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- [00:00]
Farnoosh Tarabi
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Farnoosh Tarabi
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- [03:09]
So money episode 2012 S Corps vs. LLCs which one should you be? Our guest is Hannah Cole, founder of Sunlight Tax.
- [03:22]
Progressive Insurance Announcer
You're listening to so Money with award
- [03:24]
Hannah Cole
winning money guru Farnoosh Karabi.
- [03:26]
Progressive Insurance Announcer
Each day get a 30 minute dose of financial inspiration from the world's top
- [03:30]
Farnoosh Tarabi
business minds, authors, influencer and from Farnoosh herself. Looking for ways to save on gas
- [03:37]
Progressive Insurance Announcer
or double your double coupons. Sorry, you're in the wrong place. Seeking profound ways to live a richer, happier life. Welcome to so Money.
- [03:48]
Hannah Cole
Gosh, the number of people that I see who form an S corp not even knowing what its purpose is or what it's doing for them and and honestly do the setup wrong and then get in massive trouble. It's a big deal. It happens.
- [04:00]
Farnoosh Tarabi
Welcome to Sew Money, everybody. I'm Farnoosh Tarabi. If you're a business owner or are looking to start a business, you must listen and save this episode. This is going to be a capsule podcast where it will be referenced often and I will be referencing it often. One of the biggest questions I've received from our listeners, our community, especially those who are entrepreneurial this should my business be an LLC or should it be an S Corp and friends? I don't have the answer to that. I am an S corp, but I know others who have LLCs, people who are in the same industry as I am. And it's always been curious to me. It was the recommendation of my accountant and I just went with it. And so far, knock on wood, things are going great. But I learned a lot in this episode. I got schooled on LLCs and S Corps in 30 minutes by our guest, Hannah Cole. She's a friend of this podcast, founder of Sunlight Tax and Hannah walks us through the differences between the two business structures. Why you might want to be both an S Corp and an LLC did not know possible. At what income level does it make sense to be either an S Corp or llc? And how can we leverage artificial intelligence to make tax prep and tax organization a lot easier and most importantly, cheaper for us? Hannah has some trusted resources. Tax nerds unite. This episode is for you. And honestly, anybody who's looking to start a business. This is important stuff. Here's Hannah Cole. Hannah Cole, welcome back to so Money. Our Resident tax expert, humanizing taxes for the masses, for the humans. Welcome back.
- [05:40]
Hannah Cole
Thank you so much, Barney. So happy to be here.
- [05:43]
Farnoosh Tarabi
First off, breaking news. Can I say this?
- [05:45]
Hannah Cole
Yeah, you can say it.
- [05:47]
Farnoosh Tarabi
You heard it here first. Hannah Cole has signed a book deal. Everybody. I'm so excited for this book, chiefly because you're writing it. And I think you're the best person to write the next textbook because I'll tell you, I've never read a textbook in my life. I think I might read yours. I will definitely read yours. I'll be giving yours away. Tell us about your book.
- [06:09]
Hannah Cole
Yeah, so it's called Taxes for Humans and Wiley is the publisher. And my idea is that I just want to give a really useful book that it's kind of the book that I wish I had had and that everybody needs to, like, do your taxes. Especially for people who have freelance income or who are self employed, but even more holistically to just understand kind of the why behind the tax codes. Because you have to do your taxes right, like whether you want to or not, whether you feel technically inclined or not. So the point is really like a absolutely no jargon, no shame approach that's super practical and, like, helps you get it done.
- [06:52]
Farnoosh Tarabi
Very important. I can't wait. Thank you for taking on this initiative because it's so important. Like you say you can't avoid it, but we're all capable. We are all capable.
- [07:07]
Hannah Cole
Absolutely.
