Episode 132: Owning the CFO role in your business

income tax inteview Jan 14, 2021

On this episode, I chat with Keila Hill-Trawick, owner of Little Fish Accounting, about how to own the CFO role in your business by planning for taxes year-round.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Accountants look at historical data. Are your financial statements accurate, organized, and set up for success for tax prep or applying for grants? A CFO (Chief Financial Officer) should take this information a step further into the future to make financial decisions for the business and reviewing payroll, bill payment, receivables, budgets, forecasting, and the overall financial picture for the business.

It's important to find someone who meets your needs - are you just looking for tax prep? Looking for someone to walk you through your finances and explain why it is they're asking you to save? What is it that...

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Episode 130: Your tax write-off and bookkeeping questions answered

income tax interview Jan 07, 2021

On this episode, my guest Parker Stevenson takes a crack at answering 12 different tax and bookkeeping questions from fellow creatives in the Braden's Besties Facebook Group.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

1. First year of business and have a profit loss. How much can I report as a loss? Will I get audited? Is there a limit?

Hire an accountant! An accountant will help you to write-off as many expenses as you can while still being profitable. "It's okay for me to pay taxes because that means I have a profitable business."

2. As a small business owner, (two-person LLC), can I deduct the cost of my vehicle on my taxes?

starting a business as a live wedding artist, travelling for weddings 30 weekends out of year, can I claim my spare car and its maintenance for my business? i only drive it for my weddings....

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Episode 129: Writing off start-up expenses for a new business

income tax interview Jan 05, 2021

On this episode, my guest Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C., answers the question "What expenses are allowable write offs for my new business during the start-up phase?"

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Start-up expenses are those that you have to incur in order for the business to start. For example, if you are a starting a restaurant, even before you start serving diners you have start-up expenses such as liquor license, architectural drawings, etc. The IRS allows you to write-off $5,000 in start-up expenses in the first year and amortize the rest over the next several years.

Resources

What's the difference between a hobby and a business?

Get in touch with our guest

Keila Hill-Trawick, founder of Little Fish Accounting

Check out Little Fish Accounting's ...

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Episode 127: What are the benefits of hiring a CPA?

income tax interview Dec 29, 2020

On this episode, my guest, Biz Money Coach Meg K. Wheeler, discusses the benefits of hiring a CPA for your small business.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Today on the podcast we're answering the question "What are the benefits/pitfalls of hiring a tax strategist versus a CPA?"

If you're working on anything related to tax, you want someone who knows what they are doing. Meg suggests you be careful about anyone who is calling themselves a tax strategist, and make sure you are working with a CPA or a tax lawyer like Braden. You don't need a CPA or tax lawyer to provide tax returns.

Beyond tax prep, you should hire a CPA anytime you want to understand how to maximize your business operations. For example, when you start selling more and making more money, should you consider becoming an s corp. Anytime...

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Episode 119: How much you can really deduct on taxes

income tax interview Dec 01, 2020

On this episode my guest Parker Stevenson of Evolved Finance answers the question "Is there a limit on how much you can deduct for taxes?" 

Parker and I discuss what an ideal profit margin looks like, qualifying for mortgages and your business deductions' impact on PPP loans. 

To learn more about Parker Stevenson head to Episode 118 of the Unf*ck Your Biz podcast where I introduce Parker as we discuss credit card fees and their impact on income. 

Get in touch with our guest:

Parker Stevenson,  Co-Owner and Chief Business Officer of Evolved Finance
Check out Evolved Finance's website
Follow Evolved Finance on Instagram
Like Evolved Finance on Facebook
 


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Episode 107: How do I know which tax bracket I'm in?

income tax solo show Oct 27, 2020

On this episode, I answer the question "How do you know what tax bracket you fall into if forming a business? All things taxes are confusing as F!"

Links mentioned by Braden

Take the quiz at www.bradendrake.com/quiz


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Episode 106: Back taxes, partnership stuff, and more with Amber Zaragoza

income tax interview Oct 22, 2020

On this episode, I chat with Unf*ck Your Biz alum, Amber Zaragoza about how she's working to update her taxes, her multiple member LLC, and more.

Link mentioned by Braden

Take the quiz at www.bradendrake.com/quiz


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Episode 105: How to balance quarterly taxes with multiple streams of income

income tax solo show Oct 21, 2020

On this episode, I chat with Chassie Bell about how she manages multiple streams of business and personal income and her journey to unf*ck her biz.

Links mentioned by Braden

Take the quiz at www.bradendrake.com/quiz


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Episode 104: Is There a Tax Advantage for a Corporation?

income tax solo show Oct 20, 2020

On this episode, I answer the question "Are there more tax advantages to a being a corp than an LLC?"

Link mentioned by Braden

Take the quiz at www.bradendrake.com/quiz


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Episode 101: Important Tax Considerations for New Business Owners

income tax solo show Oct 08, 2020

On this episode I answer the question "I am so confused by how my (new) LLC should handle taxes - Should I be paying estimated tax and self-employment tax? How does my spouse's income effect my need to pay quarterly tax?

Links mentioned by Braden

Grab your copy of the book.


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