The Food Blogger Pro Podcast Finance Mini-Series: The Smart Creator’s Guide to Taxes with Nate Coughran
Setting up an LLC, claiming unique deductions, and deciding on when to hire a tax professional with Nate Coughran from Cookie Finance.
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Welcome to episode 500 of The Food Blogger Pro Podcast! This is the second episode of our finance mini-series, and we’re excited for Bjork to sit down with Nate Coughran from Cookie Finance.
Finance Mini-Series: The Smart Creator’s Guide to Taxes with Nate CoughranIn our latest episode, Nate Coughran from Cookie Finance shares key tips for getting your finances on track as a creator. First off, setting up an LLC can protect your personal assets and reduce audit risk. Nate also recommends keeping separate bank accounts for your business—this makes tracking your money way easier and less stressful.
When it comes to taxes, creators can claim unique deductions, but it’s important to find the right balance. Nate emphasizes staying on top of your bookkeeping throughout the year to avoid end-of-year stress. And if you’re making over $75K, it’s worth hiring a pro to ensure your tax strategy is solid and you’re setting aside enough for taxes. It’s all about staying ahead and keeping things simple!
Three episode takeaways:-
Financial Setup for Creators: Creators should consider forming an LLC to protect personal assets and reduce audit risk. Keeping separate bank accounts for business transactions and tracking finances regularly helps you stay on top of your money
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Tax Strategy & Deductions: Creators can often claim unique deductions that traditional businesses can’t. However, to avoid end-of-year stress, it’s important to balance aggressive and conservative deductions and be proactive with bookkeeping throughout the year.
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Know When to Get Professional Help: DIY bookkeeping works for smaller incomes, but if you’re making over $75K, it’s worth hiring a professional. Also, setting aside money for taxes is key to avoiding surprises and ensuring accurate tax reporting.
Resources:
- Cookie Finance
- Wells Fargo
- Chase
- Capital One
- Mercury
- Gusto
- QuickBooks
- Xero
- Follow Cookie Finance on Instagram
- Join the Food Blogger Pro Podcast Facebook Group
This episode is sponsored by Cookie Finance. Learn more about our sponsors at foodbloggerpro.com/sponsors.
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