Unf*ck Your Biz With Braden (Braden Drake)
Explore every episode of Unf*ck Your Biz With Braden
| Pub. Date | Title | Duration | |
|---|---|---|---|
| 08 Jul 2021 | 182 - Defining Your Scope of Services in a Contract | 00:21:29 | |
On today's episode, my guest, Danait Berhe, Founder & Brand Strategist of The Asmara Agency, shares her insight on evolving your contract as your business grows. Offering a wide scope of services from logo and web design to brand refreshes, Danait's scope of services changes for each and every client which means each client is getting their own custom contract. Clarity is key when it comes to contracts. Start by spelling out all the details in your proposal before the contract so your client understands what they will be getting and the timeline for the project to be completed so this way you can accommodate and charge for any changes as you move them into the contract and need to charge additional rates for faster results. Be sure to include: -updated scope of services - define what they're getting out of the services -project schedule - detailed timeline of when to expect client responses and what happens if the client does not respond by the specified time in the contract -payment details - when is each round of payment due and what happens if they do not pay on time -additional services provision and timelines -client on-boarding process - lay out expectations, communication styles, and how your clients can expect to hear from you. For each additional update to the contract, start by sending a new proposal and then making amendments to the contract. BE super clear in your proposal and contract to avoid your own headaches and also headaches for your client. Keep in mind the Entire Agreement Clause, which says that only what's in the contract is part of the contract. For example, if you put in a proposal or an email one thing but it's not in the contract, then it does not apply to the contract. Get in touch with our guest Danait Berhe, Founder & Brand Strategist of The Asmara Agency Visit The Asmara Agency Follow Danait on Instagram @danaitbg | |||
| 01 Jul 2021 | 181 - The Importance of Clear, Detailed Contracts | 00:37:06 | |
On today's episode, my guest, Danait Berhe, Founder & Brand Strategist of The Asmara Agency, shares her insight on evolving your contract as your business grows.
Offering a wide scope of services from logo and web design to brand refreshes, Danait's scope of services changes for each and every client which means each client is getting their own custom contract.
Clarity is key when it comes to contracts. Start by spelling out all the details in your proposal before the contract so your client understands what they will be getting and the timeline for the project to be completed so this way you can accommodate and charge for any changes as you move them into the contract and need to charge additional rates for faster results.
Be sure to include: -updated scope of services - define what they're getting out of the services -project schedule - detailed timeline of when to expect client responses and what happens if the client does not respond by the specified time in the contract -payment details - when is each round of payment due and what happens if they do not pay on time -additional services provision and timelines -client on-boarding process - lay out expectations, communication styles, and how your clients can expect to hear from you.
For each additional update to the contract, start by sending a new proposal and then making amendments to the contract. BE super clear in your proposal and contract to avoid your own headaches and also headaches for your client. Keep in mind the Entire Agreement Clause, which says that only what's in the contract is part of the contract. For example, if you put in a proposal or an email one thing but it's not in the contract, then it does not apply to the contract.
Get in touch with our guest Danait Berhe, Founder & Brand Strategist of The Asmara Agency Visit The Asmara Agency Follow Danait on Instagram @danaitbg | |||
| 24 Jun 2021 | 180 - Contractor Laws By State | 00:29:50 | |
On today's episode I wrap up the Hiring Series discussing contractor laws by state and what you need to make sure you're legally hiring.
Click here to read this episode as a full blog post, "Contractor Laws State-By-State." | |||
| 17 Jun 2021 | 179 - How Much to Pay Your Contractors or Associates | 00:47:14 | |
On today's episode I chat with Emily Loeppke, Principal and Founder of Anna Delores Photography about how much to pay your contractors as you grow your team.
Emily was doing paid advertising on every blog she could, networking at local events, and building her relationships with wedding planners which lead to her having a fully booked wedding photography schedule and knowing it was time to hire.
As Emily grew her team of second shooters, she started by calling them associates but transitioned to keeping that an internal term, understanding the importance of calling them the team or lead photographer because they are not any less than and she wanted to avoid clients feeling like these photographers were not all equal members of the photography team.
The question Emily was facing was if her team should be employees or associates (more on this in Episode 177). Emily started by paying her contractors on an as-needed basis per job. She would pay them a booking bonus as a thank you for saving the date, and then a flat hourly rate.
Emily determined starting rates by doing mentorship programs with other photographers that offered associate programs to see how they paid and structured their team. She knew it needed to be more than what a second shooter was paid because there was more responsibility when you are the lead photographer on a wedding day.
How and how much to pay associates is a common problem Emily sees. Many pay their associates on a percentage-based model which is a dangerous model that can simplify expenses and what you are able to pay yourself for all the coordinating and behind the scenes work you are doing along with your fixed business costs.
When you hire a team you will need to track their hours, especially if you pay them hourly. As you continue to hire a team, it becomes easier to get clock-in and hour tracking software, like Gusto,
Get in touch with our guest: Emily Loeppke, Principal and Founder of Anna Delores Photography DM @AnnaDelores on Instagram to sign-up for coaching from Emily on how to build your own team Check out Emily's website AnnaDelores.com | |||
| 10 Jun 2021 | 178 - Getting Started Building a Team | 00:52:50 | |
On today's episode I chat with Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group, about what goes into successfully hiring a team.
Ashley started hiring 6 months into her business by hiring a contractor and now has part-time and full-time salaried employees and helps other businesses hire and grow their own team of employees.
The biggest challenge is overcoming mental hurdles/mindset blocks to hiring whether it's thinking that you - wouldn't be good leader (leadership is a skill, not a personality trait) - don't want to be a boss (being a boss opens up freedom for you to do the parts of your business you love) - can't afford (start with a small position you can afford and build the role) - it's my art (hiring a team does not mean you need to lose creative control of your business. It means training someone so your creativity can be in multiple places at once).
Don't wait until you're 100% booked to start hiring. If you wait that long then you don't have time to hire and onboard your employee(s)properly. Instead, it will be less stressful to do around 75% mark. Document your hours to get a better understanding of time spent on projects and what areas an assistant or other employee could help your business. Be sure to have strong onboarding measures in place, such as Standard Operating Procedures (SOPs), to set your new hire up for success.
Hiring comes with increased cost - wages, taxes, payroll management software, etc. When you hire, it often goes hand-in-hand with increasing your prices to cover costs of the the new employee without you and your business needed to take a huge hit to your profit.
Don't get stuck procrastiresearching, do the research on hiring in your area and jump in, there's always some to be figured out along the way.
Get in touch with our guest: Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group Learn more about joining The Abundance Group Follow @theabundancegroup on Instagram | |||
| 03 Jun 2021 | 177 - Do Your Contractors Need to Be Employees? | 00:37:15 | |
On this episode, we're kicking off the Hiring Series with a look at California's strict independent contractor laws, its most recent amendments and exceptions, and how the law is paving the way for changes on a federal level.
When someone is classified as an employee it means their taxes are withheld by their employer, something that the state favors over contractors who come with the risk of not reporting all their income on their tax returns. Even if you are not in California, the California law has paved the way for independent contractor laws nationwide. Currently at Congress, the House has already passed a bill called the PRO Act that is being debated in the Senate. For more info, check out my blog post on AB5 and dealing with California's new contractor laws. | |||
| 27 May 2021 | 176 - It's Time for Me to Pivot | 00:16:40 | |
Don't worry, I'm not going anywhere or changing the core of what I teach. What I am doing is pivoting my business model to better serve you. This Spring I offered my Unf*ck Your Biz signature course for the third time and registration dipped. Thank you to so many of you who took the time to give me feedback in my post-launch survey to learn about why you did not purchase the course. Many of you over the year have shared that you don't need the full offerings of the Unf*ck Your Biz course and are just looking for help becoming an LLC or want help with taxes.
Beginning the coming week on Tuesday, June 1st, I'm moving to what I will call "an everything is available all the time business model." Not only will you have access to freebies and trainings, you will also be able to buy self-study programs that will help you go from a Sole Prop to an LLC/LLC to S-Corp and also be able to buy a tax-focused course. And coming soon, I'll be launching some more courses you have been requesting like Unf*ck My Website and Unf*ck My Systems. If you prefer learning in a group setting, don't worry, I'll still be offering my Unf*ck Your Biz signature program once or twice a year to learn alongside me in a closed Facebook group.
The goal is to cultivate a community where everyone is working on what they need to work when they need to work on it. And I'll be supporting all the students inside my Facebook Group, Braden's Besties. | |||
| 20 May 2021 | 175 - 5 Steps to Manage Small Business Sales Tax | 00:27:36 | |
Today on the podcast we are reairing episode 63 of the podcast where my friend, and sales tax expert, Amy Monroe shares the five steps to manage small business sales taxes.
1. Where do you need to collect tax (do I have nexus)? This can depend on the size of your business and the services/goods you sell. You will need to know if you need a seller's permit. 2. How you register for a seller's permit You will also need to search if there may be a secretary of state requirement. 3. What are the sales tax rates and how do you collect them? Often the sales tax rate is based on the location of the buyer. You need to make sure you are also collecting any additional local, county, city and district taxes. 4. Know and manage taxability and exemptions If you provide goods and services it's important to know what is and isn't subject to sales tax and when/if they need to be bundled together or specifically stated. The exemptions may be more nuanced than you need. 5. Deadlines and filing obligations Accounting is important. When you document a transaction separate out revenue and sales taxes. Most sales tax returns for most industries it's gross revenue minus any deductions or exemptions equals your taxable revenue. Factor in the applicable tax rate and that's how much you owe
Get in touch with our guest Amy Monroe, Sales Tax Guru Follow Amy on Instagram at @iamamymonroe www.instagram.com/iamamymonroe/
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| 13 May 2021 | 174 - Laying the Groundwork for Understanding Sales Tax 101 | 00:40:41 | |
When a business is in the business of selling something, chances are they have a sales tax filing obligation. Sales tax is a consumptive tax, based on consumer consumption of tangible personal property.
As a business, you act as an agent on behalf of your state to collect the tax. The tax belongs to the state, not to you. Every state is different and even every locality can be different. There are local tax rates, but the state collects everything. You file it all on one form and then it's up to the state based on the form to send those tax dollars to the local government.
If you are running a business, you want to visit the state tax website to learn more about your area's basic tax rules. Failing to pay the sales tax and keeping it for yourself is illegal and can result in jail time. It's critical to keep record of your sales tax as part of your bookkeeping, consider keeping the sales tax money in its own bank account so that's ready to pay each quarter.
Homework: Figure out if your state generally taxes services or does not tax services. If your state does tax services, then do a search to see if your industry happens to be exempted or your type of service. If you're in a state that does not tax services, ask yourself if there are any pieces of your business that still should be subject to sales tax
Get in touch with our guest Amy Monroe, Sales Tax Guru Follow Amy on Instagram at @iamamymonroe
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| 06 May 2021 | 173 - Cart Close! | 00:03:20 | |
| 04 May 2021 | 172 - Unf*ck Your Biz Student Q&A | 00:17:53 | |
On this episode of the podcast, my Unf*ck Your Biz alumni answer commonly asked questions about their experiences with the program. To learn more about the course visit Unfuckyourbiz.com
If you’ve been listening to this podcast lately you’ve heard me mention the Oh Shit Cycle. You might even be in it right now, many of us are or have been. The Oh Shit Cycle is when you’re trying to do all the things at once like keep up with loan payments, put money into savings, pay off back taxes and save for retirement all at the same time. It can feel never ending, which do you pay first and how do you save money for all of them at once? Getting out of the cycle is covered in my Unf*ck Your Biz course.
