Episode 214: The Most Overlooked Tax Deductions

income tax solo show Feb 17, 2022

On today's episode of the podcast I highlight some of the most overlooked tax deductions that entrepreneurs are missing.    

Don’t forget, the Tax Season Playbook is available for purchase! The Playbook is a 3 week, semi-live course to help you prepare and file your taxes. Through this program I’ll help you organize your tax documents and bookkeeping and we’ll have a tax filing party that ends with you being all set and filed! Also, stay tuned, the release date of the Profitable Pro Bundle has been rescheduled for later this year. The playbook starts next week so get yours today!

 

 

Most overlooked tax deductions: 

  1. Commissions and fees - This is the title of a category on a Schedule C. When I mentioned commissions and fees I want to talk primarily about processing fees. Let’s say I charge you $1,000. There is then, let’s say, a 3% processing fee that comes off the top from your payment processor. $970 enters your...

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Episode 212: The Tax Season Playbook - Your Guide to Organizing and Filing Your Taxes

income tax solo show Feb 03, 2022

On today's episode of the Unf*ck Your Biz podcast I share the steps you need for getting ready to file taxes and introduce my new offer, the Tax Season Playbook.

It’s time to start getting ready for tax season! Like it or not, April will be here before we know it and there are a few steps to help us get prepared to file, even if you plan to hire a tax preparer. The first step is to organize. Gather all your tax documents - I recommend keeping an envelope by your door so as soon as you come in from getting the mail, you can file any tax info you received. 

The next step is your bookkeeping. Make sure it is up-to-date, you have all your income and expenses added up, and that your profit and loss statement is accurate for the year. If you haven’t been keeping up with your books or didn’t keep any, now is the time to put that together. I have a bookkeeping template available here. If you have a bookkeeper, you can skip to the next step. 

Note that in...

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Episode 211: The New 1099 Law

income tax solo show Jan 27, 2022

On today's episode of the Unf*ck Your Biz podcast I dive into the new Venmo and Paypal requirements for 1099s

 

This episode of the Unf*ck Your Biz with Braden podcast is sponsored by the Contract Vault, a $30 resource filled with a wide variety of must-have contract templates. Also, stay tuned because in the coming weeks I will be releasing the Tax Season Playbook designed to help you navigate tax season.

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Episode 210: Sending Your 1099s

income tax solo show Jan 20, 2022

On today's episode of the Unf*ck Your Biz podcast I cover why, how and when you need to send 1099s. I'm answering the commonly asked questions like - who sends them, who gets them, how do you send it, and when are they due?

 

This episode of the Unf*ck Your Biz with Braden podcast is sponsored by the Contract Vault, a $30 resource filled with a wide variety of must-have contract templates. Also, stay tuned because in the coming weeks I will be releasing the Tax Season Playbook designed to help you navigate tax season.

 

It's 1099 season. These tax forms are due at the end of January and on today's episode I'm going to answer your questions about sending 1099s. I've been answering a lot of questions about 1099s in the Braden's Besties group so I wrote a blog post about it that I'm continuing to update as questions come in, and I'll be sharing all of that information in this episode.

 

We send 1099s because the IRS requires us to. If we spend money to contract out a...

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Episode 157: Calculating Business Tax

income tax solo show Apr 02, 2021

On this episode I dive into a detailed example of how to calculate your business taxes in the third and final episode of my business boot camp.

 

If you haven't already, go back and listen to boot camp episode one and two before diving into today's episode.

 

Example: Elle graduated college this year and went straight into her photography business. Her business made $25,000 and she had business expenses of $7,000. Elle paid $100 in student loan interest (adjustment). She had no itemized deductions.

 

To calculate Elle's tax percentage:

  1. Calculate net business income = Business income - Business expenses

  2. Add in any other income. In this case, Elle does not have any but this is where you would add in other job income, spousal income, rental property income, etc.

  3. Subtract adjustments to get AGI (Adjusted Gross Income) = Net business income - Adjustments

  4. Elle does not have any itemized deductions which means she will only deduct her standard deduction ($12,200) in...

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Episode 156: Determining Business Income

income tax solo show Apr 01, 2021

On this episode I dig into quarterly taxes and how to calculate them for your business.

