by Solange Lopes | Apr 13, 2017 | Make More Money
Our Ask A CPA feature answers to questions frequently asked to CPAs. As a CPA, I love to answer these for our readers. Got a question? Email me at corporate@thecorporatesister.com!
Q: I’m a small business owner, and I’m not sure which tax forms I should be using. Can you help?
If you’re a small business owner, especially if you’re new in business, you may be wondering which tax forms to file this year. For a small business that’s not a corporation, there are three major types to consider along with their corresponding tax forms:
If your business type is not registered with the state, then a sole proprietorship is the default. This means that the sole proprietorship pays income taxes through the owner’s personal return. In this case, Schedule C (Profit or Loss for a Small Business) is used.
If your business type is a partnership, then it must consist of several partners and be registered with the state. In this case, an information tax return on Form 1065 is filed. As for individual partners, each one receives a Schedule K-1 reflecting their share of the partnership’s losses and profits.
The last business type for small business owners is a Limited Liability Company (LLC). If the LLC is made up of only one person, it’s a single-member LLC and pays income taxes as a sole proprietorship. If it’s composed of several members, it’s a multiple-member LLC which is taxed as a partnership.
Got other questions? Add them to the comments, or email me at corporate@thecorporatesister.com!
To Your Success,
The Corporate Sis.
by Solange Lopes | Apr 12, 2017 | Career
Wear to Work: Ann Taylor The Crop pant – Photo credit: shopstyle.com
Our Wear to Work feature showcases workwear pieces in various styles and price ranges. Please note this post contains affiliates links.
Spring is my favorite season to get the crop pants out, especially when they feature coo mosaic patterns like this one from Ann Taylor. I love the slim ankle length cut of this alluring pair, which combines relaxed cut with refined appeal. These pants are $79 at Ann Taylor.
They also come in a scalloped pattern, as well as in a funky wild flower pattern. You can always go with a stylish gingham pattern, but you usually can never go wrong with a classic black hue.
Seen a piece you’d like us to feature? Email us at corporate@thecorporatesister.com!
In Style and Success,
The Corporate Sis.
by Solange Lopes | Apr 12, 2017 | Start Your Business
Got a hobby?If you do, (and yes, knitting ugly Christmas sweaters or counseling your desperate friends counts), there are actually some serious chances you could be turning those hours spent unwinding into some serious cash…Or at least some pocket money to buy the shoes, hook up your tired feet with a (much needed) pedicure, or pay off those pesky student loans…
Listen, I get it…As career/business/buy gals (and dudes), fitting in anything in addition to work, kids and those pain-in-the-neck loads of laundry is a challenge… Who has time to devour romantic books anymore, when we’re fifty-shades-of-too-busy ? And when we have time, we’d rather spend it watching ratchet TV to give our overworked neurons a break…Ok maybe not everybody, but you know, some of us…
So how do you turn a hobby into actual coins when you have limited time, limited energy, and all kinds of to-do’s on your life laundry list? Because that’s kinda where a lot of us are right now, somewhere between “I-forgot-my-kids’-names” and “I-left-my-keys-in-the-car”(ok, those are extremes, but you get the drift)…
I know I’ve asked myself the question many times over, when it comes to my love for writing. The first time a friend asked me if I monetized my writing, I gave her such a big side eye I thought my eyeballs were going to remain stuck. Did you see the size of my laundry loads? But I later picked myself (and my eyeballs) back up, started looking around and realized that there are indeed a plethora of ways to turn that thing you like to do into extra cash, and even fit in the laundry in between:
Put It On Social Media
Social media has become the single most powerful marketing tool ever made! After all, where else can you freely get to advertise pretty much anything (with some exceptions of course)? If you happen to love knitting ugly Christmas sweaters, why not show them off on Instagram or Facebook? Why not share your expertise in 140 characters or less on Twitter, or through a cool video on YouTube?
