Once you have a profitable year, look into gear investment as a freelancer first, then look into retirement/hsa accounts. You can also be a freelancer and have a s-corporation when the time is right
Good information. Just finished buying a few more pieces of kit to up my expenses for the year. I really like the idea of the s corp tax savings. I'm presently an LLC but next year may by a bigger year in income. May have to look at this structure to get the possible savings. Thanks again.
Yo Saj!! I’ve got a question for you! It’s a little off topic but, I can’t find the answer I nee anywhere! I’m currently freelancing, trying to build a production company and I want to know, WHEN is it appropriate for a video production company to agree to a “Works for hire” agreement. I sent a proposal and I thought I outlined it properly stating that the final deliverables are owned by the client but the original or raw footage is owned by my company. The client reached out with concerns and then sent me a works for hire agreement where it basically states that they want to own everything. Now I’m stuck, do we agree to the exclusive work for hire agreement or do we try to adjust our original proposal agreement and reiterate that they own the final deliverables and other contained within that work but we own everything else still or do we do something different? Help please?! I really enjoy your teachings man, keep it up thanks!
Hey sorry for the delay. By default, my agreement is same as yours. But when the client asks for "work for hire" and wants right to all the content, I will usually agree. In most cases, I would never do anything else with the raw footage anyway. I still make sure I can use the finished product in my marketing. i don't make this the norm and I rarely get asked, but when they do ask, I agree with their terms. I haven't seen any downside to it.
I'm disappointed by the advice to avoid a lot of Social Security and Medicare taxes by going the S Corp route. If we are making good money in video production, I think we have a responsibility to pay into the system. Otherwise, I really like the channel and have benefited greatly from it. Thank you, Saj! -Daniel
It’s the basic benefit of being a business owner, so you can spend the money to grow your business. You still pay your fair share of social and Medicare. And remember, social security is your money. You’re contributions are a deciding factor of how much you get at retirement
@@Filmmakingmentor Thanks for the reply, Saj! This is a new consideration for me. I'll give it some thought. And thank you for the really good advice you give. My video production company has grown instantly because of it. -Daniel
This is more of a system problem than a business choice. The US has some of the highest taxes, if not the highest of any developed country. And some of the weakest social support.
Good morning, is there a community page like on telegram or linked where we can send you personal messages. I'm currently stuck in my film making career and would really love to get personal advice from you.
![How Much Should LLC Owners Save for Taxes? [Budgeting 101]](/img/n.gif)
Good to mention that LLC can also elect to be taxed as an S-Corp with a few steps involved
Yea I did that few years ago with one of my LLC companies
In Germany works this a lot different. It's ultra complicated. I think I have to pay around 15.000€ taxes next year. Made almost 100k this year :)
Thanks started freelancing only a couple of months ago.
Not much of this applies to me but still nice to hear a more advanced perspective
Once you have a profitable year, look into gear investment as a freelancer first, then look into retirement/hsa accounts. You can also be a freelancer and have a s-corporation when the time is right
Good information. Just finished buying a few more pieces of kit to up my expenses for the year. I really like the idea of the s corp tax savings. I'm presently an LLC but next year may by a bigger year in income. May have to look at this structure to get the possible savings. Thanks again.
i’m a videographer, but haven’t registered my business yet or llc. i get many clients where should i start to make sure the taxes can get write off
Awesome great advice thank you
Thanks for the video. If you hire a company to do your editing, are they 1099 employees or 1040?
In most cases, 1099. If you set their schedule, it’s w2. I usually ask my accountant
Yo Saj!! I’ve got a question for you! It’s a little off topic but, I can’t find the answer I nee anywhere! I’m currently freelancing, trying to build a production company and I want to know, WHEN is it appropriate for a video production company to agree to a “Works for hire” agreement.
I sent a proposal and I thought I outlined it properly stating that the final deliverables are owned by the client but the original or raw footage is owned by my company.
The client reached out with concerns and then sent me a works for hire agreement where it basically states that they want to own everything.
Now I’m stuck, do we agree to the exclusive work for hire agreement or do we try to adjust our original proposal agreement and reiterate that they own the final deliverables and other contained within that work but we own everything else still or do we do something different?
Help please?!
I really enjoy your teachings man, keep it up thanks!
Hey sorry for the delay. By default, my agreement is same as yours. But when the client asks for "work for hire" and wants right to all the content, I will usually agree. In most cases, I would never do anything else with the raw footage anyway. I still make sure I can use the finished product in my marketing. i don't make this the norm and I rarely get asked, but when they do ask, I agree with their terms. I haven't seen any downside to it.
I'm disappointed by the advice to avoid a lot of Social Security and Medicare taxes by going the S Corp route. If we are making good money in video production, I think we have a responsibility to pay into the system.
Otherwise, I really like the channel and have benefited greatly from it. Thank you, Saj!
-Daniel
It’s the basic benefit of being a business owner, so you can spend the money to grow your business. You still pay your fair share of social and Medicare. And remember, social security is your money. You’re contributions are a deciding factor of how much you get at retirement
@@Filmmakingmentor Thanks for the reply, Saj! This is a new consideration for me. I'll give it some thought. And thank you for the really good advice you give. My video production company has grown instantly because of it.
-Daniel
This is more of a system problem than a business choice.
The US has some of the highest taxes, if not the highest of any developed country. And some of the weakest social support.
Good morning, is there a community page like on telegram or linked where we can send you personal messages. I'm currently stuck in my film making career and would really love to get personal advice from you.