I often hear business owners who are considering the Unf*ck Your Biz course share a few of the same common concerns over and over again. They’d rather hire someone to do it for them, they don’t have time, they don’t have the money, they’re too new into business or they’ve been in business too long and aren’t sure if they need it.
I can tell you about the importance of knowing how your business works, making time for unf*cking now instead of all the extra time it will take to get unfucked later, but today I’m having my students share their experiences with the course.
Ready to Unf*ck Your Biz? Head to unfuckyourbiz.com Doors close Friday, May 7. | |||
| 29 Apr 2021 | 171 - The Ohh Shit Cycle - Continued | 00:18:48 | |
On this episode of the podcast I share my own personal experience on the Oh Shit cycle of back taxes.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
I want to start off by telling you that back taxes are more normal than you think. About a third of my students owe back taxes and another third usually aren't up-to-date on their quarterly taxes. If you get a letter from the IRS, don't freak out.
When I started my business I knew I should be saving for taxes but I kept procrastinating. I kept putting it towards expenses saying I'll make up for it later when i start making more. But what happened is instead of making up for it later, I started increasing my business expenses.
My first year of my business I didn't end up owing because my profit was low and my husband's refund covered what I owed.. The same happened my second year and in the third year I grossed $70,000, profited about $35,000 and I paid about half of the taxes and was left with the rest in back tax on top of my quarterly taxes for the new year. So I got off my money hamster wheel and decreased my expenses to increase my profit.
Then I got a letter that I owed 2018 back taxes and my 2020 quarterly tax savings went to paying those off. I then increased the my auto-save amount on my quarterly taxes to 40% to get caught up. I have privileges that not everyone has such as my spouse and his stable income as well as my business profit. Your ability to catch-up on taxes is based on how much discretionary income you have and are able to put toward it, it's different for everyone but if you're not in a position to make fast changes or save more, getting out of the Ohh Shit Cycle is possible and we work on it together in the Unf*ck Your Biz course. | |||
| 27 Apr 2021 | 170 - Q&A | 00:21:06 | |
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass. | |||
| 22 Apr 2021 | 169 - Managing the Mailbox Panic | 00:18:01 | |
On this episode of the podcast I talk abut what types of mail may be headed your way in regard to business documents and what you can expect to find when opening your mailbox.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Do you have an increase in panic every time you open the mailbox? Fear of getting bills on top of debt or IRS hate mail that you fear will be in there, leading to procrastinating in opening the mail? | |||
| 21 Apr 2021 | 168 - Learning the Ins and Outs of DIYing the Tax and Legal Aspects of Your Business | 00:20:36 | |
On this episode of the podcast I chat with Karen Escobar, owner of Golden Coast Marketing about her process through the UnF*ck Your Biz course fully setting up her business for success.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Karen had been in business for less than a year when she joined Unf*ck Your Biz. As much as she was able to figure out certain things she needed someone to ask questions and help. Karen filed for an LLC when she started her business to help mentally separate her business from her full time job and as an investment in herself and her business. Feeling overwhelmed by Legal Zoom and what parts she did or did not need, she learned it's not as overwhelming as it seems.
Through Unf*ck Your Biz Karen learned about when to take required meeting minutes, the definitions of LLCs and S-Corps and what forms you need for each one, and answers to her specific questions that she wasn't able to find elsewhere.
Get in touch with our guest Karen Escobar, owner of Golden Coast Marketing Follow Golden Coast Marketing on Instagram Check out her website goldencoastmktg.com | |||
| 21 Apr 2021 | 167 - Changing Your Mindset to Unf*ck Your Biz | 00:26:22 | |
On this episode of the podcast I chat with Amanda Trejo, owner of wedding planning and coordination business Sassy Little Bee and Unf*ck Your Biz student.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Joining Unf*ck Your Biz, Amanda was coming to terms with how irresponsible she had felt as a business owner about the backend of her business and wanting to find someone to help her move past the embarrassment she was feeling about back taxes. We are our harshest critic and instead of embarrassment we just need to set up better systems and understanding to move forward.
Amanda got a deeper understanding of her accounting and where she was undercharging. Had she unf*cked her biz earlier, Amanda said she wouldn't have priced her services higher now that she had better understanding of accounting for taxes and cost of doing business.
Joining the course, Amanda was just coming for the tax aspect of the course, but as we dug into learning about sole props, LLCs and S Corps, she decided to set up an LLC as an added layer of protection for her business, giving her the confidence to expand her business in areas where fear of the legal aspects was holding her big from "getting that big."
Get in touch with our guest Amanda Trejo, owner of Sassy Little Bee Follow Sassy Little Bee on Instagram Check out her website sassylittlebee.com | |||
| 19 Apr 2021 | 166 - The Importance of Making Time to Unf*ck Your Biz | 00:35:31 | |
On this episode of the podcast I chat with guest and former Unf*ck Your Biz student Jen Draper about how she got out of the "Oh Shit" cycle.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Dietician Jen Draper found herself in the "oh shit" cycle of owing back taxes and juggling those payments, savings, and loan pay-off. Jen wasn't sure what to pay first and not sure how to pay it all at once. When Jen joined the Unf*ck Your Biz course she learned that she wasn't the only one who owed back taxes and wasn't alone in her financial oh shit cycle.
A few of Jen's takeaways were:
Get in touch with our guest Jen Draper, Non-Diet Dietician Follow Jen on Instagram at @bodytrustnutrition Get Jen's Stress-Free Eating Blueprint
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| 15 Apr 2021 | 165 - Getting Stuck with Overcomplication | 00:16:16 | |
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
"Your systems are only as good as your ability to manage them." This is the mantra I often tell myself. Sometimes we start off very well-intentioned, and then we get overwhelmed with choices and burned out because we've created too much for ourselves.
We do this with the legal and tax aspects too. We get really well-intentioned, maybe it's with setting up Quick Books and getting our bookkeeping in order with sub accounts and then we realize we've created an over-complicated system. I also see this with legal systems, for example people starting out their business and immediately becoming an S-Corp.
This is why I developed the Unf*ck Your Biz framework to teach you step-by-step about quarterly tax, legal entities, creating systems to pay back taxes, cash flow and opening bank accounts, setting up your contracts, organizing your bookkeeping and how to do it, and more strategic steps for getting your business unf*cked.
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| 14 Apr 2021 | 164 - Unf*cking Your Established Biz | 00:41:16 | |
On this episode of the podcast I chat with Los Angeles DJ Courtney Ibarra, better known as DJ Dazzler about her business and how she leaned into the business owner title.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
When we don't account for our money, we have no idea how much we have. When it comes to bookkeeping and setting up a business bank account, we get a better understanding of our business and if we are truly makin money and being profitable.
The subject of money can be scary and unattractive to people. The goal is to make it clear and accessible and for everyone to feel comfortable talking about finances, back taxes, and our relationship with money. It's okay to start over in your established business when it comes to unf*cking your biz.
Having been in business for a decade, DJ Dazzler knew she had financial and legal aspects of her business she needed to improve. All of it at once can seem overwhelming, especially when you're trying to organize everything at tax filing time.
Courtney noticed it was easier to take small steps. Every Friday she has started doing Finance Fridays where she revisits her receipts from the week to log her expenses based on the receipts that she organizes as business or personal in a file folder by category each time she shops.
Get in touch with our guest Courtney Ibarra, known as DJ Dazzler Follow DJ Dazzler on Instagram @dj_dazzler Check out her website djdazzler.com | |||
| 13 Apr 2021 | 163 - FB | 00:16:56 | |
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
This week on Facebook Live I answered the following questions:
1. I am self-employed (single-member LLC) and I know that I will, of course, have to pay taxes. My husband (employee for a company, not self-employed) is concerned that if we file together he will not get a return. Should we file together or separately? What are some pros/cons for this? - submitted by Bristol E
If we are married and filing jointly then our taxes are based on our household income. For example, if you did not pay your quarterly taxes then what you owe would "come out" of your husband's refund. If you file separately this would not be the case however filing jointly also comes with a bit of a tax break so when you understand the intricacies it can make it a bit easier.
2. I just switched my biz from a sole proprietor to a single member LLC when I file my income taxes next year, do I need to complete 2 Schedule Cs? One for the sole prop business and one for the LLC? Both businesses are identical in every way except name. - submitted by Kate L
No. LLCs are disregarded entities so you file in the exact same manner you have before.
3. My company is currently a single-member LLC. I now know that I’m missing important tax benefits because of this. How do a add a 2nd member - my husband? - submitted by Khalia W
I wouldn't say you're missing important tax benefits. A single member LLC is taxed the same as a sole proprietorship. Check out my blog on S Corps.
I don't typically recommend you add a second member unless you want to be equal members in the business with your spouse meaning you need to make your single member LLC a multi-member LLC.
4. If I am a sole proprietary owner of a brand new business but didn't actually make money last year and didn't pay myself do I have to file quarterly income taxes? - submitted by Kate G
We don't file quarterly taxes, we just pay quarterly taxes which is based on our net income so if you didn't profit any money then you don't need to worry about quarterly taxes.
5. What’s the maximum dollar amount you can make before you have to file taxes? Double check with a Google search to stay up-to-date but currently it is $600 in self-employment income. I tell people you want to file taxes no matter what. If you only made that much money you might actually qualify for tax credits that you wouldn't get if you didn't file.
6. A friend and I want to start a business together. We want to create a partnership agreement as well as (or maybe in addition to) creating a business structure. I'm thinking an S-Corp, she's thinking multi partner LLC. Two part question - is a partnership agreement separate from a business structure? To make things easy at tax time is a multi partner LLC or S-Corp easier to file? - submitted by Brandy B
Either way you want to form a multi-member LLC, I don't recommend general partnerships.
You form the LLC first then you make a tax election for an S-Corp. When you have an S-Corp you have to put yourself on payroll. When you have a partner you also need to put them on payroll so an S-Corp election will not typically make sense for a new business.
7. How do you write off your home internet? My husband spends 5 days a week 8-5pm on it for work since Covid has forced him to work from home, while I tend to use about 30 hours a week for work purposes. Obviously, we also use it for pleasure when not working. - submitted by Brittany G
Utility section underneath home office deduction. It will ask what percentage of your house (based on square footage) ad If not, put it under "Other expenses"
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast. | |||
| 12 Apr 2021 | 162 - Unf*cking Your Biz from the Start of Your Entrepreneurship Journey | 00:33:10 | |
On this episode of the podcast I chat with guest and former Unf*ck Your Biz student Suzanne Birnbaum about her move into entrepreneurship
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Suzanne shares about her move into entrepreneurship as a stay at home mom and finding her niche in wedding planning. She discovered Unf*ck Your Biz through wedding planner Megan Gilikin and decided to register for the course while attending the Masterclass.
Suzanne has developed her contracts during the Unf*ck Your Biz course (send me a message if you are looking for contract resources). Getting her legal and tax shit legit, Suzanne shared that Module 1 of the course helped build her confidence once she knew how much she needed to be saving for taxes.
Included in the course is a bookkeeping spreadsheet that Suzanne jumped into before using Quickbooks. The spreadsheet includes categories of tax deduction (hint hint: buying the course is an education tax deduction)
To learn more about the Unf*ck Your Biz course, register for the free masterclass.