- [07:08]
Farnoosh Tarabi
What we're going to focus on today, and you've been on the show numerous times, but we promised that we would bring you back to talk specifically about LLCs versus S Corps. And if you're listening and you're running a business, whether it's just you're a solopreneur, you have multiple employees, whether you're at the start of it or you're in the middle of it, you probably second guess this move. I'm an S corp. I know I have friends, have flourishing businesses similar to mine, but they're LLCs. And I wonder, have I done the wrong thing? And so we want to dedicate the next 30 minutes to understanding the mechanisms behind both of these. You know, the ways that you set up your business, why one person would choose one or the other. I've heard that S Corps are more tax advantage advantageous. Is that true? So I'm coming at this just, you know, Hannah, with like a lot of questions. I don't have answers. That's why you're the expert on today's show. So first, thank you for, for taking this on because it's, it's, it's hot. But, like, every time someone asks me, I wish I had you in my ear. So this is why I'm doing this now. I have a podcast for, for everybody too. But first, maybe we should with an explanation of these two entities, they're the most common. I mean, there's other ways, I guess, to structure your business, but these are sort of. This is where the road divides. A lot of times for people, it's like, which direction do I take? S Corp or llc? Maybe you can just give us an overview of each one.
- [08:38]
Hannah Cole
Sure. So I actually want to shift the premise of the question right up front, because it's not an either or question. You can do both. I myself am both.
- [08:49]
Grow Therapy Announcer
What?
- [08:50]
Hannah Cole
They serve completely different purposes. And that is where a lot of people get confused. Okay, so the LLC is a legal entity. It's not a tax entity. So what that means is it does do something for you on the legal side, but it actually doesn't do anything for you when it comes to your taxes. And a lot of people do not know this. And I include in that some accountants, though, accountants should know this, but a lot of lawyers don't know this, that the LLC doesn't change your taxes, and that the LLC is a legal thing that can be layered on top of any tax status you want to have. Okay, so you get an LLC because you want to shield your personal assets from a claim in a business lawsuit.
- [09:38]
Farnoosh Tarabi
Okay, take a minute. That's fascinating. I didn't know that. But my follow up to that really quick. And I don't want to derail us, but it's like, I have business insurance, I have liability insurance. Is that enough where I don't need to then go and also become an llc? Like, at what point do you do that versus just get super insured?
- [09:59]
Hannah Cole
Yeah, that's such a good question. And of course, you know, I mean, lawyers do their thing well, but of course it's a little bit in their interest not to tell you, not to remind you about business insurance. And you are absolutely correct that business liability insurance can do the same thing an LLC would do for you, often frankly, for less money. But it's a little bit different. They're not exactly the same thing. The llc, it puts a legal shield. It creates a legal separation between you the person and you, the business. And so that means if somebody sues you because of your business, they can get your business assets. You can't stop that, but they can't get your personal assets. Most people's wealth is on the personal side. Your 401k, your house, your kids college fund.
- [10:46]
Farnoosh Tarabi
Well, do you know why this is confusing? Because when you fill out your, let's say, your W9, it's like, are you an S corp or are you an llc? So you assume that you have to pick a lane.
- [11:01]
Hannah Cole
And not only that, in fact, I wish I had my W9. Like, I filled out W9 for myself to show you on camera here, but. But actually, you check the box for LLC and then you put a letter in for entity type. So the way that I fill out my W9 is I check the box for LLC and then I put the letter S in there for entity type. So I don't check that S Corp box. I click LLC and S. And of course, nobody knows this. Nobody knows this. This is done wrong. Like, the number of wrong W9s out there is just shocking.
- [11:39]
Farnoosh Tarabi
All right, so thank you for sharing that up front. I think that's really important to kind of get our head wrapped around that. Now. Why doesn't everyone do this? Why isn't everyone S corp with an LLC layered on top or have business insurance? Some people are just S corps or they're just LLCs. Can you talk a little bit about what each of them does from a. From an architectural standpoint for your business?
- [12:03]
Hannah Cole
Sure. So let's finish the sort of liability piece first, and then we move to the tax piece.
- [12:10]
Farnoosh Tarabi
Okay.
- [12:10]
Hannah Cole
So business insurance versus llc. You can do both. I do do both because I, you know, in taxes, people, you know, as, you know, Farnoosh, when you're talking about money, you know, people can get upset if bad things happen with their money, which you may or may not have any responsibility for. So I want to have as much protection as I can. So I have both now having a shield over my personal assets so that a lawsuit couldn't touch my 401k, my house, that doesn't actually give me any money. If there was, if I was found at fault, for example, to pay out, you know, lawyers fees.
- [12:48]
Farnoosh Tarabi
Right, right.
- [12:50]
Hannah Cole
That is where business insurance comes in. Business insurance will do things in that department. The LLC is not going to pay any money.
