Payroll, benefits, and HR solutions provider Gusto launched a new solution on Aug. 18 built exclusively for solopreneurs called Gusto Solo.
Gusto Solo is a platform designed specifically for solopreneurs who have moved beyond the side hustle stage to full-time, significant revenue-generating businesses on their own. The solution helps them navigate S corporation status, unlock financial advantages, and simplify compliance.
Solopreneurs now make up more than 80% of all small businesses in the U.S., and according to Gusto’s new report on solopreneurship, they’re thriving:
- Earning $294,000 in average revenue in year one and growing to $500,000 or more by year five.
- Paying themselves 25% more than if they’d stayed as an employee by year five.
- Millennials are leading the charge, seeing 25% annual revenue growth.
Key features of Gusto Solo include:
- S corp tax savings calculator: Helps solopreneurs identify and make sense of tax savings opportunities through the S corp election.
- Reasonable salary calculator: Ensures they’re paying themselves a “reasonable salary” so they stay compliant with IRS policies.
- Automated payroll: Makes sure payroll is a breeze and they’re paying themselves compliantly.
- Compliance hub: A dedicated dashboard for S corps to help them navigate all things compliance.
- Contractor payments: On-board and pay contractors through Gusto’s contractor payments solution.
More information about Gusto Solo can be found here.
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