Filing taxes when you’re an employee is hard enough. But what happens when you strike out on your own? There’s a big difference between business structures—whether you’re operating as a sole proprietorship, LLC, or S corp, there are different planning and filing processes for each. Today, we’re diving into how to handle taxes when you’ve chosen one of the lesser-known structures: a C corporation.
Above, entrepreneur Natalie Elizabeth Ellis, founder of BossBabe—sits down with Lisa Greene-Lewis, TurboTax CPA, to learn how TurboTax Self-Employed can help her stay on top of her C-corp tax obligations throughout the year. Read on to learn a little more about Natalie and see how TurboTax can help you prepare and file taxes confidently. Plus, we're gifting 30 readers with a FREE TurboTax Live Self-Employed product code (valued at $169.99) below—so you can file for free this season!
Tell us a little about your company, BossBabe.
BossBabe is one of the largest and fastest growing online communities of ambitious women in the world. Our mission is to connect, inspire and teach ambitious women how to create their own versions of success. We aim to help 1 million women create $1billion in revenue.
What’s been your biggest challenge in getting BossBabe off the ground? What’s been your proudest moment?
I feel like my proudest moments come in waves every day - whether that's seeing that we've been able to help a woman generate over $500,000, or quit their full-time job to work on their business, or even crack 10K followers on Instagram. I see all those wins as big wins and the real "why" behind what we do. It's also been incredible to be featured in Forbes, Entrepreneur and Business Insider alongside other incredible entrepreneurs who are driven by big missions.
I'd say my biggest challenge with BossBabe was being able to respond to how quickly we scaled. From finding team, to setting up the right systems, it was such a struggle to do it as quickly as we needed to.
Our C&C readers agree—scaling up can be scary! Thankfully for Natalie and the rest of our community, TurboTax Self-Employed comes with a free year of of QuickBooks, so you can spend less time on the logistics of tracking expenses and more time focusing on the growth of your booming business.
What advice would you give to would-be side hustlers who don’t know where to start in getting their business off the ground?
Stop thinking, start doing. Make sure that you're setting aside time every single day to DO something and are actively moving the needle towards where you want to go. Too often we can be paralyzed by decisions, fear and unknown. I believe that clarity often comes from doing and learning, so I always push my clients to DO very quickly.
What are you most excited about for your business in 2019?
In 2019, I'm so excited for all of the new products we're launching. We'll soon have a podcast and we're also creating a product to help other entrepreneurs grow their community online in the way we did (we have over 1M women in our community!). I'm also just really excited to continue supporting the women inside our membership and mastermind products grow their own businesses so that they can inspire and support people in THEIR audiences. We really value the idea of being multiplyers.
Want more tips for tax time? Check out our guides for side hustlers and freelancers! or Or you can dive into TurboTax Self-Employed here—and enter to win a free TurboTax Live Self-Employed code below!
Our friends at TurboTax were nice enough to share a giveaway with Create & Cultivate readers so you can file your taxes for FREE this season!
30 readers will receive a FREE TurboTax Live Self-Employed product code (valued at $169.99). Simply fill out the form below to enter to win. The winner will be chosen randomly and contacted via email. Good luck!
This post is sponsored by TurboTax.