- [12:58]
Farnoosh Tarabi
Right, right, right.
- [12:59]
Hannah Cole
So that's kind of the difference.
- [13:01]
Farnoosh Tarabi
Yeah. So I guess always have business insurance. You know, it's interesting because I formed my business in 2008. 2009. 2008. I think it was 2009, after I got laid off. And my accountant, who was also a tax attorney, was very much like, you should establish yourself as an S corp. Why back then I can't tell you because I was just going with the flow.
- [13:32]
But can you tell me a little
- [13:33]
bit about like, when you're at this sort of juncture and you're trying to decide whether to do an S Corp, what are the, even the other options? What are the questions you should be asking yourself and. Or your expert that you're working with, whether that's an accountant and. Or a lawyer?
- [13:49]
Hannah Cole
Yeah, absolutely. LLC questions go to a lawyer. And S Corp questions go to a tax accountant. And that's important because, gosh, the number of people that I see who form an S corp not even knowing what its purpose is or what it's doing for them and, and honestly do the setup wrong and then get in massive trouble. It's a big deal. It happens. But also a lot of people set up LLCs, not really knowing what the purpose of them is either. So first and foremost, like, my first thing to say is like, know what the thing is for, right? Don't go run out and get a thing. You don't even know what it's doing. And also if you don't know what the obligations of it are. So an llc, you have to pay an annual filing fee with your state and you also have to generally update like your articles of organization and confirm who the, you know, like the owner is. Also, by the way, there's a brand new rule that went into effect January 1st where all LLCs have to file this new piece of paperwork called a Beneficial ownership information report. BOI report. There's actually $500 a day penalty and two years of jail time if you don't do it. So I mean it when I say mandatory. But this is actually from a really good law called the Corporate Transparency act, which exists to create a law enforcement database of who owns the llc, basically to prevent shell corporations, which is launder money and do, you know, traffic and do human trafficking and things like that. I have a little free mini course I made on this because the filing should take you just like five minutes and it's absolutely free and really not very hard, but definitely mandatory. So I can put a link to that in the show notes to share with people.
- [15:38]
Farnoosh Tarabi
We'll do.
- [15:39]
Hannah Cole
Yeah. So S Corps, should we jump in there?
- [15:43]
Farnoosh Tarabi
Yeah, well, just, you know, my thought bubble right now when hearing you say all this, like, does anyone really even need to be an llc? Just get business insurance, liability insurance. Why? What is the benefit of LLC in absence? If you have business insurance, where is the LLC showing up for you?
- [16:03]
Hannah Cole
Yeah, yeah, that's a good Question. I think just the fact that I know that all of my personal assets are shielded from a lawsuit. Like they're not gettable in a lawsuit. That's. That's nice.
- [16:17]
Farnoosh Tarabi
That's it. So the business insurance won't protect your personal assets necessarily?
- [16:23]
Hannah Cole
Yeah, it doesn't. It doesn't create any separation there. So it doesn't necessarily. If you had business insurance but no llc, then you, if you were found at fault, then they could take your 401k for damages.
- [16:35]
Farnoosh Tarabi
So it sounds like LLC is really helpful for people who are either in the advice space. What other spaces?
- [16:43]
Hannah Cole
Oh my gosh. Like endless. If physical. Physical presence. I mean, if you have a storefront, you know, somebody could just slip and fall in your place. That would be a thing.
- [16:54]
Farnoosh Tarabi
Location. Yeah. Specific, right?
- [16:57]
Hannah Cole
I mean, I really hate picturing disaster scenarios. It's not what I want to spend my time doing. But lawyers and insurance brokers are really good at it and they will tell you.
- [17:08]
Farnoosh Tarabi
I can tell you the likelihood.
- [17:09]
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- [19:15]
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Hannah Cole
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- [20:24]
Farnoosh Tarabi
Moving on to S Corps, let's talk about again why you would want this since you said that is the first question you should ask.
