157 - Calculating Business Tax

Unf*ck Your Biz With Braden · Apr 2, 2021 · 9m

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:

Calculate net business income = Business income - Business…