Episode 143: Becoming a Profitable Pro

biz entities interview Feb 23, 2021

On this episode I chat with Renee Dalo, wedding planner and educator, about the upcoming Profitable Pro bundle and how it can help your business.

 

Renee is no stranger to the Unf*ck Your Biz podcast. You may remember when she joined me last August on the podcast to chat about the Profitable Planner bundle filled with courses and resources for wedding planners. The bundle is back, this time with even more resources for creatives beyond the wedding industry!

 

Click here to get added to the waitlist and be the first to know when the bundle launches: https://renee-dalo.mykajabi.com/a/43878/uN8Tp9MH

 

The bundle includes 30 educators with new, amazing resources to help creative entrepreneurs conquer many universal topics including Facebook ads, workflows, Canva, Tailwind, and more business management concepts.

 

On sale only from March 1st to March 5th the bundle is just $99 and will include my Unf*ck Your Finance course. After March 5th this course will only be...

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Episode 142: Identifying and Honoring Core Values in Your Business

Description - On this episode I chat with Crystal Whiteaker, founder of Crystal Lily Creative, about core values and inclusion in your business.

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.

Crystal is a wedding photographer with a diverse portfolio who uses her experience to help businesses identify their core values and become more inclusive. It's a time to have uncomfortable conversations and admit uncomfortable things about you and your business which will lead to growth.

 

Core Values Challenge

  1. Narrow down your core business values. 3 - 5 is a good range because you can share what's most important to your business in 3 - 5 words and then do offshoots from there. If you're struggling, Crystal includes a list of examples in her Core Values training.

  2. Define what those values mean for you...

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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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Episode 138: Back taxes 101 & how to get caught up

income tax interview Feb 04, 2021

On this episode I chat with Theresa Speights, tax attorney and manager of resolutions at Community Tax LLC in Chicago, about back taxes and how to get caught up if you have them.

 

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.

 

Tax controversy is when you owe the IRS money for various reasons - 401k you took out, rough years in business, etc. It ranges from individuals to big businesses. If you have tax liabilities or owe money to the state or federal government, someone who works in tax controversy can help you work through the debt.

 

When it comes to microbusinesses, the most common tax problem Theresa sees is usually poor bookkeeping and comingling of business and personal expenses. When you comingle, the IRS views all the money in your personal bank account as business income, even...

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Episode 137: How to handle a letter from the IRS

income tax interview Feb 02, 2021

On this episode I chat with Theresa Speights, manager of resolutions at Community Tax LLC in Chicago, about what to do it you get a letter from the IRS.

 

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.

 

Today's question is, "I got a CP2000 letter from the IRS. what does it mean? What do I do with it? Should I hire someone to help me or just call?"

 

Theresa does tax controversy work, making her the person to call if you owe money to the Internal Revenue Service to work through it and get your debts paid. 

 

If you get a CP2000 letter, the last thing you want to do is call the IRS, they will not be able to help you. Instead, look at page page 3 of the letter to see why they are saying you owe more tax. Once you see you want to verify that you did make that much income. If you did,...

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Episode 136: Crushing $70,000 of debt in 36 months

cash flow interview Jan 28, 2021

On this episode, I chat with Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about how she tackled all her debt in three years. Sarah also shares her best tips to get started with budgeting and debt management.

 

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](https://www.bradendrake.com/masterclass).

 

On this episode, I chat with my guest, Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about balancing debt payments with saving for an emergency fund and and saving for retirement.

 

toRISEtogether is a collection of creative freelancers getting their money shit together as a community so they can focus on being creative. The Money Studio is to help creatives do the work to create the life they dream and remove worries about money.

 

...

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Episode 135: Balancing debt payoff and savings part II

cash flow interview Jan 26, 2021

On this episode, I chat with my guest, Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio, about balancing debt payments with saving for an emergency fund and and saving for retirement.

 

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.

 

On Tuesday episodes we answer questions from my Facebook group, Braden's Bestie's. Today Sarah answers the question "If you're starting from scratch saving money and paying debt, how would you prioritize between 1) building an emergency fund of around $3,000, 2) paying your quarterly taxes, 3) saving your first few thousand dollars toward retirement and 4) paying down about $3,000 in high-interest consumer debt? Do you do them all at the same time or in a certain order?"

 

Sarah suggests you need to cover your ass with an emergency fund...

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Bonus - PPP

biz entities interview Jan 20, 2021

On this bonus episode of the podcast my guest, Kristy Runzer, CFP, about Paycheck Protection Program (PPP).

 

Join the Braden's Besties Facebook Group to hear Kristy's live Q&A about PPP with Braden on January 22nd.

 

PPP became available as part of the stimulus packages. It's a forgivable loan, meaning you receive the money as a loan but as long as you use it for certain things, it's a loan that gets forgiven. As a small business, PPP is more the route to go than EDIL (the SBA Economic Injury Disaster Loan program).

 

With round two of PPP now available, the first step is to determine if you qualify. Two pieces allow you to quality - 1) If you never got money in Round One you can apply like this is Round One. 2) If you did get money in Round One, the qualifier for Round Two is if you saw a 25% decrease in your revenue in any quarter in 2020 compared to that same quarter in 2019.

Ex: If Q2 in 2019 your revenue was $100,000 and in Q2 in 2020 your revenue was...

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Episode 131: Balancing debt payoff with savings

cash flow interview Jan 12, 2021

On this episode, I chat with my guest Keila Hill-Trawick about balancing debt payments with saving for an emergency fund and and saving for retirement.

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.

In my alumni group we recently read money philosophy "I Will Teach You to be Rich" by Ramit Sethi for our quarterly book club. On the topic of money philosophy today's question is a hypothetical one.

"If you're starting from scratch saving money and paying debt, how would you prioirtize between 1) building an emergency fund of around $3,000, 2) paying your quarterly taxes, 3) saving your first few thousand dollars toward retirement and 4) paying down about $3,000 in high-interest consumer debt? Do you do them all at the same time or in a certain order?"

Keila shares her insight that it's what makes you feel safe. If you...

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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, Co-Owner and Chief Business Officer of Evolved Finance, 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? (asked by Jennefer Cooper)

 

Hire an accountant! An accountant will help you to write-off as many expenses as you can while still being profitable. Tell yourself, "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? (asked by Robes Pierre LaMontagne)

Involve your accountant in this...

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