Now more than ever, the opportunities to putting yourself out there are endless! Take advantage and experiment with your hobbies on social media. If you’re open to showcasing your work online, this could be a great way to start monetizing the stuff you love to do as well.
Freelance, Baby!
Freelancing is another great way to start earning some coins for those things you enjoy doing! Love to write? Start freelance writing and offer your services to blogs, websites or businesses. Are you into intro decorating? Start freelancing for local clients by offering your services at a discount or even for free to start building a clientele. Are you a fitness buff? Volunteer to teach classes at your local gym, and start asking for money once you’ve proven yourself.
There are many areas in which you can use your talents to freelance for small and large clients. Actually, freelancing has become a way of life for many in the new gig economy. Start small by researching potential clients, or even offering your service for free to build your portfolio.
Blog About It
Yes, there are a gazillion blogs out there…Yet blogs still remain one of the most powerful and most influential ways to share your talents and hobbies. People are hungry for information in all areas, from hunting to scrapbooking. There are virtually no limits to what you can blog about.
So start today, and set up a blog around your hobby, passion or talent. Your biggest advantage, and limit at the same time, is that blogging is a labor of love. You must blog about something you truly enjoy in order to keep up with its demands and the competition. While blogging about a hobby you enjoy may prove fulfilling, making money out of your blog may take some time, so be patient!
Join a Network Marketing Company
There are a number of traditionally-called network marketing companies out there, recruiting for people with a certain passion/interest in their business area. If you’re not inclined to start a blog, or would rather a more structured environment to pursue your hobby, these may be a god alternative.
If you’re a fitness and health addict for instance, numerous companies such as ItWorks and Herbalife for instance, are always expanding their openings for brand ambassadors. These can be great opportunities to share your passion for exercise and healthy living and make some coins in the process.
Become an Affiliate
Whether you decide to share your hobby through blogging, on social media, or through freelancing and other ways, you can actually get affiliated with brands selling products in your area(s) of interest. If you’re active online and on social media, and have a decent following, you can now score some pretty decent deals with companies interested in marketing their products/services to a larger audience.
Look for affiliate opportunities with companies that market products or services related to your passions and interests. Most of these companies offer an affiliate program that you may be able to participate in. You may also sign up with third-parties like Massive Sway or CJ.com, which may offer affiliate opportunities with brands as well. Then all you have to do is tap into that hobby/talent/passion of yours, and bring in the coins!
Make it and Sell It!
If you’re not afraid to get your hands dirty (literally), then you may look into actually producing selling goods out of your hobby. My friend N. is great at making candles and has started selling them to her close network of friends. You could do the same, and even expand your network to online sites such as Etsy, Craigslist, or Ebay.
This also applies of you’re into virtual goods. Never before has it been easier to sell e-books or other virtual goods than now. Use sites like Amazon, Kobo, or iBooks for instance to sell your work!
Go all out and create a REAL business!
Now this is the ultimate step when you actually go all out and create a REAL business. As in actually filing for a business tax ID, having a business plan ready to go, and picking the business structure of your choice. While it may take time to get to this point, you want to keep it in the back of your mind.
Many entrepreneurs have started by just practicing a hobby or exploring a talent or passion. These have later gone on to become full-fledged, successful businesses. So why not yours?
What tips would you add to this list?
To Your Success,
The Corporate Sis.
by Solange Lopes | Apr 11, 2017 | Career
Calla Lily Dress from the Victoria Beckham Collection for Target – Photo credit: shop style.com
Our Wear to Work feature showcases workwear pieces in various styles and price ranges. Please note this post contains affiliates links.
I’ve been impatiently waiting for the Victoria Beckham Collection for Target, which started in stores on April 9th. Hence todays’ pick, this Calla Lily Satin Ruffle dress. I love the original design of this otherwise simple ruffle hem-dress. It’s a nice combination of classic and fashion-forward in a style easy to take from desk to dinner, and even on the week-end. It also doesn’t hurt that it’s only priced at $35!
