On this episode of Branded, we are joining by content creation royalty, the one and only Philip Taylor. Also known as PT, he is a Certified Public Accountant turned content creator and the man behind the annual FinCon Expo (a Branded favorite).

With the start of a new year comes another year of paying our taxes, so PT is joining to share his tips and insights for entrepreneurs and content creators during tax season.

We're covering the basics, like the importance of separating personal and business finances, and more complex concepts, like the practical steps of establishing a business, including obtaining a tax ID, LLC, and separate bank accounts and credit cards. Plus, we talk about the intricacies of tax filing for LLCs, the importance of maximizing deductions to improve cash flow, and much more.

Listen in to what is basically a tax prep consultation with a CPA who knows what it's like to be a full-time creator.

Key takeaways:

1. Setting Up a Business: The importance of setting up a separate business bank account and obtaining a business credit card. This allows for better organization of business expenses and easy tracking.

2. Tax Deductions for Entrepreneurs: Maximizing deductions, such as accelerating expenses, home office deduction, vehicle use for business, retirement accounts for business owners, and charitable contributions, to improve cash flow. It's important to consult a CPA for limitations on deductions.

3. Balancing Tax Savings and Financial Decisions: It's crucial not to let tax savings drive unnecessary purchases for the business. Keeping tax strategies simple and basic can help avoid financial and legal issues.

4. Financial Planning for Business Owners: Setting up a savings account and stashing aside 10-15% of earnings for taxes, especially for entrepreneurs who are self-employed. Planning ahead for tax obligations is essential for financial stability.

5. Opportunities for Content Creators: The conversation introduces the opportunities available to content creators and entrepreneurs, such as the FinCon conference for financial creators and the takeover of Travelcon by the FinCon team in May 2024. These events serve as valuable resources for those in the industry.