Episode 46: Understanding Taxes for Your Business
Today we’re talking about taxes. Go put yourself a glass of wine! Or grab a cupcake or something. If you have tax questions (and we know you do!), we have answers! Our special guest, Braden Drake, LOVES talking about taxes, and we love Braden, so let’s get to it!
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Our Guest – Braden Drake
Braden Drake is your gay best friend, but an attorney who can also do your taxes. He is the owner of Braden Drake Law, where he helps creatives with business formation, copyright, trademark, contracts, and tax. He also owns Creativepreneur Community, an online resource for contract templates, courses, freebies, guides, and all of the resources creatives need to get legally legit.
- Do you have a hobby or a business? If you are bringing in money, you have a business. And you have taxable income.
- If you are making a full faith effort to have a business, you don’t need to turn a profit in the first few years to get deductions.
- If you earn at least $400 in income that is subject to self-employment tax, you have to claim that on your tax return.
- How taxes work: full-time income – expenses – standard deduction – adjustments = taxable income
- Your taxable income determines your tax bracket, which also determines your percentage of taxes paid
- Be sure you are tracking your mileage to get the most deduction.
- Quarterly Taxes: It’s best to pay your taxes quarterly in April, June, September & January.
(This section may contain affiliate links)
- The Hobby Tax Law
- Mile IQ: Mile tracker app
- Braden’s Freebie: How and When to Pay Your Quarterly Taxes
- Braden’s Freebie: Sales Tax Guide for Creatives
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