Episode 524: Top 5 Tax Mistakes and How to Fix Them – Braden Drake

The dreaded word – taxes. Few of us truly understand them, all of us have to pay them. How can we be proactive in avoiding the most common tax mistakes in order to have a simpler, less stressful experience?

Pay close attention to episode 524 of The Bokeh Podcast as Braden Drake, Tax Attorney and Accounting Consultant for creatives, breaks down the top 5 tax mistakes made by photographers, and provides simple explanations and solutions for how to avoid them!   Listen in as he shares resources and tips for how to break the cycle of poor management and decision-making when it comes to your financial and tax habits!

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Show Notes

Brand Position (5:22)

Creating a great customer experience (9:12)

Technique for time management (13:00)

Outsourcing/Delegation (18:30)

Book Recommendation (22:00)
Traction: Get a Grip on Your Business by Gino Wickman
Atomic Habits by James Clear
Unf*ck Your Biz Book by Braden Drake

Top 5 Tax Mistakes (25:25)
1. Failing to pay quarterly taxes (or saving for quarterly taxes)
2. Not understanding the basics of taxes
3. Overspending to “save” in taxes
4. Poor record-keeping
5. Forming an S Corporation at the wrong time

Mistake #1 – Information about paying quarterly taxes (26:18)

Mistake #2 – A breakdown of the basics (28:48)

Mistake #3 –  How photographers tend to overspend (30:25)

Mistake #4 –  Tips for best record-keeping habits (33:25)

Mistake #5 –  Explanation of S-Corps and the benefits/drawbacks to creating one (40:05)