- [20:34]
Hannah Cole
Yeah, so by default when you earn any freelance income or start a business, by default you file your taxes on a form called a Schedule C, which is just part of your income tax return. And so absent you doing anything, that's where your 1099s get reported. And that's also where you get to take business deductions. So that's where you are to start. Now. Everything that you report as profit on a Schedule C is subject to two layers of tax. One is income tax and that's never going to change. There's no formation that will shift that. But the second layer of tax is self employment tax. That's how you pay into Medicare and Social Security. And it's 15.3% of your profit that you're paying into that. It feels high when you work for yourself because you pay both as an employee and you pay as a boss. So the self employed means you're the two parties. So you pay double. However you get that. You know the other side of that benefit that people often ignore when they're upset about the double Medicare, Social Security is you get deductions and employees don't get any. So all your, all your schedule C profit, all your freelance small business profit is subject to those two layers of tax. And S Corp shifts the structure so that now you can take only a portion of that and have it subject to those two layers of tax. And the other portion is only subject to income tax. So the obligation when you form an S Corp is you file some paperwork with the IRS to get permission. You have to wait for their letter back to say you have permission. And then you set up payroll and you have to register with your state like as a, as an employer. And you are now subject to employment law. And you don't want to gloss over that. That's a big deal. You have to run payroll. You are now going to employ yourself as an employee, pay yourself on payroll, and do all the official checks you know of, like withholding Medicare and Social Security from your paychecks, doing state level unemployment, disability, anything your state requires. And then as a boss, as the owner of your S Corp, you will pay in the other half of Medicare and Social Security. And we call that payroll tax when you're paying as the boss. But effectively that's the two sides of Medicare and Social Security. So everything you pay yourself in that reasonable salary that you pay yourself is still subject to those two layers of tax. Medicare and Social Security on two sides and then also income tax. But whatever profit you have that is above the salary you pay yourself, that is not subject to Medicare and Social Security, so that you only pay income tax on. And so given that that would be 15.3%, that can be a substantial savings once your profit is high enough. But I really want to caution people not to run out and form an S Corp too early because the administration burden of setting up and running payroll is substantial and the state will come after you if you don't properly pay into unemployment and those things. And that's, I've seen that happen. So what's a good Threshold. Yeah. A good threshold. First of all, for New Yorkers. I'm sorry for bad news, but New York State makes S corps not as beneficial because they essentially put another tax on you when you have one.
- [24:10]
Farnoosh Tarabi
So city or New York state.
- [24:12]
Hannah Cole
The whole state. New York state. So the calculus is different if you live in New York, but outside New York. I wouldn't even consider an S Corp until I had profit in the business of at least $50,000 consistently. So your break even point might be higher than 50,000, but around that point is when you want to start doing some math and figuring if maybe it's time. Yeah.
- [24:37]
Farnoosh Tarabi
Is there any advice, strategy, tax strategy around what you claim for your income as the employee in your company and how that can work in your favor come tax time?
- [24:51]
Hannah Cole
Sure. Yeah. So the requirement when you're an S Corp is you have to pay yourself a reasonable salary. And that's an IRS phrase, reasonable salary. You can't pay yourself a thousand bucks a year. You, you will be audited so fast they have their eyes on that issue and they look at it. So be warned. So the good way to do that
- [25:14]
Farnoosh Tarabi
would do that because they want to shield themselves from. They want to pay as less tax as possible. Right?
- [25:18]
Hannah Cole
Exactly. If you know that you're paying the full amount of tax on the salary and not the full amount of tax on everything that's outside the salary, you're trying to reduce the salary to be as small as you can. So the IRS is watching you and saying really important.
- [25:35]
Farnoosh Tarabi
Yeah, yeah.
- [25:37]
Hannah Cole
So you can go on like Glassdoor or any place where you could find some like comparative salaries and you can try to benchmark yourself against, you know, someone with your job title, what they would reasonably pay themselves. And it's also okay to say, well, yes, I'm the CEO, I get a CEO salary, but I'm also the admin. And so I'll also mix in a little admin time. So you can kind of divide your time and have like a mixed amount so it doesn't have to be, yeah,
- [26:09]
Farnoosh Tarabi
my salary should be my entire revenue and then some. I should be working at an. At a loss. Honestly, every year I often hear this expression, pass through taxation.
- [26:23]
Hannah Cole
Pass through entity.
- [26:24]
Farnoosh Tarabi
Pass through entity.
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Hannah Cole
Yeah.
- [26:27]
Farnoosh Tarabi
Can you explain that to me and how, when, what is that?
