Struggling to master your taxes?
Today, I'm thrilled to share the Sunday Shift platform with Gabrielle Tenaglia, Head of Marketing for Lettuce—a company dedicated to automating taxes and accounting for businesses of one. GYST is excited to partner with Lettuce to help solopreneurs get their accounting shit together. Gabrielle's story may resonate with many of you. Read on to learn how she used her prior experience to now help others save on their taxes.
I never wanted to be an expert on taxes.
I ran my own business as a marketer for years–during 4 different chapters of my career. The first time I had to pay taxes, I was shocked at how much I owed. I didn’t know then about the self-employment tax, how it affected businesses like mine, or that I should have been setting aside money to cover that bill that would come due in April.
I ended up having to spend more time than I had available having to learn about how to handle my bookkeeping, accounting and tax payments. No one starts their own business excited about doing this work. I was the same.
What I know now, that I didn’t know then, was that the U.S. tax system is set up to give advantages to corporations and W2 employees, but not to people who are self-employed. When you work for yourself, you fall into a gap in the system and by default, unless you take action, you’ll overpay your taxes every year.
During those chapters when I worked for myself, I overpaid my taxes by tens of thousands of dollars–money that I now wish I had in a college savings account for my teenagers. Because of the mistakes I made, and the money I wasted, I helped launch a company that automates accounting and taxes for businesses like mine, called Lettuce. Here are the principles we practice to help all kinds of businesses-of-one keep more of what they earn:
A Business Banking Hub: Make a business bank account the hub of your system. All your business income and expenses are tracked here–this data feeds everything else you do. No more receipt tracking or estimating what you’ve spent and what you’ve earned.
An Automated Accounting System: This is the intelligence. Connect an automated accounting platform to your business bank account. Every day, it records and analyzes every dollar in your business. The system gives you real-time insights about what you owe and what’s yours to keep.
An Automated S Corp: This unlocks your tax savings. Set yourself up with an LLC and S Corp tax election. Being an S Corp keeps you from overpaying your taxes and ensures you keep more of what you earn
At Lettuce, we set all of this up for you. This entire system sits on top of our smart tax engine called LettuceHead AI. LettuceHead AI leverages billions of data points from businesses-of-one, and all of our expertise on bookkeeping, accounting and taxes.
GYST Is grateful to Lettuce for their invaluable contribution in helping solopreneurs streamline their accounting and tax processes. Click here learn more about how Lettuce's services can transform your business finances. Thank you, Lettuce, for making it easier for small businesses to succeed!
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