Ask Braden your questions inside the free Facebook group Braden's Besties.
Get in touch with our guest Suzanne Birnbaum, founder of Toasted Events Check out Suzanne's website at toastedevents.com Follow Suzanne on Instagram at @toastedeventsny | |||
| 08 Apr 2021 | 161 - You're Not "Too Beginner" | 00:15:20 | |
On this episode of the podcast I talk about what makes someone a beginner and who is "too beginner" for my Unf*ck Your Biz course.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
While I was looking through the responses business owners shared with me as to why they did not join the Unf*ck Your Biz course I noticed that 25% of the responses all said the same thing. "I'm too beginner."
Whether you buy the course or not, this is pep talk to you that your business is not "too beginner." If you view yourself as a hobbyist, once you start selling the things you're creating it becomes a business because you now have tax obligation. When you refer to yourself as a beginner, a freelancer, or a hobbyist, not only is it a limiting belief, it also means you're not properly setting up your business and getting the critical education you need to understand what you need to do in your business an why. A lot of responses shared that they would prefer to hire an attorney or tax professional to do it for them. In 1:1 services like these, the service provider does not take the time to educate you on what they have done for you an if they do take time to sit with you and explain your books, taxes, legal paperwork, etc. you will then be paying an arm and a leg in hourly rates.
The IRS does not care how seriously you do or do not take your business to decide how they are going to tax you. Your clients do not care how seriously you do or do not take your business if they plan to take legal action, you need the legal layers of protection in place.
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| 07 Apr 2021 | 160 - How to Juggle the Legal and Tax Side When You Run Multiple Businesses | 00:38:23 | |
On this episode of the podcast I chat with multi business owner and Unf*ck Your Biz alumni Connie Hurlburt about how she manages the tax and legal aspects of her LLCs and partnerships.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Connie found me through a friend and signed up for my Masterclass to get the free bonus. With multiple income streams, Connie was starting to get scared taking on more clients not knowing what she owed in taxes or how to pay them, especially being in a partnership and not knowing how that impacts cash flow.
Unf*ck Your Biz taught Connie how to split expenses with a partner in another state, set up a bank account, create an LLC for her virtual assistant business.
You don't need a DBA/trade name if you are operating as the same name as your LLC. This was one of the lessons that Connie learned she had made a mistake with prior to taking the Unf*ck Your Biz course. The mistake cost her almost $200.
The course covers the business aspects that no one is checking in with you on, for example shielding yourself from liability or the changes you need to go through when moving states. Lifetime access to the course allows you to refer back to tools and resources and your business and personal status change.
Get in touch with our guest Connie Hurlburt, Beachbody Coach, Digital Media Virtual Assistant, and Content Creator Follow Connie on Instagram
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| 06 Apr 2021 | 159 - Answering Your Legal Protection Questions | 00:14:00 | |
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
This week on Facebook Live I answered the following questions:
1. Researching domestication of my client’s LLC from one state to another and discovered their LLC expired in January. Can they still switch states if it’s expired, or will they have to renew it first? They asked if they should just apply for the LLC in their new state and dismiss the old one but wouldn’t that cause problems with the payments received since January not going to their current tax ID? - submitted by Jenna L
From a tax perspective, if this person is an LLC it doesn't matter because it's a pass-through entity. We may put in our EIN when we pay taxes but usually we're just putting in our SSN and ultimately it doesn't matter. When we file our tax return our business income gets included on our personal tax return so at the end of the day, the IRS will say you owe $X. What business you make it under does not matter until you owe business-level taxes which doesn't happen until we have C4s.
From a legal perspective, look at the LLC from a cost perspective. If they are even able to get their old LLC reactivated, there's probably a fee with that. If domestication is available in both states they will pay to domesticate into the new state and then dissolve it in the old state. Depending on how many fees are associated with the old state, it may be better to start fresh in the new state.
Stay on top of your compliance.
2. If you have an S-Corp, and you’re sued, what can they take from you? - submitted by Johanne M
An S-Corp is a tax status so you either have an LLC or a corporation as an underlying entity. Unless they are able to pierce your corporate veil, they won't be able to go after your personal assets, only your corporate ones.
You want to have your legal layers of protection in place.
3. Will general liability insurance cover a florist doing a workshop with beginners who injure themselves (cut themselves or slip and fall)? - submitted by Trish R
We would expect this to be covered but you will want to ask your insurance provider because it comes down to what you got your insurance for.
4. If I already have insurance on my own LLC and want to start a partnership with someone, do I need separate insurance for that business as well? - submitted by Laurie H
Yes. We never recommend general partnerships. Any time you're going into business with a partner, you want to form a new LLC with its own bank account, insurance policy, etc.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast.
In case you missed it, I did a 3 part Boot Camp on Quarterly Taxes and how to get started saving. Click here to start listening to Part 1 of the Boot Camp. | |||
| 05 Apr 2021 | 158 - Getting Your Business Up and Running | 00:27:57 | |
On this episode of the podcast I chat with guest and former Unf*ck Your Biz student Stephanie Lay.
Stephanie Lay is an event manager pivoted to virtual assistant to solo female entrepreneurs. Stephanie took a free two week challenge with Braden and discovered how the tax and legal aspect could actually be fun and not as scary and intimidating as it sounded and how much she still had to learn.
The tax and legal aspect of business is not one that you can just wing and isn't the easiest to figure out through Google searching the way a new email software or design program may be.
Unf*ck Your Biz is open to all levels of business owners, from brand new to years in, helping one another learn from what they have done and what they need to do.
Stephanie opened her business bank account, set up her Qapital account and has started going to taxes. She started her LLC in her state. She went on to join the Unf*ck Your Biz alumni-only group to Unf*ck Your Finance and Unf*ck Your Systems.
Ask Braden your questions inside the free Facebook group Braden's Besties.
Get in touch with our guest Stephanie Lay, Virtual Assistant Follow Stephanie on Instagram Visit Stephanie's website | |||
| 02 Apr 2021 | 157 - Calculating Business Tax | 00:09:13 | |
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:
To check your answer listen to this episode of the podcast where we break down the calculation.
Now, the question is do we actually have to be paying taxes on a quarterly basis? The answer is that you need to save the money for your tax bill, even if you don't need to pay in quarterly installments. Since you are saving the money anyway you might as well pay it. No one wants to owe a lot of money or risk being fined at the end of the year.
It's important to estimate the tax you owe. Use the example we just used for Elle and set that percentage aside for all your business income and then we take the total amount you set aside that quarter and pay that.
Calculate your own percentage, come up with a comprehensive cash flow system to save the taxes along with paying your business expenses and yourself. To help you out I have a quarterly tax estimation guide. Available in my Facebook group.
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| 01 Apr 2021 | 156 - Determining Business Income | 00:20:23 | |
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 trade or business. A necessary expense is one that is helpful or appropriate in your trade or business.
Some deductions are fully deductible, example - your podcast microphone for recording your podcasts. Some deductions are only partially deducible, example - business lunches.
Grab a copy of the IRS form Schedule-C. You should track your business expenses in the same way the Schedule C does to make it easier to file. You want to avoid having too many expenses in your "Other" category.
You want to maximize your deductions without over-inflating your deductions. Don't buy shit you don't need for your business and claim it as a deduction.
Gross Business Income = all the money we're making in our business. Gross business profit = Gross Business Income - Cost of goods sold (COGS)
Example: My book costs $15 to print, $7 to deliver (that's a business expense.) My profit is $9
Net income = Gross business income - Total Deductions
Homework:
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast. | |||
| 31 Mar 2021 | 155 - Finding Your Why | 00:09:54 | |
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 in your business. Why do you want security in your business and how can legal protection impact the future of your business?
Your homework for today is to journal on your why for 10 minutes.
Audit your business for free at www.bradendrake.com/audit | |||
| 30 Mar 2021 | 154 - Answering your DBA and Business Auditing Questions | 00:13:37 | |
On this episode of the podcast I discuss DBAs, tax filing, and how to audit your business
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.
Here are this week's questions: 1. I am a solopreneur of a small health and wellness business and am planning to get married this year. What is the most tax advantageous way for myself and future spouse to file our taxes? Separately? Jointly? - submitted by Christiana Generally speaking, the best way when you are married is to file - married, filing joint because you get a bit of a better tax rate. A few times you might not want to file jointly is if one person has a lot of student loans or medical bills so it's best to look into that. Note that if you are not filing quarterly taxes for your business, it can eat into your spouse's refund. I share a lot of examples of how to file taxes with a significant other in my book Unf*ck Your Biz.
2. I have a 2013 C Corp that I already filed S Corp election for years ago in Florida. I have a bunch of DBAs for brands that cover different aspects of the fitness industry:
Is my setup what you would recommend? One big giant corporation with all of the intertwined brands setup as DBAs of the Corp? - submitted by T. Marcia
This can be a Catch 22. One one hand, especially as an S Corp, it can make sense to have everything under one, especially as an S Corp because you're going to pay yourself a salary as the owner and then you will pay tax on the profit and an accountant can help with advanced tax strategies. On the other hand, from a liability purposes it's best to keep things as separate as possible. It can help to put your businesses in different arenas, all health and fitness in one business and then all the other things in another business to make financial modeling easier.
What accounting software would you recommend for a multi-entity corporation like mine? Quickbooks is usually go to. With all of your businesses, it would be worth it to invest in a bookkeeper.
A lot of the startups that I manage (their brand dev and social media, etc) are similar: They are holding company LLCs or C corps that are owned by one single person who want to elect S Corp status and create a bunch of DBAs underneath to house their different brands that usually are somewhat related to each other...
Example 1: I have a client who has an LLC with a nutrition brand, a physical fitness brand, and a juice business as DBAs. That's fine, same would apply in that there are benefits and drawbacks.
Example 2: I have a client who has a C Corp who wants to be an S Corp who has an art brand, a fitness brand, and an event planning company as DBAs. These are very different and should probably be separated.
When I say different businesses I mean a corporation is a business and I look at DBAs as different income streams.
Audit your business for free at www.bradendrake.com/audit | |||
| 25 Mar 2021 | 153 - My Beef with Tax Pros & Lawyers | 00:16:34 | |
On this episode of the podcast I share why going out and hiring someone is not your best first step and what to look for if you do hire someone.
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.
We get different answers from different people because everyone looks at something from a different lens - an accountant and a lawyer will give you two different answers to the same question, even though tax and law are so related.
Taxes are a function of law - tax attorneys should know the tax law. I often see bad advice from accountants and attorneys (more on that in my podcast episode "Three of the Worst Pieces of Legal Advice I Have Seen in Facebook Groups"). For example, accountants love to throw out arbitrary numbers for how much income you should have before filing for an LLC.
Between accountants, bookkeepers, and lawyers, each does not usually have a full comprehensive understanding of all business entities. This is why ideally you want to work with a lawyer and an accountant when you start your business, but that's out of budget for a lot of people when just starting out.
My other beef is that tax pros and lawyers do not educate nearly enough. Lawyers charge hourly meaning you often want to avoid sitting down for a leisurely educational lesson. Accountants make more money the quicker they can move you in, out and on to the next customer meaning they lack incentive to spend time educating you.
Think of your family member that doesn't totally understand what it is you do. Imagine you ask them to create a list of all your business expenses. They couldn't. An accountant will have a general idea, but they may not have any idea about industry-specific expenses unless they are an industry-specific bookkeeper.