- [26:30]
Hannah Cole
Yeah, so basically the only corporate structure that is not a pass through entity is a C Corp. C Corps tend to be large companies. Anybody who's like selling equity is generally a C Corp. So anybody on the s and P500, for example, but everybody else is a pass through. So what pass through tax means is that you're making money as a business owner. Could be Schedule C, could be S Corp, could be partnership, but you don't actually pay a corporate tax rate. Only C Corps have a corporate tax rate.
- [27:03]
Grow Therapy Announcer
Okay.
- [27:03]
Hannah Cole
You report your income on your personal income tax return. So your tax rate passes through to your personal income tax rate. Okay. So for me, well, just say for example, at Sunlight Tax, which is my S Corp, my company, let's say I made kind of a modest amount of income. If I was married to somebody who made mega income, then I'd have a fairly high tax rate. And so my income tax rate for Sunlight Tax, even if Sunlight Tax didn't itself make that much money, my rate would be fairly high. That could go the other way. Right. I could have a bunch of dependents and be single and not pay much tax at all in a pass through. But what it means is that your corporate tax rate and your personal tax rate are one and the same. Your corporate rate passes through to your personal income tax return.
- [27:57]
Farnoosh Tarabi
You raise a good point about marriage and filing. This is another big question. This isn't actually necessarily about S Corps or llc. But if you are a business owner and you have an S Corp, when your partner has a 9 to 5, typically, what works best? What's the best arrangement for filing taxes? Is it joint? Is it filing married but you know, separately? What have you seen work best for couples where one is an entrepreneur and one is not?
- [28:28]
Hannah Cole
Yeah. So the tax code was written in theory to benefit married couples who file jointly. Like I'm going to say, I'm going to put a big asterisk on that, as I say it, but in theory it benefits a joint filing. You get the most access to tax credits. Sometimes those can be cut off if you file married filing separate. But I will say that the tax code was also written by, you know, white landed gentry, mostly men. And so when you actually look at the facts on the ground, this does not always come out to be true for gay couples, for black couples. You know it. Dorothy, Dorothy Brown, this amazing scholar and tax attorney wrote this book called the Whiteness of Wealth where she really lays out how a lot of people of color are equal earners in a couple because they could not, they didn't have sort of the privileged salary. You know, they're tending to be underpaid and tending to need two salaries. So they didn't come from that patriarchal, patriarchal model that the tax code favors of a high earning, typically man. But High earner and a low earner, maybe stay at home person. If you're married, filing joint and you have that situation, generally you come out well. But two equal earners, as many gay couples will tell you, as many, you know, people who rely on two salaries will tell you, you sometimes pay a higher tax than you feel that you ought to be.
- [29:59]
Farnoosh Tarabi
You had said earlier, until you're making about 50k profit, you would not advise necessarily someone transition to an S corp. So until then, what are you operating under? What do you recommend? Are you a sole proprietorship? What are you doing that could still be advantageous tax wise.
- [30:21]
Hannah Cole
Yeah. So you are probably just filing on a schedule C. That's the default. So that's where you're going to report your business income until you elect to do it some other way.
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Farnoosh Tarabi
Okay.
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Hannah Cole
Yeah.
- [30:35]
Farnoosh Tarabi
What else should we know? I. I don't know what, I don't know. Okay. I'm going to be the first, my first episode. I'm going to admit that. When you have clients coming to you, what are the biggest questions you're helping them answer?
- [30:48]
Hannah Cole
Yeah, on this topic, for sure. I mean a couple of things. First is just definitely to separate out the issues. Legal liability, that's llc. So you want to make that decision separately. Then tax status, separate decision. When you, when you elect to form an. Sorry. When you elect to form an S Corporation, you, you have some obligations that are quite real. You know, running payroll, paying into state stuff like unemployment. The state gets real upset with you if you abuse your employee. And I think a lot of people feel like, well, but the employee is me. It doesn't matter if I don't pay myself. The state sees you're not paying your employee and you can get in trouble for that. You know what?
