Meet Andrew, a freelance musician. He gives piano, guitar, and trumpet lessons in his home and is a keyboard player for two bands. He also has a music agent, who secures jobs for him from time to time playing at weddings, corporate events, birthday parties, and funerals. Andrew is an excellent musician and people like him. However, he lacks the skills needed to manage his money. He loses expense receipts and never seems to hold back enough money for taxes. If Andrew worked as the music director at a local high school, for example, his paychecks would include withholdings for federal and state taxes along with Social Security and Medicare. Because Andrew is a freelancer, when he agrees to play for a wedding for a \($200\) fee, he receives the full \($200\) from the paying party. It is then up to him to set aside part of the money for federal and state income taxes and for self-employment tax. Failing to plan properly for taxes can sting. A year ago, Andrew paid his taxes quarterly but miscalculated and owed the Internal Revenue Service (IRS) \($4,200\) at tax time.....

Discussion Questions:

1.If you were a freelancer, gig worker, or small business owner, what two features of the Lili app do you think would benefit you the most? Why?
2.Why is saving money for taxes so problematic for freelancers, gig workers, and small business owners?
In what ways does the Lili app make the process of saving for taxes easier?
3.If you were a member of Lili’s target market, would you consider using the firm’s app? Why or why not?
4.What lessons, regardless of the type of business they are starting, can prospective business owners learn by reading this case?