Collective

Tax season is around the corner! Here are 3 ways to prep your business now for a smoother filing 👇 1️⃣ Organize & review your financial records 2️⃣ Estimate your tax liability 3️⃣ Take advantage of last-minute deductions A little prep in November means less stress in April! 💡 #taxes #taxseason #business #businessadvice #businesstaxes

Today, we honor and express our deepest gratitude to the brave men and women who have served in the armed forces. Your dedication, courage, and sacrifices are an inspiration to us all. Thank you for your service. 🇺🇸 #VeteransDay #unitedstates

Ever feel like self-employment taxes are taking too big a bite out of your earnings? Let’s break it down with a real example. Say you made $80K in profit: ➡️ As a Sole Prop: You’d pay around $12,240 in self-employment taxes (that’s 15.3%). ➡️ As an S Corp: With a reasonable salary of $32K, that same tax only applies to your salary—bringing your tax down to $4,896. That’s $7,344 saved—just by switching your tax structure. 🥳 This is why so many business-of-one entrepreneurs turn to Collective to help them strategize and save. Keeping more of what you earn is possible, and we’re here to guide you every step of the way. Wondering if an S Corp could work for you? Visit Collective.com! #taxes #selfemployment #entrepreneurship #business #businesstax

What’s your advice on taxes for first-time entrepreneurs? We got to chat with Meghan Lim, a finance content creator who helps entrepreneurs understand business finances. She shared some great insights on what first-time entrepreneurs should do when it comes to their business taxes. Follow Collective for the best entrepreneurship tips! #business #taxes #businesstaxes #financeadvice #entrepreneurship

Tax Tuesday Questions about Tax Season? What forms do you need to file? Don't worry - Luke has got you covered! #taxseason #taxbenefits #askusanything #finance

Being self-employed means you do it all, but that doesn’t mean you don’t need a break.💡 Upcoming holidays? Extra-long weekend? Whatever the occasion, we all need some time off.🌎 Here’s a mathematical breakdown to help you calculate how much PTO you should take if you’re self-employed.👇 #selfemployed #entrepreneurship #timeoff #pto #solopreneurship #businessadvice

Very proud of my team at Collective for their recognition as one of the top 100 fintechs in the world. Thank you for your hard work for our members!

We’re honored to be recognized in the 2024 CB Insights Fintech 100! At Collective we’re on a mission to redefine how business-of-one entrepreneurs manage their finances, from taxes and bookkeeping to payroll and S Corp tax election. Being named one of the top 100 innovative fintech startups worldwide is a huge milestone, reflecting our dedication to empowering self-employed professionals with a streamlined, all-in-one platform. As a company built to simplify financial services for solopreneurs, this recognition affirms the strides we’ve made in making entrepreneurship more accessible and less complicated. We’re proud to be part of this high-momentum group that’s shaping the future of financial services, particularly through our focus on financial inclusion for business owners. We couldn’t have achieved this without the support of our incredible community and our hard-working team. Here’s to continuing to push boundaries and create better financial tools for entrepreneurs everywhere! #fintech #fintechnews #techstartup #cbinsights #entrepreneurship

Join us in congratulating QED portfolio companies Summer, Collective, Crux, Moniepoint Group and Payhawk for being named to the 2024 CB Insights' annual list of the 100 most promising private fintech companies in the world. This is CB Insights' seventh annual list, which primarily includes early- and mid-stage startups driving innovation across fintech. The companies are selected based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, employee headcount and proprietary Commercial Maturity and Mosaic scores. It's a pleasure to watch these companies grow. We are incredibly proud to be a part of your journey.

Breaking down why taxes for the self-employed can feel so high. 👇 🤝 Employees contribute to Social Security and Medicare through payroll taxes. The total payroll tax rate is 15.3%, but there’s a catch: As an employee, your employer covers half (7.65%), while you pay the other half (7.65%). 😩 If you’re self-employed, you’re responsible for the full 15.3% on your own. ✅ But when you have an LLC taxed as an S Corp, your income is split between employee wages and business profits. Not a bad way to start the New Year, right? 🤩 💸 You still pay income taxes on everything you make, but self-employment tax only applies to your wages. Depending on your salary and total income, that could mean thousands of dollars in savings each year. #selfemployed #taxes #entrepreneurship #taxtips #solopreneurship #businesstaxes