If you haven't already, go back and listen to yesterday's episode before diving into today's episode.

The first step is to understand what business income is. According to the IRS, self-employment income is income earned from carrying on a trade or a business as a sole proprietor, contractor, or some form of partnership.

Keeping it simple, if you're doing something that's bringing in money and you're listening to this podcast, you probably have a business.

For tax purposes, freelance/1099 income is the same as business income. Only our self-employment income is subject to self-employment tax (our share of Medicare and social security). This is a 15.3% tax on our net self-employment income (business profit, calculated after business expense deductions).

To be a deduction, the IRS says it must be an ordinary and necessary expense. An ordinary expense is one that is common and accepted in your...

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Episode 155: Finding Your Why

income tax solo show Mar 31, 2021

On this episode of the podcast I share the first of my three part series of the Unf*ck Your Biz boot camp. After this three part series you will have an idea of how our taxes are calculated. This will prepare you for paying quarterly taxes and not always leave you relying on your tax preparer.

 

As I shared on last week's episode, your tax preparer is not always going to be keeping you up to date and checking on you and your tax savings as they relate to personal life.

 

If you want to Unf*ck Your Biz you need to have a why. We need to know where we're going before we get there. You need to dig deeply into your why. A full why statement would read something like: I want to unfuck my biz because I want/need better cash flow so I'm less stressed out and have more money saved so I can pay off my loans and live financially free. Financial freedom means something different to everyone and will be your why for unfucking your finances.

 

The same goes for legal protection...

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Episode 148: The 101 on Use Tax

income tax interview Mar 11, 2021

On this episode of the podcast my guest, Amy Monroe, talks about use tax and the difference between income tax and sales tax.

This episode is brought to you by my FREE Tax Challenge. Taxes suck but we all have to file them. I'll walk you through the 5 steps you need to get your tax documents organized and ready to file. Sign up for this free challenge.

Income taxes impact a business's bottom line. These are what income tax brackets are based off.

 

Sales tax is subject to sales of physical goods and products. Learn more about the exceptions to this on episode 21 of the podcast.

Use tax is sometimes referred to as the other side of the same coin as sales tax. You can look at use tax from the point of view of a consumer and the point of view of a business owner.

If you bought something from an online retailer that didn't collect sales tax from you, technically at the end of the year you would self-report the use tax (the sales tax that should have been collected) because you are...

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Episode 141: Getting Ready for Your Tax Return

income tax solo show Feb 16, 2021

On this episode of the podcast I answer the question, "how do I file taxes?"

Get ready to file your taxes with my FREE 5 Day Tax Challenge filled with actionable steps you can do in 30 minutes a day, recorded Q&As, and downloadable template. Here are the 5 steps you'll find in the 5 Day Tax Challenge.

  1. Gather all your documents - bank statements, 1099 NECs (received from other people),1099 Ks (received from Paypal, Stripe or any other payment processor)

  2. Learn and understand your deductions

  3. Separate your expenses - go through all your bank statements and make sure everything is business-related. You should already have a business bank account. If you haven't separated your banking, tsk tsk, go through and highlight anything that's business-related.

  4. Make sure you sent out any 1099s - You will pay a penalty sending them out after February 1st

  5. Do your bookkeeping - If you do not already have a bookkeeping software set-up like Quickbooks or Wave. This will help you organize...

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Episode 139: What to look for in a tax preparer

income tax interview Feb 09, 2021

On this episode of the podcast I ask Theresa Speights, tax attorney and manager of resolutions at Community Tax LLC in Chicago, about what you should look for when hiring a tax preparer.

 

If you missed Theresa on previous episodes, check out Episode 137 "How to Handle a Letter from the IRS" and 138 "Back Taxes 101 and How to Get Caught Up"

 

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

 

What to look for in a tax preparer:

1. Never hire anyone who says they're going to be able to get you a huge refund. Eventually you will get audited and you will owe a lot of money.

2. Just because they are on the IRS website as someone you can go to doesn't mean they are good at their job. Ask anyone who refers you about their experience.

3. If you have simple taxes, like a W2, you will be fine at...

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