You need to understand your compliance costs, how much to save for taxes and what will effect your savings rate. If you have someone who files your taxes ideally they should tell you how much to pay in quarterly taxes, but that can change based on how your business performs that month or if you file jointly with your partner and their job changes. You can't rely on your tax professional to check in on your specific circumstances regularly.
Next week on the podcast I'll be diving more into quarterly taxes and how to start saving to pay them.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast.
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| 23 Mar 2021 | 152 - Your Sales Tax Filing Questions Answered | 00:17:41 | |
On this episode of the podcast I answer, tax filing questions from my Facebook group, Braden's Besties.
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.
Here are this week's questions: 1. My husband and I had an LLC that we closed last year (or didn't renew, or whatever the appropriate term is) and my current CPA is asking for a final K1 for that LLC. That didn't even occur to me, and as it files as an S-Corp, I'm pretty sure we've missed the due date. My current CPA asked me to go back to my previous CPA who had provided K1s for that business in the past - but I'm not working with her anymore and it's the middle of tax season and I would feel really really bad asking. Is this something that I could maybe do myself? I'm pretty sure it would just be expenses with zero revenue. If I can do this myself, what kind of a form should I be looking to fill out? - submitted by Stephanie L
If by previous year K1 you mean for your 2020 income you still need to file that income, if you are talking about the one from 2020 that you would have received for your 2019 taxes then you will need to ask for it, don't feel bad. If you are talking about the one for 2020 you would still need to file your taxes to create the K1. If you had an S-Corp you have to file an IRS form 1120S.
2. I'm a Colorado wedding photographer and my accountants don't handle my sales tax, I've listened to your podcast but am still unsure if I need to be paying sales tax for my digital goods. - submitted by Jenny S Start by Googling Colorado sales tax rules for digital goods for general direction. You can also tag sales tax expert Amy Monroe in the Braden's Bestie's Facebook group for help with your question.
3. If I am using a third party for photography products like Pic Time and they take care of product taxes, what do I claim? - submitted by Nikki H If by product tax you mean sales tax, generally platforms like Pic Time collect the sales tax but you would still need to file a sales tax return. You would get all your information from Pic Time and you would use that to file your sales tax return depending on the state you're in.
4. I’m just starting a business and have no idea where to start! - submitted by Taylor C I recommend all new business owners go watch my free masterclass Legally Launched. This training is targeted at brand new business owners.
5. If I do work in TN and NYC do I have to file in both states? - submitted by Katy W Short answer, probably yes. NYC is pretty notorious for steep taxes. If you work in one state and do remote work for people in another state then it tends to be different. If you are self-filing the program should walk you through by asking what state you live in and what other states you do work in. I highly recommend signing up for my free tax challenge to walk you through this as well as walk you through filing with H&R Block.
6. How do we pay taxes when 2 or more businesses are collaborating on one project? - submitted by Debra W This is a tricky, layered question. Ideally you don't want to go into joint ventures with people in a partnership capacity because then you would need to get a business license together and it's like creating a whole new business and oftentimes that's not what we want. The easiest way to do this is to have one business owner be the contracting party with the client and then they pay you as a sub-contractor rather than the client signing on with both/all of you.
7. For quarterly taxes will I get something in the mail or do I need to visit the IRS website for a form? Do I mail it or how does that work? I do personal taxes through turbo tax. - submitted by Stacie C For quarterly estimated income taxes we don't file quarterly returns, we make estimated payments. For more information on how, when, and how much to pay for quarterly estimated taxes visit my Quarterly Taxes blog post.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast.
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| 18 Mar 2021 | 151 - Building a Business That Can Sustain You | 00:19:13 | |
On this episode of the podcast I discuss what you need to take your business from hobby to something that can financially sustain you.
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.
Building a business that can sustain you. What does that mean exactly? We could definitely talk about sustaining your physical, mental, and emotional health, and we will for sure.
But what I mostly mean is that we need to build a business that can sustain us financially. I would argue that the key difference between playing business and running a business is whether you're committed to whether it can financially sustain you.
That means
So the question then is, how much do we need to make for our business to sustain us and how do we get there.
Let's start with the first question. Consider your monthly personal expenses. Student loan payments, rent . . . How much does that cost you per month?
Now consider that a healthy business (depending on the industry) is going to have around a 70% profit margin, this doesn't include tax, just business income minus deductions. When I say "take home" I mean profit minus taxes.
Let's assume tax savings need to be 30%. Now the leftover is 40%. I also like to consider some cushion. Consider the things you'd like to be saving for that you're not saving for now. Maybe retirement, a vacation, a peloton... So to make the math easy, that's another 15% of income. Now, you're left with 25% of your business income to pay for the stuff you're currently, or hopefully soon will be, paying for.
The way I look at it, you need to take the amount of take home pay you think you need and multiply it by 4 in order to have a business that truly can sustain you.
This is why I've said in the past that everyone should strive to build at least a six figure business. And I don't mean that because I think we should all be money hungry.
It's because after self-employment taxes and business expenses, a low six figure income nets us about $40-$50,000. In most states and cities, that's not a whole lot to work with.
Now this breakdown may be a bit of a buzzkill. I get it. But it's the reality I wish I'd had when I first started my business. If nothing else, it would have prepared me better for the journey. It took twice as long to get six figures myself as I'd originally thought it would.
Let's talk about how we can get there. There are multiple sides to this.
First, you have to identify what it is that you're doing... Then, you must crack the marketing side of things... And while doing all this you've got to get your mindset and the backend of your business right
You need to have a CEO mindset. Which means focusing on profit, efficiency, and the longevity of your business.
And you need to get the backend of your business right. That includes:
Earlier, I mentioned what building a business that can sustain you could look like. And part of that is sustaining your mental, emotional, and physical health.
Consider that you can work much on your physical health if you're working in your business 12 hours a day. Your mental and emotional health are going to take a beating if you're in constant stress mode from unpaying clients, not knowing if you'll have the money to cover your business expenses, taxes, or personals.
You may have been dealing with these things a lot over the last year. If so, that's understandable, but our goal is to set up your business so that in the long run, most of your day-to-day is unremarkable... [talk about call].
Let's build a remarkable business and life by making the day-to-day back end operations unremarkable. Deal?
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| 16 Mar 2021 | 150 - Home Office Deductions | 00:16:10 | |
On this episode of the podcast I answer your home office deduction and other small business entity questions from my Friday Facebook Live.
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.
Here are this week's questions:
1. What's the biggest financial mistake you see sole proprietorships make in their first year? - submitted by Annika P Short answer: not paying quarterly taxes. People get in the "oh shit" cycle of not saving for quarterly taxes, getting caught off guard, then getting behind on paying them.
2. When I created my LLC I set it up as a partner LLC with my husband and me. Was that a mistake? He's going to help me with things once I get everything up and running. You mentioned something about a single-member LLC and now I'm wondering if I messed up. We haven't really gotten far with things. I sold some physical items in 2019, I didn't sell in 2020 and now I'm getting it back up and running again. So if I need to make changes/corrections, now would be the time before I get things going - submitted by Ally T Generally it's easier to form a single member LLC because you don't have to worry about the operating agreement, meeting minutes, and all these other details. If you are doing married, filing jointly on your taxes, this is a question for your tax accountant but generally you can file as if you are a single member LLC because your income is considered joint. Look into it though because technically if you have a partnership or multi-member LLC you need to file a partnership tax return before you file your individual return. Best to ask your tax preparer.
3. I filed a Trade Name last night for my blog. So the LLC is the Etsy store and then the DBA is content creation and marketing etc. I think that will work but would love feedback to make sure! - submitted by Ally T You can do that. There's always the question of do you want to have one business with multiple DBAs or do I want to have multiple businesses. Really you can do it either way. If you have multiple LLCs if will provide you more legal protection.
4. I'm a website designer who works from home. Can I deduct a fancy espresso machine? Even like 50% of one? - submitted by Beth M Probably no. Anything you're buying from the home usually cannot be deducted unless you are only strictly using it in your home office and not using it for personal use.
5. If we offer free delivery, we track and deduct the mileage for taxes. My question is regarding when we charge the customer a delivery fee... is that mileage still deductible, or no because it’s not really our expense anymore? - submitted by Lisa B Yes, you can still charge them. In this context I would think of your delivery fee as more of your time delivering and less of just the hard cost.
6. As a freelancer, do I pay state tax only to my state, or do I need to file a form for each state that I have a client that sent me a 1099? - submitted by Emily R For income taxes you only need to worry about your source of income, which is generally where you are physically located. This can get tricky if, for example you live in New Jersey and drive to New York every day.
7. I heard you can deduct your totally dedicated home office space per square foot- how does that work for mortgage as opposed to rent? - submitted by Annika P Owning or renting does not matter in this scenario. You get to deduct your utilities and home costs as a percentage. If your home office is 20% of your square footage, you get to deduct 20% of your expenses.
8. I’m in the beauty industry and am licensed to preform the services I offer. I rent a small studio independently and have a separate license to practice out of this space (all through the Board of Cosmetology). Do I need a business license on top of this? Also, I formed an LLC when I started working for myself and use my social as my EIN, is that okay or would you recommend a proper EIN #. - submitted by Elise M Yes, you do need a business license on top of that. EIN (Employee Identification Number) is not the same as your social security number. EINs are more for a safety and security issue so you aren't always using your social security number.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast. | |||
| 12 Mar 2021 | 149 - Sales & Use Tax Roundup | 00:33:44 | |
On this episode of the podcast my guest, Amy Monroe, answers small business owners' sales and use tax questions.
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.
1. How to calculate sales and use tax for something that has a service and product component to it. - submitted by Reena Borwankar For the answer to this, and other sales tax questions, check out Amy on episode 21 of the podcast.
2. What if you have your sales tax ID but have not made any sales? Do you truly submit $0? - submitted by Jamie Yes, it’s called a zero return. You may get asked to file if a lot of time goes by and you have not filed anything. If you do get one of these letters you will need to file the past returns. Some states will charge you late fees for not filing. If you are filing those zero returns for a year (varies by state) the IRS will ask you to close your sellers account.
3. What about those good meaning people who tell you to put your product as a "service" simply because you made it, so that you can avoid sales tax? It's still a tangible perishable product, so...that doesn't seem right. - submitted by Susan Johnston If you are providing a service but there’s a $2 widget involved to use the service to the fullest, you could end up having to pay sales tax on the service and the widget together.
4. If I bought materials from a wholesaler before submitting my resale ID to them, does that change how I file those items as business expenses? - submitted by Annika Paquette You can pay the sales tax to the wholesaler and then when you turn around and sell the item you can take a credit (in many states) for sales tax paid. Alternatively if you purchased large quantities of wholesale product you can go to back to the wholesaler with your new sales certificate (window of time varies by state) and ask for the sales tax refund from them.
5. For weddings, we purchase items (paying the sales tax), craft them into things (like decor), and then mark them up (for our labor) and sell to our clients. What do we charge sales tax on? Do you charge sales tax on rentals too (like frames, vases)? - submitted by Stephanie Nafziger The answer varies by situation - is it decor you can use again or is it something the couple will keep after the wedding? If you keep it after the event is over, you would be the consumer and because it’s staying in your storage and you paid sales tax when you first bought the items. If the client keeps the product, you charge sales tax on the difference of the cost between what you paid and what you sold it for.
