going to be self-employed/a business owner, high insurance costs is just one of the things you'll have to deal with. If your wife has good enough benefits, it's almost worth it for her to keep her job, because with those higher premiums comes higher deductibles (sounds glorious, right?) But I have no advice but to SAVE MONEY FOR TAXES!!!!! It's amazing how many people have no concept of being self-employed and having to save money from their paycheck to pay the IRS every quarter and/or at the end of the year.
Good luck
Posted on 3/26/14 at 12:39 pm to StringedInstruments
No way I would give up that teaching job.
Posted on 3/26/14 at 12:43 pm to LSUGUMBO
Save 35% of your gross income for taxes which you'll now have to pay quarterly.
Posted on 3/26/14 at 1:56 pm to white perch
quote:
Save 35% of your gross income for taxes which you'll now have to pay quarterly.
Yeah I got that part. Really a lot of the basics.
But it's the nuances of owning a business. I was wondering where people get their knowledge from outside of working for another business.
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