In a similar style, I also like this blush floral jacquard shift dress, also from the Victoria Beckham Collection for Target. And this twill ruffle hem dress is not too shabby either…
What do you think of the Victoria Beckham Collection for Target?
In Style and Success,
The Corporate Sis.
by Solange Lopes | Apr 11, 2017 | Working Mom & Woman Tips
You know the drill…Spring break’s knocking on your working parent’s busy mind, and you start to (slightly) panic. Ok, maybe not you, the overachieving working mom over there who’s got your kids’ schedule down to the last second…But for the rest of us, aka me, myself and I, remembering that it’s violin day and which lunch bag goes into which backpack is stretching my overactive neurons enough. Never mind coming up with entertaining ideas for an entire week to keep two kids under 10 active making memories and hopefully having something, anything, to tell their class when they go back to school…
I mean, the Spring Break struggle is real! We’ve gone from the usual museum and park visits to literally being pressured to come up with innovative schemes to keep kids (and other fellow parents) on their toes. The whole thing has turned into a parental production, what with social media hyping up your fellow (and craftier) parents’ exploits at planning the perfect Spring break and all…
And here comes the less crafty, slightly planning-adverse, and thriftier mom…May we add she may not have had time to make reservations months in advance, or figured out what snacks are best to pack or what the weather will be in two weeks…
So for all the busy working parents out there who may not have their kids’ schedules pre-planned five weeks in advance, or who may just realizing Spring break is actually starting in a few days (it happens), here are some quick tips on pulling off a break to remember (in addition to scoring your kids’ gratitude forever, plus a few social media likes too):
Schedule It!
I know, I know, the whole point is not to add more to our to-do lists, right? Well, when it comes to kids being on break, being spontaneous and carefree is certainly great! Except when it takes the whole day to get out of the house, find the keys, you know, the regular stuff…But it pays to have somewhat of a routine in place, especially during breaks!
For us, it means scheduling the day ahead of time and making it fun by having the kids participate. While it makes them feel empowered and in charge (somewhat), it takes away the drudgery of planning, in addition to giving the parents a creativity break. You know…
We like to move it, move it!
The worst Spring break, or any break for that matter, sin is not to move. End result: kids going stir-crazy and driving you to open that bottle of rose earlier than expected! So think activities that make the little people move while learning something in the process! Apparently, activities that involve moving also help with retaining information and reading comprehension. Whether it’s outdoor gallery walks when the weather’s nice, or indoor kids’ museums for more weather-inclement days, pick activities that help everyone move!
When in doubt, spend time in the kitchen!
Listen, there are days when you just don’t know what other museum to visit, or arts and crafts to pull out your tired sleeve. And if there’s one activity that needs to get done, unless everyone’s trying to go on the no-food diet, it’s cooking!
For us, it means involving the kids with dinner. While it can be a process, and a hot mess to boot, it’s a great way to bond. Plus the perfect opportunity to have them brush up on their maths and reading skills, because you know, ain’t nobody ruining dinner because they can’t measure ingredients. ‘Nuff said…
Hello Memories!
Look, we do want some credit for letting the kids destroy the kitchen, and have us run through the Children’s Museum like we didn’t just let our gym membership slide for the past year…So catch a break by having the kids create their own memories of Spring Break. Whether it’s journaling, doing arts and crafts, or recording their favorite moments, allow them to use their creative juices to make mementos.
And for the non-crafty moms like myself, it’s a great opportunity to sit down somewhere and catch your breath…
The (relaxing) truth is in the dirt!
Here’s a revelation for all Type-A moms who have a personal issue with dirt. Make friends with it, fast! Some of the best Spring break activities and memories are build around…dirt and mess! Whether it’s finger painting, sand playing, or other dirt involving devices, one surefire way to keep the kids occupied (and happy) during breaks is to let them get their hands dirty..
Besides, sensory experiences are known to help correct right and left brain imbalances. So there, a scientific reason to let dirt prevail (somewhat)…
What other suggestions do you have to keep kids busy on Spring Break?
The Corporate Sis.