Charge sales tax on rentals. The leasing of tangible goods is viewed the same as selling. You would have wanted to pay for these with a resale certificate. There are states that allow you to ay sales tax ahead of time so you do not need to collect sales tax when you rent them out.
6. I live in Hawaii and pay general excise tax. Is that the same as sales tax and should I be charging my clients the GE tax? - submitted by Jen Draper Sales taxes are imposed on the consumer. In Hawaii and a few other excise tax states like New Mexico (gross receipts tax) and Arizona (transaction privilege tax), the tax is imposed on the seller, not the consumer. The seller has the right to pass that cost through to the consumer. If you pass that through, your tax basis for your general excise tax (GET) gets complicated.
7. As a wedding planner, if you have an inventory of decor/wedding items for clients to rent, are you required to charge sales tax? What about if services are being performed in another state than your home state? - submitted by Maria Karagiannis It will depend on the state if you are required to charge sales tax. If you are packing up clients in other states, you will need to look into that specific state. If your presence in another state is to provide a service, that is typically a nexus-triggering event which creates a sales tax obligation. If this is a one or two-time travel you may not need to do the research but if this is a regularly recurring situation, it’s important to understand the rules of each state.
Have a state specific question? Reach out to Amy for personal guidance.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast.
Get in touch with our guest Amy Monroe, Sales Tax Guru Follow Amy on Instagram at @iamamymonroe | |||
| 11 Mar 2021 | 148 - The 101 on Use Tax | 00:28:48 | |
On this episode of the podcast my guest, and I talk 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.
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast. | |||
| 09 Mar 2021 | 147 - Answering your tax and business classification questions | 00:22:10 | |
On this episode of the podcast I share the answers to the questions asked on the Friday Live in my Facebook group Braden's Besties
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.
Today on the podcast I'm mixing it up. Instead of our usual Tuesday podcast where I answer only one question from my Facebook group, I'm going to be sharing an audio version of my Friday Facebook Live where I answer several questions from Facebook group members like you on anything from specific contract questions to questions about my programs.
Here are this week's questions:
Join the Braden's Bestie's Facebook group to have your questions answered on the podcast. | |||
| 04 Mar 2021 | 146 - Money Series Recap | 00:34:00 | |
On this episode I'm bringing an official end to The Money Series by recapping the financial information and resources my guests and I have shared over the last couple months.
Today on the podcast we’re bringing an official end to The Money Series. If you’re new to the podcast, my guests and I have been sharing information and resources for the last couple of months about money – everything from increasing sales to bookkeeping to taxes. These topics can seem like a total drag, but they’re critical to our business success and I only have fun friends who can make something as stressful as back taxes sound exciting!
I’m rounding-up 10 of the top tips my guests and I shared over the last couple of months and giving you the next step to take after The Money Series – Unfuck Your Finance, available this week only.
To listen to the full episode of the money tips shared on today's episode, check out the following
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| 02 Mar 2021 | 145 - Unf*ck Your Finance | 00:18:41 | |
On this episode I share more about my personal history with finances and how my Unf*ck Your Finance course came to be.
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.
For my 30th birthday I was on a trip and on the airplane of all places I started crunching my business numbers to calculate my profitability. What I learned was that about 60-70% of all of my business income was going back into business expenses each month and that was wayyy too high for my service-based business that should have low overhead. I went back and started cutting expenses I didn't need to have, including trading my $1,000/month WeWork for a home office which has worked for the last year and a half.
My ability to contribute more to the bills provided more income for my husband to have his dream home. I kept telling myself, "When I make more money" or "I'll be there next year," but I was just kicking the can down the road. It wasn't that I needed to only bring in more money so much as I needed to better allocate the money I was currently brining in. A year and a half later we are now in escrow for our dream home.
In this process I learned I had really terrible credit and personal finances. When I was in law school I bought my Mini Cooper, Meryl, on a 21% interest car loan which looking back I'm surprised is even legal. It was a 5 year loan for a $9,000 car and ended up putting about $18,000 into that car in the end. In the past six months I've been actively working on getting my credit score up. I signed up for Credit Karma, read personal finance books, and when I started looking into it I discovered an AT&T bill in collections that I paid off, after that I got a secured credit card which means you have to put your credit limit down. I did that for a month or two until my credit score got high enough to get a credit card and now my credit score has gone up about 80 points. I'm not the person to tell you how to build perfect credit, I still don't have excellent credit and am in this journey still myself.
I've been polling friends as there are a lot of competing philosophies on what order to pay off student debt, mortgages, back taxes, etc. I've collected this data and I've put it into my Unf*ck Your Finance course with the facts. I've created a system for you to create your own financial milestones, anything from pay off back taxes to paying off student loans. The program gives you the tools to prioritize your savings goals, payoff credit cards, etc. The goal is to give you the information to set your goals and give you guidance on how to create a system to reach your goals, calculate interest rates, automate tax savings, etc.
The course is a twin course to Unf*ck Your Biz. Unf*ck your Biz helps you get your cash flow in order to then get your finances in order with Unf*ck Your Finance. The original idea of this program was only going to be open to my Unf*ck Your Biz alumni students and that's the longterm plan for now. This week only, you can get the course now through March 5th for only $99 (a $500 value) AND it's one of just 30 courses from other small business educators you'll get as part of the bundle. It's a steal of a deal.
And, if you sign up through this link you'll get access to the course live meaning once a week we'll have a live call to go over each module.
Questions about the course? DM me on Instagram @bradenadamdrake
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| 23 Feb 2021 | 143 - Becoming a Profitable Pro | 00:21:14 | |
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 available to my alumni membership members who have completed my $2,000 course. This course alone is valued on its own for $500 and you can get it (plus loads of additional courses) for just $99. Totally worth it even if half the other courses don't seem to apply to you.
This is a great resource to gift your virtual assistants, social media managers, and members of your team to build and develop their skills. It will not only benefit them, but also you and your business both now and down the line.
Additional course topics include, but are not limited to:
None of this sound interesting to you? It's worth it for my course alone. I planned to beta launch my course for $200-$300 before it became available but decided instead to launch it as part of this bundle at just $99. And, if you buy through my affiliate link, there will be a special bonus - you'll get live support for my course content.
Get me on the waitlist for the bundle.
Last year, through the bundle, Renee Dalo donated $1,000 to the ACLU. If 1,000 bundles are sold this year the donation will be doubled!
Get in touch with our guest Renee Dalo, founder of Moxie Bright Events, wedding planner, and educator Visit Renee's website Listen to Renee's podcast Talk with Renee Dalo Podcast Follow Renee on Instagram @reneedalo | |||
| 18 Feb 2021 | 142 - Identifying and Honoring Core Values in Your Business | 00:38:28 | |
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
Join Crystal's FREE Masterclass - How to Build an Inclusive, Empowered Brand - on February 23, 2021. The masterclass will cover branding and inclusion and Crystal's four step process for building a brand that's truly inclusive and feels empowered. You should be able to identify where inclusion shows up in your core values. How can you share it through your values? When you are clear about your values and how you want to show up to your business, you will naturally attract what's connected to those values and your brand will feel more authentic. Check in on your core values - am I honoring them in the decisions I'm making about my business? How are they being honored? What did I do today to honor any and all of those values? Continuously take stock of your values to make sure you are connecting to them and note if they need to be updated.
Get in touch with our guest Crystal Whiteaker, founder of Crystal Lily Creative Visit Crystal Lily Creative's website Follow Crystal Lily Creative on Instagram
Learn more from Crystal on Episode 45 of the Unfuck Your Biz with Braden podcast where Crystal shares her process for ironing out better systems for cash flow management. Join the Braden's Bestie's Facebook group for a chance to have your question answered on an upcoming podcast episode.
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| 16 Feb 2021 | 141 - Getting Ready for Your Tax Return | 00:06:45 | |
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.
Click here to register for the FREE 5 Day Tax Challenge
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast. 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. | |||
| 11 Feb 2021 | 140 - Retirement Planning 101 for Creative Entrepreneurs | 00:21:30 | |
On today's episode of the podcast I share how to plan for retirement as a creative entrepreneur.
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.
Retirement planning is incredibly important. Before you can begin planning, here are a few questions to ask yourself:
If you answered yes, continue with vigor. If you answered no, I’d recommend starting with my free masterclass. It’ll teach you how to begin working on these steps to unf*ck your biz.
As you begin planning, it's important to first explore the different types of retirement accounts and find which one is best for you. For more information on retirement accounts and to learn about how to plan for retirement as a creative entrepreneur, head to my blog post "Retirement Planning 101 for Creative Entrepreneurs"
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| 09 Feb 2021 | 139 - What to look for in a tax preparer | 00:06:58 | |
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 places like Liberty Tax or H&R Block. If you have more complicated matters it's best to hire a CPA. 4. Ask good questions. Learn if they are more aggressive or conservative when preparing your taxes. For example are they stretching your deductions, or highlighting when you may have gone too far with expenses you want to deduct? 5. Be familiar with your books. Even if you have a bookkeeper, familiarize yourself with the expenses so no deductions from your tax preparer are too surprising
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast.
Get in touch with our guest Theresa Speights, manager of resolutions at Community Tax LLC Check out the Community Tax website to email her directly or call her at 773-724-2795 Like Community Tax on Facebook Follow Theresa on Instagram and Facebook | |||
| 04 Feb 2021 | 138 - Back taxes 101 & how to get caught up | 00:41:44 | |
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 if some of those deposits came from birthday money from Grandma. Things like personal loans to pay off credit cards will be included, and miscellaneous situations like this will be easy to forget a few years down the line when the IRS audits you nor will you have the receipts to prove what was a personal expense at Target and what was business supplies.
Even if you make separate personal and a business transactions at Target on the same day, paying for your business expenses with your business bank account card, it's important to still keep the receipt as proof. A good rule of thumb is to sign up for email receipts to be sent to your business email.
If you are audited, it's recommended that you put your strongest receipts/other documentation in the beginning and end of your response so your strongest proof is reviewed. If you don't have any documentation, you are going to be looking at an appeal instead. For an audit, you always want to have a tax attorney represent you.
When weighing the cost benefit of hiring a professional when facing an audit, it's worth hiring someone if the IRS is looking for $5,000 or more. If it's less, don't even worry about hiring someone. If you do decide to hire someone, make sure you shop around for someone who is thorough and looks through your documents to vet anyone trying to just take your money. If they are not a flat fee, run. Audits take a lot of time, and any company that charges hourly will be much more expensive.
If you've been audited and you know full well you owe that money, at that point you are looking at resolution options to resolve the debt you owe, which will be based on your assets, income, and expenses. You may not need representation if you are going to pay in full, you can set up a streamlined installment agreement with the IRS over the phone or online.
Check out Theresa sharing what to do if you receive a letter from the IRS on episode 137 of the podcast.
Get in touch with our guest Theresa Speights, manager of resolutions at Community Tax LLC Check out the Community Tax website Like Community Tax on Facebook Follow Theresa on Instagram | |||
| 02 Feb 2021 | 137 - How to handle a letter from the IRS | 00:06:07 | |
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, did you report it in the wrong place when submitting your taxes?
IF you reported it in the wrong place, you can respond, no need to hire anyone. If you understand and accept the changes in the CP2000, you can go ahead and sign it. Make sure that anything you send to the IRS is certified and trackable.
If you did not receive that income at all you will want to hire somebody to fight this as the IRS makes fighting additional income very difficult if you're trying to prove you didn't make additional income.
