an app to make self-employment finances easy.
I’m a self-employed/freelance full-stack developer and product manager.
I’ve struggled with trying to find the best way to understand if I’m on the right track with my expenses, investments, savings, and tax planning throughout the year. The best solution i've come up with is pay my accountant $600-1000 annually to do spend 30 minutes on me and then an extra fee to do my actual taxes. Once I leave, and literally anything about my situation changes.. I have to ask them the best path forward. It's impossible.
I've been working on a concept that would help individual take their current situation and make sense of it. Help them undersand how spending more on expenses will change their take-home and tax liability, how much of your tax liability you can shift into investments, and options for making self-employment feel safer.
I’d love any feedback! Excited to engage!
i feel like there are a lot of apps out there that do this... i’ve tried a few of them, including saas-based accounting firms for like $30 a month.
what unique problem are you solving that a lot of these apps can’t?
👋🏻 @8bit! Being able to forecast your tax advantage and giving them tools to be able to understand day to day or month to month how they are tracking towards those goals. It is more like a personal accountant and bookkeeper you can talk to any time during the day.
If you want to see what would happen if you dumped another $6,000 into a SEP IRA, we will be able to instantly show you how that will affect your take home pay, your tax liability, and your investments. Maybe you had to spend a bit extra in expenses last month and want to check to see if you should be adjusting your plan to account for the reduced take-home or investment money you have laying around.
With that said, I'd love to know more about the tools you've tried and the problems you've encountered!
got it.
most folks, i imagine, don't even know what a
SEP IRAis... so, education is going to be a big part of your strategy!keep going!
https://medium.com/@armsteadj1/hello-benji-beta-update-1-435ee0312285?sk=137529630f7f0e583068834899e04704
@8bit just wanted to share a bit of an update. We've been working through some prototypes and working on a beta version of https://hellobenji.com .
I'd love your thoughts!
sweet! i'll take a look! appreciate the the follow-up!
Here's an idea for you. Tell me exactly where to invest my money to get the best tax benefit and highest profit possible - don't mind the buzzword - through machine learning and big data for example.
What you wrote in that second paragraph i can do in an Excel-Sheet. This has to be much more advanced.
We love that idea and is exactly where we are headed.
Our goal is to help empower you with the information and advice you need to make the best choice for yourself. We've been talking to financial advisors and accountants on how they are manually doing this type of work and our goal is to not only automate the ability to play with the numbers but to also make sure you understand the best and fastest way to maximize that money for yourself.
Hopefully that makes sense!