Christian Brim, Author of Profit First for Creatives, CPA, and Financial Planner

In this episode, I interview CPA and author Christian Brim about making healthy financial decisions as a freelancer.  They discuss tax planning and preparation, LLCs vs S-corps, solo 401ks, balancing investing in your business vs. saving for retirement, and how to find the right CPA. Brim shares insights from his book "Profit First for Creatives" and his experience working with creative entrepreneurs through his firm CORE Accounting.

Takeaways

• Finding the right accountant is crucial for freelancers and entrepreneurs in the creative industry.
• Tax preparation is the process of filing tax returns, while tax planning focuses on minimizing taxes and making strategic financial decisions.
• The profit first system can help creatives organize their finances and set aside money for profit, taxes, owner's compensation, and operating expenses.
• Separating personal and business finances is important, even if you don't have a separate legal entity like an LLC.
• Regular communication with your accountant, at least quarterly, is essential for staying organized and making informed financial decisions. Working with a CPA or enrolled agent can provide valuable representation during an audit and offer a buffer between you and the IRS examiner.
• There can be discrepancies between CPAs in their interpretations of the tax code, so it's important to find a professional who aligns with your goals and risk tolerance.
• Switching from an LLC to an S corporation can have tax benefits, but it's important to consider the administrative requirements and costs involved.
• Retirement planning options for self-employed individuals include SEP IRAs and solo 401(k)s, which offer higher contribution limits and tax advantages.
• Technology can both disrupt and empower the freelance industry, creating new opportunities and challenges for creative professionals.
• Core Accounting offers a range of services, including tax preparation, tax planning, bookkeeping, and payroll, to support freelancers and creative professionals in managing their finances.

Profit First for Creatives: Amazon.com: Profit First for Creatives: Redefining the Creativity/Money Paradigm eBook : Brim, Christian, Michalowicz, Michael: Kindle Store

CORE Info :

Website: www.coregroupus.com

LinkedIn: https://www.linkedin.com/in/christianbrim/

X: @coregroupus https://twitter.com/coregroupus

Facebook: https://www.facebook.com/coregroupus

YouTube: https://www.youtube.com/channel/UCeO0QG2ygjLQz9TvEm_osyQ

Instagram: https://www.instagram.com/coregroupus/

Interested in coming on the show, or know someone who would be a good fit? Email us here - seth@sethlowephoto.com

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