A CP2000 is a form the IRS sends if you left something out, like a self employment income, debt cancelation, 401k withdrawl or a W2. It is just one of the types of letters the IRS sends, with another common one being the CP504 for when you owe the IRS money.
Check out Theresa on episode 138 of the podcast.
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast.
Get in touch with our guest Theresa Speights, manager of resolutions at Community Tax LLC Check out her website https://www.communitytax.com/ Follow Community Tax on Facebook https://m.facebook.com/CommunityTaxLLC | |||
| 28 Jan 2021 | 136 - Crushing $70,000 of debt in 36 months | 00:43:47 | |
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.
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.
Coming from a low income family, Sarah moved to New York to pursue opera. Bringing in little money and the feelings of being to fit the New York City image, Sarah's credit card debt grew (on top of her Bachelor's and Master's degree student debt). The $145,000 in debt effected Sarah's work, causing her to say yes to every paying opportunity instead of the freedom to choose.
She paid little by little toward her student debt and almost $70k in credit card debt but the debt was holding her back from being a channel for creativity to flow through.
The financial cost and emotional cost to a toll on her, leading her to one day decide she wanted to put everything toward paying off her debts as quickly as possible. In addition to working to pay it off, debt comes with a lot of self forgiveness work for your past.
The two common solutions to debt payoff are - raise your income and/or cut expenses. Sarah found the all or nothing approach was creating stress and anxiety. Sometimes she really needed to have a coffee meeting or lunch. She turned to the money envelope method, putting cash in envelopes to help budget without feeling guilty. For example, once the $80 in the food envelope was gone, that meant Sarah couldn't order takeout anymore.
Increasing your income isn't always a practical, realistic plan, especially for freelancers. Variable income owners, plan for income dips with the hill and valley method. When you are on the hill, you can look out and forecast for the valleys, saving money for months you know you won't be bringing in as much work.
Get in touch with our guest Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio Check out the toRISEtogether website to get the free 5 Steps for Planning Ahead on an Unpredictable Income workbook Listen to the toRISEtogether podcast Follow toRISEtogether on Instagram Join the toRISEtogether group on Facebook | |||
| 26 Jan 2021 | 135 - Balancing debt payoff and savings part II | 00:06:56 | |
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 or you're going to get dirty when the shit hits the fan. That being said, the IRS has you no matter what so any screw ups you have with taxes will be taken from that emergency fund. Save the $3,000 as quickly as possible. Pause on the retirement investing and focus on debt because the human brain can only do one thing at a time. Give your brain space to focus on being okay with a rainy day fund, then move on to reduce debt and save for retirement, keeping those quarterly taxes always above your head.
Get in touch with our guest Sarah Hawkey, founder of toRISEtogether and creator of The Money Studio Check out the toRISEtogether website Listen to the toRISEtogether podcast Follow toRISEtogether on Instagram Join the toRISEtogether group on Facebook
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast. | |||
| 21 Jan 2021 | 134 - 3 ways to add more revenue to your business | 00:35:17 | |
On this episode, my guest, Maria Bayer, sales and mindset strategist, coach, wealth builder, and creator of Irresistible Seeking, shares three ways to add more revenue to your business.
This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new and experienced business owners & 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).
After achieving over $25 million in software sales, Maria spoke with a group of photographers about selling and the rest was history. Maria has spent the last 8+ years teaching Irresistible Selling to wedding professionals and creatives.
1) There's money you can be making in your business right now without needing to be looking for new clients. The easiest person in the world to sell to is a current client because you've already built the trust. Check in with your current clients to schedule a virtual coffee date. The goal of this meeting, even if their wedding or whatever you're helping them with isn't for several more months, is to listen for pain points you can help them with and additional services you have that they might need. Even if you've already sold them, it doesn't mean their needs have not evolved since you were hired. For example, if you've sold a couple a wedding photography package you may offer additional services such as rehearsal dinner, bach party, or brunch photography. If you're a wedding planner, they may extend their contract with you beyond day-of services or change a one month contract to a longer one because they're struggling to get started planning,
If going back and upselling feels icky, approach it from a place of "How can I best serve them?" Your wedding clients don't know what they don't know and you are doing them a disservice if you don't offer them what they truly need.
Ask questions to really understand clients' needs so you can best serve them. For example, "Why do you want to hire a professional web designer instead of designing it yourself?" or "Why hire me over somebody on Upwork who can do it for half the price?" You want your client to feel heard. This will also help you as a service provider know what to focus on.
2) After current clients, the next audience to target is past clients. Similar to going back and asking for a referral, you want to email your previous clients or write them a handwritten note. Let them know you enjoyed working with them and that you have not kept them up-to-date on all the services you offer. List the services and the benefits of them so it helps the client see why they should care about your services. Focus on what your products will do for them. Ask them if they have any friends or colleagues that they may recommend your services to.
There are ways to create follow-up services in a way you love and leverage all the work you've put into the clients you already have instead of doing the heavy lifting again to find new clients.
Post-COVID there are going to be new opportunities for follow-up like receptions, anniversaries, etc.
3) Get referrals from your previous clients. Maria suggests using a strategy a relator friend of hers implements, sending monthly newsletters in the mail with home-related information, and small gifts once a quarter.
Keep in touch and up-to-date with past clients by following and engaging with them on social media so you stay top-of-mind.
Get in touch with our guest Maria Bayer, sales coach, strategist, and wealth builder, owner of Irresistible Selling Signup for Maria's "Book a Client in 5 Days" FREE Challenge Check out Maria's website Join Maria's Facebook Group "Learn Collaborate Flourish" Follow Maria on Instagram
Join Braden's free Facebook group "Braden's Besties"
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| 20 Jan 2021 | Bonus - PPP | 00:28:33 | |
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 $75,000, that qualifies you.
1. If you are a Sole Prop, LLC, 1099 contractor, the qualifications would be to have a profit in your business in 2019. The way you figure out how much you qualify for is you take (2019 profit/12) then multiply it by 2.5. If you are an S-Corp and you have a formal payroll system then you take that payroll and multiple by 2.5. Example: $30,000 profit divided by 12 = 2500 multiplied by 2.5= $6,250
The deadline to apply is March 31st. You can apply directly through the bank where you hold your business bank account or if you don't have a business bank account there are other institutions like Blue Vine and Kabbage.
Breaking down the PPP application process, it's personal information, breaking down the numbers for how much you would qualify, included documentation which may include a Schedule C or profit & loss statement or bank statement.
2. Let's say you made $80,000 in revenue in 2019 ($20,000/quarter) but only $40,000 in 2020 ($10,000 per quarter) which would be a 50% decrease, more than the necessary 25%. You will need bank statements to prove your revenue so it's important to be on top of your bookkeeping. Always be totally honest in your application.
You need to have less than 300 employees and are required to use a minimum 60% or more for payroll or transferring it from a business account to a personal account if you don't have payroll. Contractors do not count towards payroll, only W2 employees. The 60% rule also applies if this is your first time applying for PPP.
If you don't have an S-Corp you will just draw from your business account to your personal account to pay yourself (an owner's draw). Learn more about how to manage your cashflow this way at unfuckyourbiz.com
Within 10 months
Join the Braden's Besties Facebook Group to hear Kristy's live Q&A about PPP with Braden on January 22nd.
Hear more from Kristy on episode 19 of The Unf*ck Your Biz Podcast where she discusses how to get started saving to reach your financial goals.
Get in touch with our guest Kristy Runzer, CFP Visit On Route Financial online Follow On Route Financial on Instagram Instagram: https://www.instagram.com/mariabayer1/ Facebook Group: https://www.facebook.com/groups/learncollaborateflourish | |||
| 19 Jan 2021 | 133 - How to close sales without a phone call | 00:06:14 | |
On this episode, I chat with Maria Bayer, sales coach, strategist, and wealth builder, about how to close sales when you hate talking on the phone and feel like selling in the DMs is unnatural.
This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new and experienced creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.
Today's question comes from Melissa McClure, a wedding and boudoir photographer and educator who asks, "Do you have any tips on closing sales when you hate talking on the phone and when you feel like selling in the DMs is unnatural?"
Most importantly you have to get comfortable with talking to your clients. If you can't communicate with them you won't be able to evoke emotion with them and sell them what they truly need. You can't do that in the DMs, especially if you are selling a high-end service. Part of why people are uncomfortable is because no one teaches you how to sell. When you learn a framework of what to say and how to say it in a way that sells value, those conversations are much easier. The more comfortable you are, the more you will come to being open to selling on the phone.
Get in touch with our guest Maria Bayer, sales coach, strategist, and wealth builder, owner of Irresistible Selling Website: https://www.mariabayer.com/ Instagram: https://www.instagram.com/mariabayer1/ Facebook Group: https://www.facebook.com/groups/learncollaborateflourish | |||
| 14 Jan 2021 | 132 - Owning the CFO role in your business | 00:32:44 | |
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 you're looking to know (tax advice, accounting advice, both, etc.) and let that dictate your decision up front as to what professional you hire.
Tax prep is a year-long project. When you go for tax prep in January or February it is too late to correct any behaviors for the year, the tax preparer can only make recommendations on what to do for the upcoming year. Having an advisory component will help you to avoid mistakes leading up to tax time on topics ranging from paying yourself or employees to deductions and everything in-between. It's important to remember that the person that prepares your tax return is not responsible for your tax return, at the end of the day you are the one who signs it. This makes is important to understand your numbers throughout the year.
You do NOT need to be making $50,000 a year to form an LLC. A LLC is not a tax designation, it's legal coverage. The IRS does not recognize it, they will treat you based on your tax structure (sole proprietorship, partnership, etc.). Because an LLC doesn't change your taxes, it doesn't matter how much money you make. Deciding to make an LLC is based on what your liability is and how much you want to protect your personal assets. Work with an attorney to set up your LLC. An attorney will know the rules as they apply to your state. Ideally every small or micro business should have an attorney and an accountant if they can afford it.
An S-Corp is a tax designation, not a type of entity. You want to file an S-Corp in the beginning of the year. Filing at the end of the end of the year means you need to retroactively ask for permission because you have not been doing all the things you needed to do throughout the year. Waiting until the end of the year can also cause confusion as it takes the IRS a significant amount of time to approve your S-Corp which can lead to you operating under procedures you think are accurate but are not sure until you get your stamped paperwork back. Filing an S-Corp is not something you want to rush into.
Another important task for owning the CFO role in your business is forecasting and cash flow analysis. Think of your forecast as a budget that has some real data in it. Your forecast is more flexible than a budget and is based on previous months' data. Forecasting is important for growth.
Knowledge is power and that informs your lifestyle. Knowing where your business stands, how much you make, how much it costs to run your business and how much time you need to put in to see those results will help you make decisions. For example, if I raise my price I will be able to make this much more money and have the time and income to take weekends off. This will also help you discover what you are spending time on as it relates to the income it is generating. Is something you're spending 50% of your time on only generating 10% of your revenue? It's time to cut that and readjust.
If you are seeking tax filing services, it is advised to reach out to your accountant the sooner the better. Starting in December is helpful to start the onboarding process with your tax preparer to start getting your information together.
Listen to episodes 125, 129 and 131 of the Unf*ck Your Biz with Braden podcast to learn even more from Keila Hill-Trawick.
Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website and schedule a consultation call Listen to the Fish Food podcast Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast | |||
| 12 Jan 2021 | 131 - Balancing debt payoff with savings | 00:09:08 | |
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 feel scarce, then you're automatically going to want to prioritize putting money in savings. For example, if you start with retirement but you're struggling with savings, it's going to make it hard to put money away for retirement. Some people prefer savings so they have cash if something happens, other prefer to pay off debt so they feel the money they have it theirs. Work on paying debt while also saving at the same time. Remember that tax money isn't yours so factor that into your pricing so you can immediately remove it and never feel like it belongs to you.
Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast | |||
| 07 Jan 2021 | 130 - Your tax write-off and bookkeeping questions answered | 00:48:28 | |
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 maintenence for my business? i only drive it for my weddings. (Shanna NiCole Britt)
As a nutritionist I recommend supplements & clients want to purchase from me: I'm wondering how whole sale works? If I want to purchase & keep stock of certain products in my office & resell them, what do I need to do so I don't f*ck my biz & taxes? (EM Luisi)
Can I deduct the cost of a business coach on my taxes for my business? (Kimberly Carman 7-28-2020)
what is the write off most creatives miss or don't take advantage of. (Bluebell Florals 1-14-2020). What am I not writing off that I should be? (Danielle Bacon)
What’s the most common thing people try to write off on their taxes as creative businesses that is NOT allowed? (Savannah Grace 2-20-2020)
Best systems/programs for bookkeeping - currently using a mix of Quickbooks and Google Sheets, and it's not pretty
Easiest way to keep it all organized throughout the year? (Kayla Lauriano)
Really -- how thorough do my receipts and records need to be for taxes as a first year business owner? (Victoria Newborn 2-20-2020)
First thing a small business should do for taxes, on a very limited budget? (Francisca Li 10/28)
better to bookkeep inhouse or outsource? (Samantha Bradshaw 2-20-2020)
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 | |||
| 05 Jan 2021 | 129 - Writing off start-up expenses for a new business | 00:07:00 | |
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 website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook
Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast | |||
| 31 Dec 2020 | 128 - An open discussion on equitable financial practices in business | 00:37:56 | |
On this episode, I have an open and honest conversion with Meg Wheeler about diversity, equity, and inclusion and how to build better financial practices in 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.
Wealth is inequitably distributed among people based on race, gender, sexual orientation, and more causing wealth gaps. It's important to design your business in a way to eradicate these wealth gaps and make your business part of a shifting culture toward equality and long-term wealth.
When starting a business, having equitable practices is not as talked about in the small business space as it is in the corporation space with diversity and inclusion. It's planning and conversations that are often put off until a person's company is bigger or they start hiring but the truth, is if we build a business focused on doing the work to be equitable, it will benefit your business from the beginning.
How you can get started creating a more financially equitable business 1. Look at your offers and look at the pricing of it
2. Look at your hiring practices
Start looking at small changes in your business that can be altered to be more accessible to a greater group of people and are less focused on things that are going to weed out people.
Resources Diversity and Inclusion Training:
Financial Equity and Business Educators:
Get in touch with our guest Meg K. Wheeler, biz money coach and CPA Check out Meg's website Follow Meg on Instagram Join Meg's Facebook group Badass Money Makers | |||
| 29 Dec 2020 | 127 - What are the benefits of hiring a CPA? | 00:06:59 | |
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?" What is a tax strategist? Tac - have a cpa or tax lawyer like Braden You don'tneed to be a cpa or tax lawyer to provide tax returns When should you hire a cpa? Difference between cpa and enrollment agent? 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 you're doing anything different like expanding into more states, changing up your product lines, selling internationally, or even if you are just starting out. A one hour conversation can sometimes give you what you need for the next 6 months to a year. Look for a CPA that has tax expertise, not all of them do. | |||
| 24 Dec 2020 | 126 - My 6 life & business lessons learned from 2020 | 00:23:22 | |
On this episode I'm talking about the six life and business lessons I learned in 2020.
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) Life lesson: Minimalism is fantastic My desire for minimalism stems from my Ennegram 7 and need for control when stressed. Minimalism and cleaning allows you to take control of your space. On this episode I discuss a conversation I recently had with one of my students about the message that minimalism sends, and thoughts that the message of minimalism is one associated with elitism.
I subscribe to the phrase, "Cluttered space, cluttered mind." Minimalism has helped me on the business side of my life to streamline my offers. I've gotten my business down to one funnel (check it out here). It will walk you through the steps to unfuck your biz.
Minimalism has helped to curb my spending, my shopping for items I don't need, and my household cleaning.
(2) Business lesson: Serve, serve, and serve some more Put out helpful information in the form of content and your audience will come to you (but don't give it all so you still have something to sell). Give yourself the creative time and space in your business to be able to adapt quickly and provide more immediate help to things that are immediately needed. For example, many of my clients are wedding professionals and when COVID hit and events were being postposed, I pivoted my business to focus my content more on contracts so I could help vendors. I worked with other educators to provide contract education, which did lead to an increase in my email list. Keep your eyes and ears open for what can be useful to the people you're serving.
(3) Takeaways from the Black Lives Matter movement Conversations this year went beyond the political issues at hand and circled back to our lives as a whole and how even if we thought we were on the right side of history, how we were failing in our own lives to improve the systems as a whole. I spoke a lot with friends on lack of diversity, equity, and inclusion in the online and entrepreneurial space and the differing views on posting the black square on Instagram.
You may need to put a conscious effort into following individuals with my diverse backgrounds and viewpoints than you. Following more Black educators, broadening your network and listening to a more diverse range of individuals. If you are looking for contacts that offer diversity, equity, and inclusion training, reach out. I have some friends that would be happy to speak with you.
(4) I got a lot done this year I love the quote from Bill Gates, "we often overestimate what we can do in one year and often underestimate what we can do in 10 years." This year I launched Unf*ck Your Biz twice (helping 36 total business owner), launched the alumni membership, created a new course for beginner business owners, and wrote and released a book. Looking back, 2019 was a trial period, creating all the programs I thought I needed to serve and 2020 was the year I realized I missed the mark and began to restructure my programs to meet needs and now I'm ready to scale in 2021. To grow your business in a systemized way, it's important to think about your offers and how you're meeting the needs of the market.
(5) Responses to circumstances that are out of our control vary per person Don't stress out about how you handled 2020m everyone's reactions are different. I like to keep myself busy (not saying it's healthy) and others not so much. Either way totally ok.
(6) Sometimes things fucking suck, and they don't need a positive spin Going back to my enneagram 7, I like to put a positive spin on everything. People don't always like that and it's not always helpful when I jump into problem solving mode or try to spin something into a positive. It's a hard lesson for me, but there isn't always a positive to everything and it's okay to give someone space and let them know you hear them without making it into a positive.
Share your life and business takeaways from 2020 in my free Facebook Group, Braden's Besties. | |||
| 22 Dec 2020 | 125 - The difference between cost of goods & expenses | 00:06:08 | |
On this episode I'm joined by Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C.
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 to unf*ck your biz.
Today we answer the question, "I am clueless when it comes to 'inventory.' I don’t know what items are considered 'supplies,' capital, depreciation, I also struggle when I do my town property tax filings because they want to tax furniture, my computer but these are dual use items." while breaking down the differences between supplies, cost of goods, and inventory.
Supplies - what you use to make the "thing." Inventory - the final product. Inventory is an asset, not an expense. The cost of all the components that go into making the "thing" sit as the inventory cost. Cost of goods sold - Once you sell the "thing," you can expense what it cost to make it. This is so the IRS can make sure you aren't hoarding inventory and considering it expenses.
Listen to today's episode as we further break down supplies, inventory, and cost of good sold.
Questions from my Tuesday episodes come from my free Facebook group, Braden's Besties. Come join us.
Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook | |||
| 17 Dec 2020 | 124 - Back to basics on pricing your services | 00:40:22 | |
On this episode, my guest Jacquette M. Timmons, a financial behaviorist and owner of Sterling Investment Management, digs into all things business pricing.
As a financial behaviorist, Jacquette offers 1:1 financial and business coaching with entrepreneurs and small business owners, national speaking engagements to share perspective on the integration of the psychology and math of money, events to bring people together to discuss money, business and life, as well as a pricing made human masterclass training.
Building upon last episode's question "Everyone says research your competitors, but how do you get their pricing?" Jacquette covers the positives and negatives of competitor pricing research for service-based entrepreneurs. Everyone's business and personal finances are different and they will influence how you set your pricing. What you need to charge to cover your expenses, factor in your emotional needs, and earn enough to support your living situation may differ from your competitor.
Factor in the emotional connection that someone has to your product. Success is not just for your business, it should translate to the health of your personal finances as well. If your business is cash flow positive but your personal finances are not doing as well, it's time to reassess how you allocate your finances and personal salary.
Your pricing structure says a lot about your brand. Ask yourself if you want a low dollar, high volume business or a high dollar, high touch business. This answer will help you to create your offers. Your offer, whatever it is you're selling, should have a job - is it to generate leads to guide clients to buy your signature offer (the thing you want to be known for)? Are they free lead generating offers, like digital downloads, or paid offers, like speaking engagements, that will lead people to your signature offer? You can have multiple pillars of that offer - sometimes targeting 2 or more different audiences. Not all services providers, for example wedding vendors and photographers, need lead generating offers.
Track your finances by offer to understand what offers are bringing in the most money, especially as it relates to how much time you are investing in them. What is it that you need to feel that your business is supporting you? Is it the revenue you are bringing in? The challenges you have overcome?
You can choose to be wherever you want to be and where you want people to perceive you to be. For example, there are McDonalds hamburgers, steakhouse hamburgers, and gourmet restaurant hamburgers, all of which have their own value and their own market.
It's important to remember that you don't manage money, you manage your choices. Be intentional with your choices, even if you feel uncertain about it or its outcomes. Manage your choices and be clear about them to prioritize clarity over uncertainty.
Join my Facebook group, Braden's Besties, here.
Get in touch with our guest: Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management Follow Jacquette and send her a voice message on Instagram Learn how to Rock Your Finances on Jacquette's website Like Jacquette on Facebook at Financial Intimacy | |||
| 15 Dec 2020 | 123 - How to research competitor pricing | 00:06:27 | |
On this episode, financial behaviorist Jacquette M. Timmons answers the question "Everyone says research your competitors, but how do you get their pricing? Catfish that shit?"
Before you catfish that shit, ask yourself, "What is the benefit of knowing what the competitor is charging?" While the question "what should I charge?" is a universal one, the answer is a personal one. What you charge for what you bring to the table may differ from your competitor, and comparing prices can be dangerous if you are in different markets or have different offerings. It's best to start your research by identifying what your competitors are offering. Hear more on the podcast about ways to best identify your competition, learn more about their offerings, and get insight on their pricing. | |||
| 10 Dec 2020 | 122 - How much you need to pay yourself | 00:36:27 | |
On this episode, I chat with Keina Newell, financial coach and owner of Wealth Over Now, about all things money and how to begin determining how much income you need to bring home in order to support the lifestyle you want.
As a financial coach, Keina helps people create new possibilities with money by saving more, paying down debt, stress less and be in control of your finances instead of your finances being in control of you.
The Money Series continues as we discuss how much to pay yourself in your business, how to create a spending plan you can stick to and chat aspirational dream budgets.
Anyone can open a spreadsheet and enter their numbers. Keina goes beyond the spreadsheet to discuss goals, budgeting and spending habits. The Wealth Over Now owner answers the question - what are your "stake in the ground" issues about money?
