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 213: January Profit Report

cash flow solo show Feb 10, 2022

On today's episode of the Unf*ck Your Biz podcast I review my January profit report. 

 

I am passionate about helping business owners build profitable businesses and increase their take-home pay. By sharing my own profit reports and how I plan for my own business and personal expenses, it is my goal to help othe business owners put these topics into context for themselves and increase your profit. If you’ve missed my previous Profit Reports, check out episode 186 where I reintroduced Profit Reports back to the podcast. 

 

To start, I want to share a few of my goals for the year. One of my big goals is to work with my marketing virtual assistant to book 25 PR spots per quarter, anything that gets me in front of other people’s audiences such as podcasts, speaking at conferences, summits, bundles, guest blog posts, etc.   I’m also focusing on my number of podcast downloads and less on my social media metrics. This year I am really doubling...

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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 207: How to Start Optimizing Your Profit

other legal solo show Dec 30, 2021

 

On today's episode of the Unf*ck Your Biz podcast I explain how you can start making more profit in your business, beyond increasing your revenue.

 

This episode of the Unf*ck Your Biz with Braden podcast is sponsored by my program, The Profit Rx. The end of the year is the time to get your books in order and set up your LLC or S Corp for the new year. I work through these steps in the Profit Rx and to give you a sneak peek into the plan, I dive into cash flow management and profit optimization.

 

As we wrap up another year, for many business owners our goal is to scale our profits year over year. There is more to profit than just money which is what I call finding your profit sweet spot. In my Profit Rx program I share a profit matrix which is a venn diagram with three circles - hours worked, revenue, and profit. Where these three overlap is what I call your profit sweet spot. For example, you may be willing to work less hours or make less revenue if it means...

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Episode 205: Using Marginal Profit to Make Better Decisions

cash flow solo show Dec 16, 2021

On today's episode of the Unf*ck Your Biz podcast I break down profit margins and how to use your marginal profit information to guide your business decisions.

 

This episode of the Unf*ck Your Biz with Braden podcast is sponsored by my program, The Profit Rx.

 

Profit margin is the percentage of your revenue, that is profit. We calculate this by taking your profit in dividing it by revenue.


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Episode 202: Explaining a Profit & Loss

cash flow solo show Nov 25, 2021

This episode is brought to you by my new program The Profit Rx. If you've been following along here on the podcast, you know that the doors opened to the Profit Rx officially, a couple of weeks ago. The Profit Rx is your prescription to help you build a healthy and wealthy business. Help you avoid that financial anxiety. pay yourself more. tackle your taxes. All of these good things. For all of the information you can go to theprofitrx.com. You can join us on our twice weekly Co-working calls, Finance Fridays, get all of the good stuff, so go check it out.

 

In today's episode. I am going to be explaining to you all about the profit and loss statement, so what a P&L is, Um, how they work and in order to do that, I'm actually going to be walking you through an excerpt of our Profit Rx textbook.

 

So a P&L, or a profit and loss is also often referred to as an income statement. That's like the more official term for most accountants, but I like P&L, because it's...

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Episode 201: The Profit Rx

other legal solo show Nov 18, 2021

In this episode I am going to tell you more about The Profit Rx and why you should join, but I'm also sharing with you why I've made the change.

I had previous programs. One of my programs was called Fundamentals. It was a monthly membership. I also had Unf*ck Your Biz, the course which has now been retired. Both of these programs have been retired. Fundamentals, Fundamentals, Um, I initially created. It was supposed to be a program more for newer business owners. It didn't really turn out that way, like my goal was to create Fundamentals, a monthly program that then prepared people to join Unf*ck Your Biz. But what ended up happening was that I drastically changed the Fundamentals content last year I would say during COVID but that's still a thing at the time of recording this podcast.

But once we went on lockdown in the wedding industry in particular, the events industry was dealing with all of the Um, COVID-related contract cancellations, postponements, refunds, and all of that,...

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