# 150: Sad Country Song

- Show: [Embedded.fm](https://hardwarepodcasts.com/podcast/embedded-fm)
- Published: 2016-05-04
- Length: 1h 04m
- Page: https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song
- Listen: https://makingembeddedsystems.libsyn.com/embedded-ep150mp3

## Summary

Torie Charvez, owner of Tax Goddess, explains the financial and legal realities for engineers starting consulting businesses or selling physical products. She details the differences between sole proprietorships, LLCs, and S-Corps, emphasizing the necessity of payroll and tax discipline to avoid IRS penalties. The discussion covers specific tax rules for deductions, inventory management for product sellers, and the proper procedures for closing a business.

## Chapters

- [0:06](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=6) Introduction and Guest Background
- [5:27](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=327) Entity Selection: Sole Proprietor vs. Corporation
- [10:08](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=608) S-Corp vs. C-Corp and Payroll Mechanics
- [14:12](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=852) Bookkeeping Tools and Expense Categorization
- [25:17](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=1517) Deductible Expenses and Travel Rules
- [40:12](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=2412) Hiring Employees and Payroll Responsibilities
- [46:33](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=2793) Closing a Business and Selling Products
- [57:07](https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song#t=3427) Stock Options and Common Mistakes

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Hiring & workforce](https://hardwarepodcasts.com/topic/hiring-and-workforce)
- [EDA & CAD tools](https://hardwarepodcasts.com/topic/eda-and-cad-tools)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)

## Most relevant to

early-stage companies

## Mentioned

- Tax Goddess (company)
- QuickBooks (tool)
- IRS (other)
- Planet Labs (company)

## Related episodes from other shows

- [S6E45 Jeremy Jarrett | Legal Advice & Strategy for Starting An Engineering Business](https://hardwarepodcasts.com/podcast/being-an-engineer/2025-11-07-s6e45-jeremy-jarrett-legal-advice-strategy-for-starting-an-engineering-business) (Being an Engineer)
- [040: Stop Overpaying Your Small Business Taxes, Diane Gardner of Tax Coach 4 You](https://hardwarepodcasts.com/podcast/product-startup/2017-02-14-040-stop-overpaying-your-small-business-taxes-diane-gardner-of-tax-coach-4-you) (Product Startup)
- [Episode 046: Going all Howard Hughes](https://hardwarepodcasts.com/podcast/making-it/2015-11-20-episode-046-going-all-howard-hughes) (Making It)
- [Scott Tarcy | The 4-Hour Workweek Mechanical Engineer](https://hardwarepodcasts.com/podcast/being-an-engineer/2022-04-08-scott-tarcy-the-4-hour-workweek-mechanical-engineer) (Being an Engineer)
- [009: NDAs, Contracts, Insurance & Other Legal Tips with Gordon Firemark of Entertainment Law Update](https://hardwarepodcasts.com/podcast/product-startup/2016-05-31-009-ndas-contracts-insurance-other-legal-tips-with-gordon-firemark-of-entertainm) (Product Startup)

## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/embedded-fm/2016-05-04-150-sad-country-song. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to Embedded.fm.