- [31:35]
Farnoosh Tarabi
So I use paychecks. Yeah, paychecks flex. It's actually a like sort of a less expensive way because they, you know, they had paychecks, which was like, again, whoever like started paychecks was like imagining the typical small business owner with like multiple employees, office space. Da, da. And I'm like one person working out of our home. So I think they created a more modified version of that paycheck service, which is great. My accountant helps me run the payroll, but often I'll get paperwork from them that's like, please put this up publicly in your workspace. Which is like workers rights, the Bill of Rights. And I'm like, I'm not putting that. I hope, I hope this. They're not listening. But I don't, I don't have that anywhere in my house. Okay. I store that away. I usually throw it out, but, like. Yeah, I mean, there's a lot of that stuff.
- [32:21]
Hannah Cole
That's funny.
- [32:22]
Farnoosh Tarabi
You might get some mail like that from the state.
- [32:24]
Hannah Cole
Yeah, yeah. Well, I. I use Gusto for my payroll and. Oh, my gosh, it's changed my life. I think it's so Wonderful. It costs $39 a month. They make it really easy. It's very modern. And it also has different, like, things you can plug into it, like Guideline, which is a separate company but integrates very smoothly with Gusto. And I was able to set up a 401k plan for my business through Guideline that hooks into my payroll. So it's like, beautifully automated. But 39amonth is a lot less than accountants charge you to run payroll, and so it's a huge savings to use it, and I just love it, honestly.
- [33:09]
Farnoosh Tarabi
Well, tell us other resources that you like. I've never heard of Gusto. I. I think it's especially right now with. I think accountants are a little worried for their jobs, to be quite honest.
- [33:22]
Hannah Cole
Oh, yeah.
- [33:24]
Farnoosh Tarabi
I sit on the board at my business school at Penn State, and this is. These are conversations we're having about just like the future of business jobs and AI. Separate episode. But how can we take advantage of the technology right now to lower our costs, but also make the tax process easier, more correct, more efficient?
- [33:43]
Hannah Cole
Yeah, great. Great question. I sold my tax preparation practice in advance of AI on purpose because I was like, well, this AI is coming for this part and it should, because it's the worst and most unpleasant part of the job. Like, I love teaching people, but oh, my gosh, the deadline and the tax return. Yeah, yeah. So, yeah, Gusto is really awesome. I definitely recommend them. And they also have different services that plug in. Like, for example, the employment poster service that you're talking about.
- [34:14]
Farnoosh Tarabi
Yeah.
- [34:15]
Hannah Cole
A lot of states, it's a state by state requirement, but depending on your state, you don't need to post those unless you have, you know, X number of employees. So, yeah, I only.
- [34:25]
Farnoosh Tarabi
I only need myself and I. Yeah, yeah.
- [34:28]
Hannah Cole
What else is. What else is really good? Let me think. Well, like, you know, basically stuff to keep your deductions is a good idea. Like all businesses are going to get great mileage deduction or like business meals, you know? So, like, having a great mileage tracker is a good idea because if you drive to meet clients or do site visits or have off site meetings, that's all deductible when you work for yourself. So Mile IQ is a, is a really good mileage tracker.
- [34:59]
Farnoosh Tarabi
I know about them.
- [35:01]
Hannah Cole
It's cool because it's like using the GPS in your phone so that anytime your body, your phone is moving at more than 5 miles per hour, it assumes you're driving so you don't have to remember. And I love that because, you know, I used to actually track, like with a notebook in my dashboard, I used to track my mileage that way. It's just awful and I would forget half the time. So. Yeah.
- [35:27]
Farnoosh Tarabi
Any other laws in the pipeline that could affect taxpayers, specifically business taxpayers? You mentioned the annoying LLC form that. But you're going to help us out with that because you've got a link for us to walk us through that. But any, any other updates or changes to tax law that we should know about?