In this episode Keina also shares the secret to balancing and prioritizing savings and paying down debt. The good news is, you can save money and pay down debt at the same time - it does not need to be either/or!
Get ready to learn what expenses you can cut to save money and how to kick off creating your spending plan! | |||
| 08 Dec 2020 | 121 - When to switch from hourly to retainer work | 00:08:00 | |
On this episode, guest Jacquette Timmons - a financial behaviorist and owner of Sterling Investment Management, answers the question "At what point should you consider switching from hourly to retainer work?"
Get in touch with our guest: Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management Check out Jacquette's website Follow Jacquette on Instagram Like Jacquette on Facebook at Financial Intimacy
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| 03 Dec 2020 | 120 - Getting started with cash flow management | 00:14:06 | |
On this episode, I give an introduction to cash flow management and share how you can get started with my super simple approach.
Let’s face it, 2020 has been a financial shitshow for many of us. I'm kicking off the Money Series on my podcast with a discussion on cash flow management. The Money Series will cover personal budgeting, business budgeting, how much to pay yourself, specific tax deduction and bookkeeping questions and how to get more revenue in your business right now with upsells, cross-promotions and more.
Today’s topic: what is cash flow management? And once a client pays you, what happens to the money? We’re talking where it should go, how to get paid and ways to intentionally manage your cash flow management.
Previously on the podcast we’ve covered the basics of Cash Flow 1.0 – putting all your business money into a business bank account to pay your business expenses, then transferring the money to our personal account once we . That’s the place to start, even if you’re not legally required to.
Today I’m talking Cash Flow 2.0 and sharing an excerpt from my book, Unf*ck Your Biz – The Book, to answer the question “Do I need a separate bank account for my business?” and discuss how to manage cash flow. | |||
| 01 Dec 2020 | 119 - How much you can really deduct on taxes | 00:11:10 | |
On this episode, my guest answers the question "Is there a limit on how much you can deduct for taxes?"
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| 24 Nov 2020 | 118 - How to deduct and handle credit card fees | 00:08:07 | |
On this episode, my guest answers the question "I have no idea what to do about credit card fees, like whether I record the income amount that my client paid or the amount I actually got?" | |||
| 19 Nov 2020 | 117 - Signup for UnF*ck Your Biz closes today | 00:10:31 | |
The door close today for the fall class of Unf*ck Your Biz. Checkout this episode for more details on the program. | |||
| 17 Nov 2020 | 116 - Can I Form My Own LLC? | 00:08:16 | |
On this episode, I answer the question "I am a virtual assistant (aka service provider) who is branching out to coaching/courses so I feel I need to get an LLC in place prior to the launch but am worried about doing it wrong & my attorney wants $1200 to do it for me. Can I do it myself?" | |||
| 12 Nov 2020 | 115 - Implementing the Unf*ck Your Biz Framework in a partnership | 00:25:57 | |
On this episode, I chat with Maddy and Felicia, owners of I Heart My Groom, a wedding photography and videography company, about how they've implemented the Unf*ck Your Biz framework into their business. | |||
| 11 Nov 2020 | 114 - Cash flow in 2020 and beyond with Emily Reiter | 00:31:53 | |
On this episode, I chat with the owner of Anna Delores photography about how unf*cking her biz has helped in this crazy year and what COVID postponements will mean for 2021. | |||
| 10 Nov 2020 | 113 - Do you need to be on payroll? | 00:07:17 | |
On this episode, I answer the question "As a business owner, should I put myself on payroll or just take an owners draw?" | |||
| 05 Nov 2020 | 112 - A personal account of small claims court | 00:31:51 | |
On this episode, Kevin Dennis shares what it was like to go through the legal system to defend his contract against a COVID related cancellation refund. | |||
| 04 Nov 2020 | 111 - Student Spotlight with Kristi | 00:28:35 | |
On this episode, I chat with the one and only Kristi from Coffee with Kristi about her process unf*cking her biz. | |||
| 03 Nov 2020 | 110 - I'm Being Audited. Is It Too Late to Unf*ck My Biz? | 00:07:04 | |
On this episode, I answer the question "I’m being audited by the IRS. Is it too late to unf*ck my biz? Where do I go from here?" | |||
| 29 Oct 2020 | 109 - Show me the Profit with Boss Project | 00:41:26 | |
On this episode, I chat with Abbie and Emylee from Boss Project about how and why they started focusing on profit to take more money home from their already successful business. | |||
| 28 Oct 2020 | 108 - A destination wedding planner's journey to unf*ck his biz | 00:25:22 | |
On this episode, I chat with Jscot Reid about his process through the Unf*ck Your Biz program where he formed his LLC and worked to structure each of his few businesses.
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| 27 Oct 2020 | 107 - How do I know which tax bracket I'm in? | 00:06:00 | |
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!" | |||
| 22 Oct 2020 | 106 - Back taxes, partnership stuff, and more with Amber Zaragoza | 00:27:04 | |
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. | |||
| 21 Oct 2020 | 105 - How to balance quarterly taxes with multiple streams of income | 00:34:29 | |
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. | |||
| 20 Oct 2020 | 104 - Is There a Tax Advantage for a Corporation? | 00:09:14 | |
On this episode, I answer the question "Are there more tax advantages to a being a corp than an LLC?" | |||
| 15 Oct 2020 | 103 - Now is the Time to Start Planning for 2021 | 00:08:52 | |
December and January are too late to start planning the legal and tax essentials for your business. If you want to kick the new year off right, you have to consider things like LLCs and s corps in November. | |||
| 13 Oct 2020 | 102 - Stop Paying for Bullshit Round #2 | 00:08:15 | |
On today's episode, I rant more about where you may be wasting money in business. | |||
| 08 Oct 2020 | 101 - Important Tax Considerations for New Business Owners | 00:06:30 | |
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? | |||
| 06 Oct 2020 | 100 - The Unf*ck Your Biz Book is Here! | 00:12:06 | |
On this episode, we're celebrating! It's episode 100 and my book is here. I'll also be sharing a roundup of my favorite episodes among the first 100. | |||
| 02 Oct 2020 | 099 - Story Time with Braden - Chapter 1, Part 2 | 00:19:51 | |
On today's episode, I'm doing a live read of Chapter 1 of my new book! | |||
| 01 Oct 2020 | 098 - Story Time with Braden - Chapter 1, Part 1 | 00:15:05 | |
On today's episode, I'm doing a live read of Chapter 1 of my new book! | |||
| 29 Sep 2020 | 097 - How Spousal Income Impacts Our Tax Savings | 00:12:35 | |
On today's episode, I'm answering this questions: I am so confused by how my (new) LLC should handle taxes. Should I be paying estimated tax? When do I pay self-employment tax, and how does my spouse's income affect my need to pay quarterly tax? | |||
| 28 Sep 2020 | 096 - We're Talking to My Book Coach! | 00:29:18 | |
On this episode, I'm interviewing my book coach, Jodi Brandon, and discussing the process of taking a book from idea to publication. | |||
| 24 Sep 2020 | 095 - Deductions for Retirements Savings | 00:15:20 | |
Description - On this episode, I share how tax deductions work and how getting a kick start on retirement savings can help you also save some taxes. | |||
| 22 Sep 2020 | 094 - Which category do you use for your trademark? | 00:06:07 | |
On this episode, we answer the question "What category do I file my trademark?" | |||
| 17 Sep 2020 | 093 - When to Start Thinking about Personal Finance | 00:24:34 | |
On this episode, I share my framework on how and when to start thinking about personal retirement and financial planning. | |||
| 15 Sep 2020 | 092 - License Terms on Purchases Designs | 00:09:49 | |
On this episode, I answer the question "If I purchase an image or vector and use a portion or all of it to make another product such as a card, can I offer the template on my site for others to download?" | |||
| 10 Sep 2020 | 091 - Event Therapy with Charessa | 00:28:15 | |
On this episode, I chat with Charessa, the owner of Event Therapy Network about her best stress reduction tips for creatives. | |||
| 08 Sep 2020 | 090 - How do I know if my business name is too similar to someone else's? | 00:10:14 | |
On this episode, we answer the question, "I'm curious about trademarks/copyrights with regards to business name. What's the difference between the two, and how do I know if my name is too similar to another business' name?" | |||
| 04 Sep 2020 | 089 - The 6-Phase Trademark Process | 00:41:38 | |
In this episode, I chat with Kelley Keller about the 6-phase trademark process. We get into cost, whether you should DIY, and more. | |||
| 03 Sep 2020 | 088 - Intellectual Property for Your Creative Business | 00:43:28 | |
On this episode, I interview IP expert Kelley Keller. We discuss trademarks, copyrights, patents, the differences between them and when you need each. | |||
| 01 Sep 2020 | 087 - Do you need an LLC before filing a Trademark? | 00:05:04 | |
On this episode, I answer the question "Do I have to establish the LLC before I can trademark?" | |||
| 27 Aug 2020 | 086 - How I built a 6-figure course-based business in 1 year | 00:22:45 | |
On this episode, I share how I have been my education focused business through courses and memberships. | |||
| 25 Aug 2020 | 085 - 3 Ways to "Scale" Your Creative Business | 00:13:52 | |
On this episode, I chat about ways to scale your creatives small business. | |||
| 20 Aug 2020 | 084 - Shifting from Wedding Pro to Course Creator | 00:41:32 | |
On this episode, I chat with Renee Dalo about how she added courses and speaking to her business to diversify and increase her income. | |||
| 05 Aug 2021 | 186 - Profit Reports Are Back! | 00:17:59 | |
On this episode of the podcast I announce the return of my Profit Reports and what they'll look like moving forward.
I'm launching a private podcast! This will be a second podcast exclusively for members of my free Facebook group, Braden's Besties. In the group I host a Friday Facebook Live where I answer questions I've collected throughout the week. I'll be turning this Q&A into a private podcast that will be accessible only to members of my Facebook group, so join now by clicking here or visiting www.bradensbesties.com
If you're new to the podcast in the last year you may not be familiar with my profit reports. These reports came to be in 2019 when I was reading the book Profit First by Mike Michalowicz where he walked readers through an exercise to determine the profitability of your business. I was operating at 30-40% profit at the time which was very low and I set out on a journey to operate at 70% profit. I started sharing my income and expenses with my followers as I started growing my profit.
I stopped these profit reports when COVID started because I didn't like sharing the money I was making knowing that others were not having the same experience in the pandemic, especially my audience of wedding professionals.
To wrap up the last several months, I launched Unf*ck Your Biz last fall and this past spring. This past spring's launch was not as financially successful as my fall launch, bringing in $10,000 compared to the previous $30,000. Typically this program was brining in 80% of my revenue. This $10,000 for a high-level program spread out over 10 weeks comes to $1,000 a week as compared to the $10-15,000 months I was having in the fall.
Last week I started a $!0k in 10 days challenge inspired by Rachel Rodgers' book We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic. I needed to bring in some money to hire some new professionals to help me with a refresh for my new offering coming this fall, stay tuned.
To reach $10k in 10 days I launched a new offer called the Legally Launched VIP Day that has a few spots left for a program geared toward brand new business owners that need help implementing their legal and tax essentials.
I'll be recapping the August profit report at the end of August. Until then, I'll be driving into the $10k in 10 days challenge and an episode with an insurance professional in the coming weeks. Be sure to join the Braden's Besties Facebook group and rate and share this podcast.
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