Episode 235: Taxes for Digital Nomads Parts IV & V

income tax solo show Jul 07, 2022

 

On today episode of the podcast, I wrap up my Digital Nomad Tax Series with Part III, which covers the Foreign Tax Credit, banking, the Foreign Account Tax Compliance Act (FATCA), and the Foreign Bank and Financial Accounts report (FBARs).  

Disclaimer: I am not your attorney. The rules outlined below apply differently to everyone based on each individuals’ facts and circumstances. This is not legal advice.

For more information on the Foreign Tax Credit, click here. To read more about banking, FATCA, and FBARs, click here

This podcast series is based on my five part Digital Nomad blog series, which you can read starting here


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Episode 234: Taxes for Digital Nomads Part II

income tax solo show Jul 05, 2022

 

On today's bonus episode of the podcast, I continue my Digital Nomad Tax Series with Part II, which covers the Foreign Housing Exclusion and issues regarding state tax residency. 

Disclaimer: I am not your attorney. The rules outlined below apply differently to everyone based on each individuals’ facts and circumstances. This is not legal advice.

This podcast series is based on a five part blog series you can read here

 

For more information on the Foreign Housing Exclusion click here.  To read more about state tax residency, click here.


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Episode 233: Taxes for Digital Nomads Part I - Foreign Earned Income Exclusion

income tax solo show Jun 30, 2022

On today's episode of the podcast, I kick off my three part Digital Nomad Tax Series. Part I dives into the foreign earned income exclusion. 

When I started my business, I started writing a book and considered moving into the digital nomad tax space. Overtime I decided that was not the direction I wanted to move in to and leaned into the creative entrepreneur space instead. Throughout the last few years though I have spoken to digital nomad groups and have experience with it. 

I turned the book I started into a five part blog series you can read here

Disclaimer: I am not your attorney. The rules outlined below apply differently to everyone based on each individuals’ facts and circumstances. This is not legal advice.

This episode is for U.S. citizens living and working abroad. For tax purposes, under most rules, Green Card holders are treated as U.S. citizens, so this guide should prove useful for these individuals as well.

It's important...

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Episode 231: My S Corp Cost Me MORE in Tax Last year

income tax solo show Jun 15, 2022

On today's episode of the podcast, I explain how my S Corp ended up costing me more in tax last year. 

To check out my podcast set-up or watch a video version of my podcast, check out my YouTube channel

 

Long story short, I should not have formed my S Corp last year because I didn't end up making as much money as I thought I was going to. Unfortunately, we can't always predict these things. 

 

I talk to a lot of business owners who have accountants that get them set up with an S Corp from day one. This is usually a bad idea, unless you're bringing a whole book of business with you from elsewhere and are starting your business at six figures. 

To exemplify this, I will use my own numbers, especially since 2021's revenue was less than I anticipated. I was about $50,000 under the minimum revenue I projected when I started my S Corp and I was $100,000 under my goal. I ended u making about $95,000 last year, and $140,000 the year before. I...

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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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