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info_outlineThat pit in your stomach when you know you should do something but don't? For me, procrastinating on forming my LLC cost me $12,000 in taxes that I could have saved.
In this video, I share how I went from teacher with a side hustle to business owner, and the expensive lesson I learned about S-Corp election deadlines. Perfect for side hustlers, educators with extra income, or anyone sitting on the fence about making their business official.
🔗 RESOURCES:
📋 Free Business Startup Checklist: https://pages.teachingmillionaires.com/business-checklist
💼 LLC Formation Service I Use: https://teachingmillionaires.com/recommends/incfile
💰 Simple Payroll System: https://teachingmillionaires.com/recommends/gusto
📖 Chapters
00:00 - The $12,000 mistake that could have been avoided
02:34 - The cycle of excuses and Bill's text message
03:39 - How missing the S-Corp election deadline cost me thousands
04:54 - Confessing my mistake and my wife's perfect response
05:41 - The 10-minute solution I'd been avoiding for months
06:40 - Breaking free from the teacher permission mindset
08:39 - The identity shift: from side hustler to business owner
#LLCMistake #BusinessTips #SideHustle
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👥 About Rich Smith:
Rich Smith helps individuals and business owners optimize their wealth through smart financial strategies. With expertise in tax incentives and wealth preservation, Rich breaks down complex financial concepts into actionable steps.
📌 This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. I am not a financial advisor. The information I share is for educational purposes only and shouldn't be considered as certified financial or legal advice. It is imperative you conduct your own research. I am sharing my opinion only.