- [35:47]
Hannah Cole
Yeah, well, I'll tell you about one that's coming potentially. But, you know, so we'll, we'll have to revisit furnish when this happens. The Tax Cuts and Jobs act, which was passed by the Republican Congress and by Trump when he came into office in 2017. That act had a lot of provisions in it that expire. Sunset is the word they use in taxes in 2025. So pay attention because tax laws are going to shift in 2025. That's just a word to the wise. So, I mean, first of all, you should, I hope everybody who listens votes, but you should vote because whoever gets into office is going to be making the next rules about what happens in 2025. The QBI deduction, the qualified business income deduction, which if you have a small business you've been benefiting from for the last, since 2018, that is a 20% deduction of your business profit that you get to take off your taxable income. That's been a nice benefit and that's going to go away. That was temporary, came into effect in 2018. Everybody flipped out about it. And it's going to go away in 2025 unless they renew it. There's probably a few other, there definitely are a few other things in the 2025 Tax Cuts and Jobs act that are going to shift as well. So it's just something to have kind
- [37:14]
Farnoosh Tarabi
of have you back. We'll just have to have you back, I guess. Thank you so much. You know, I, when I started this podcast, I didn't envision doing a lot of tax episodes, but now that I have you in my corner, I will, because you make them so easily easy, easy to digest. I haven't fallen Asleep yet in the last 28 minutes. I don't think anyone online has either. Tell us more about your book. And I know you literally just. The ink is still wet on the contract, but I don't know, I just like to give authors the platform.
- [37:49]
Hannah Cole
Oh, my gosh, that's so nice of you. I'm so excited about it. I mean, I actually, when I was writing the proposal, I immediately found you Farnish, and I was like, I want to go do Farnouche's conference, and I want to. I want to learn from her because. And just to anybody listening, I did Book two.
- [38:06]
Farnoosh Tarabi
Brand. That's what she's talking about, Everybody. Book to Brand.
- [38:09]
Hannah Cole
That's right. I did it. And I was watching just the recordings of Book to Brand. And I'm telling you what, my book proposal was so strong because of your mentorship for Noosh. Really?
- [38:22]
Farnoosh Tarabi
Oh, thank you.
- [38:23]
Hannah Cole
I just was like, I got multiple offers. I had, you know, I went on vacation. My agent said to me, go on vacation. Don't bother. Don't check your email. Like, take a rest. The day that we submitted my book proposal, she's like, this. This is a long process. It'll be months before you hear a word. I got home from. I did take, like, five days off. I literally did not check email. I went to a spa with a friend, and I'm in the airport checking my email on the way home, and I had this urgent message in my inbox, and it said, an editor at Wiley wants to talk to you. She. She got the proposal same day, cleared her schedule, read the whole thing, and wants to talk to you.
- [39:05]
Farnoosh Tarabi
Wow.
- [39:07]
Hannah Cole
Whoa.
- [39:09]
Farnoosh Tarabi
That's the best.
- [39:10]
Hannah Cole
It was such a good feeling, and I just, you know, I think you can spend a lot of money with coaches and stuff, and it's not. Some of it's worth it and some of it's not. And I knew that I could sink a lot of money into paying for help to get my book proposal written, and that could have been a good move. But honestly, it was very cost effective to work with you. Thank you.
- [39:35]
Farnoosh Tarabi
Cost effective way to get further along in life. I'll take it. Thank you. It was an honor to work with you again. You inspire me. So I love that I was able to even just support you in this. In this journey. And we'll obviously have you back. Books take a while. She was right. It probably won't be out till at least another year.
- [39:58]
Hannah Cole
Well, I have the. The publication date is September 2025.
- [40:02]
Farnoosh Tarabi
Wow. Okay.
- [40:03]
That's actually an expedited book launch, let me tell you.
- [40:06]
Hannah Cole
Yeah, it's actually what I liked about the publisher. They were like, we're going to do this quick.
- [40:10]
Farnoosh Tarabi
Yeah, yeah. Wiley knows business books. Hannah Cole, Sunlight Tax thank you so much.
- [40:17]
Hannah Cole
Such a pleasure. Farnoosh. Thanks again for having me.
- [40:22]
Farnoosh Tarabi
Thanks so much to our guest, Hannah Cole from Sunlight Tax. Thanks for tuning in everybody. I'll see you back here on Friday. And I hope your day is so money.
- [40:41]
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- [41:45]
Hannah Cole
Grainger knows when you're a procurement manager for an office park, you're not managing one building, you're managing all of them. And to stay ahead, you need to see through walls and around corners. Lights about to fail, Filters ready to clog. H Vac on its last leg. If you wait until something breaks, you're already behind. Count on Granger for quality products, easy reordering and 24.
- [42:06]
Farnoosh Tarabi
7 support.
- [42:07]
Hannah Cole
Call 1-800-Grainger click granger.com or just stop by Grainger for the ones who get it done.