Business of Drag: Recent Episodes

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On this episode of the podcast I dive into Part 6 of my series on the tax basics and legal fundamentals for drag queens and LGBTQ+ entertainers. Today's lesson is covering the Small Business Blueprint you need to legally set up your drag as a business.

If you're new to the series, take a pause to check out my intro episode and then Part 1 of the series. Missed the most recent lesson? Check out Part 5.

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🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book_____________________________________________

In my book I teach what I call the "Unf*ck Your Biz Framework," a five part framework to put your finances back together with legal and tax strategies. So far in these lessons we've gone through about half of the book and covered general tax systems, business liability, how much you should be saving for taxes, and back taxes. Today we're talking about the Small Business Blueprint.

With drag entertainers I find that there's a gap between those who view their drag as a business and consider themselves freelancers, and those who don't. If you're trying to make some money, you're doing yourself a disservice not treating yourself like a business.

The Business Blueprint is made up of 14 steps and you can download your own copy of the Blueprint here.

1. Get a registered agent
2. Choose business name and check availability
3. Determine entity and file articles
4. Get your employment identification number (EIN)
5. Get your seller's permit
6. Get your Business License or Tax Certificate
7. Get your Fictitious Business Name License (DBA)
8. Set up Operating Agreement
9. Take Meeting Minutes
10. Determine if you need a Statement of Information
11. Pay Annual Franchise Tax/Fee
12. Become an S Corp if applicable
13. Set up Business Bank Accounts
14. Run payroll

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𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

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___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

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On this episode Business of Drag episode I chat with Kyne about how she makes money from TikTok, why you need a business bank account, and the importance of bookkeeping and tracking your ROI.

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🤓 Get a free copy of my bookkeeping template
📘 Grab a copy of the book

_____________________________________________

On today’s episode of Business of Drag, I sit down with Kyne from Season 1 of Canada’s Drag Race.

Diving into our lightning round, Kyne shares her favorite queens, go-to lip sync song, favorite time of the year for drag and if you can find her out or at home on a night off.

Known as Kyne both in and out of drag (she/her or he/him), she started her makeup YouTube channel in high school shortly after coming out. She started watching RuPaul’s Drag Race and saw that the queens were doing what she was doing with makeup, but taking it to a new level with costumes and wigs. She went to her first drag show during university and slowly just added to her makeup looks to evolve into full drag.

The audience on Kyne’s YouTube tutorial channel grew to over 100,000 subscribers before she was on the show. When COVID came, Kyne stopped her tutorials and eventually moved into making math videos. Studying math in university, she used to keep her math and her drag separate, until she noticed it was performing well, especially on TikTok, when she started merging the two. Social media is now Kyne’s primary source of income.

Prior to being on Drag Race, Kyne had been doing drag for about three years. When Canada announced Drag Race was coming, she applied to challenge herself. The season aired during July 2020, in between UK Seasons 1 and 2.

Kyne’s TikTok generates income with a few brand deal videos a month interspersed between her math content, attracting a wide audience including Gen Z and teachers. She likes working a few days a week and the flexibility and potential that comes with TikTok.

As a freelancer, Kyne started filing taxes in 2017 for her YouTube channel. She went to an accountant and during the start of the pandemic switched to trying TurboTax because she heard it was easy. She now has an accountant that focuses on entertainment clients.

Currently, Kyne has one personal bank account and two credit cards. I recommend she open a business bank account and then ideally open a business credit card linked to the business bank account, but in the meantime use one of the personal credit cards for business expenses and one for personal so it’s easier to differentiate on bank statements and better categorize business expenses.

If Kyne could go back and give herself one piece of advice, it would be to treat drag more like a business and keep better track of the finances. Too often queens are spending money to avoid wearing a look more than once when they could repeat looks to cut down significantly on expenses.

At the end of the day, it’s all about the ROI. If you invest $50,000 but those looks that get you to the Top 3, you will see a greater ROI than spending a ton of money than if you don’t make it as far.

Currently at 1.3 million followers on TikTok, Kyne is negotiating brand deals with the help of her manager for brands such as DoorDash, Taco Bell, Pizza Hut, Proactiv and more. She said she saves a lot of her money because you never know when TikTok won’t be what it currently is and the brand deals won’t be there anymore.

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CONNECT WITH ME
📷 Instagram: https://www.instagram.com/dragtax
🐦 Twitter: https://twitter.com/dragtax
🤳🏻 TikTok: https://www.tiktok.com/@dragtax
🖥 Website: https://www.dragtax.com
📧 E-mail: braden@dragtax.com
_____________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦
THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).
AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

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On this episode of the podcast I dive into Part 5 of my 8 part series of the tax basics and legal fundamentals for drag queens and LGBTQ+ entertainers. Today's lesson is covering back taxes and if you have them, you are certainly not alone.

If you're new to the series, take a pause to check out my intro episode and then Part 1 of the series. Missed the most recent lesson? Check out Part 4.

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🤓 Get a free copy of my bookkeeping template
📘 Grab a copy of the book
_____________________________________________

To kick things off, let's check in on your current tax situation,. Would you say:

1. I'm absolutely crushing it
2. I'm doing pretty okay
3. I'm paying quarterly taxes and keeping my books up-to-date but my systems could likely be improved
4. I'm not paying quarterly taxes but I've filed my tax returns on time each year and don't owe any back taxes
5. My tax filings are up to date and I'm already on a payment plan for back taxes
6. My tax filings are up to date, I owe back taxes, and I currently don't have a solid plan for them
7. I'm behind on filing taxes

The IRS provides a Taxpayer Roadmap. While it looks like a complete hot mess, if you owe back taxes it may become your best friend.

Zooming in on the Collection section, we can see a caution symbol labeled "Notice of Intent to Levy and Right to Collection Due Process Hearing." If you get an IRS form in the mail you can search it on the roadmap. When you click on a box, it will give you more info on the letter, where you are in the process and how you can respond to that letter. This roadmap will help you keep track of how close you are to going into collections.

I made a simplified version of the taxpayer roadmap that covers your tax payment whether you're prepared and processed on time or examined and sent to collections if you have back taxes.

Appeals and litigation is what you go through if your tax return got examined and you don't agree with the result so you appeal or file a suit in tax court.

During the processing phase is when the Information Returns Program (IRT).

The point of sending a 1099 is so the IRS can match tax deductions to your tax return. Not reporting the 1099 will result in you getting a letter saying you're estimated to owe that much and you need to make a payment for the 1099 you didn't report.

Other types of informational forms are K1s which are issued by payment processors like Venmo or Paypal. When you go to file taxes, go and look at every place online where you get payments and see if they have a form for you as they don't typically send them in the mail.

A lot of places that hire drag entertainers don't often send a 1099. That's a them problem, not you because you are still legally required to report the income regardless, but make sure you ask if they are going to send one before you file because if you file early you will have to go back and edit your return which is a pain.

A CP 2000 is the form you will get if the IRS says they didn't see you report the income they have record of. Don't always assume a CP 2000 is correct because the IRS can be wrong about them. For example if you reported the income without having the 1099, you can submit proof you already submitted the info on the 1099.

There are three types of audits that may happen.

1. Correspondence Audit - You get audited via letters and is the least serious type of audit.
2. Office Exam - You bring all your tax documents to the IRS office to review
3. Field Audit - The IRS goes to your place of work to review your tax information. Self-employed people don't usually get pulled for field audits,

If you're listening to this episode because you already have back taxes, you are most likely in collections. You can end up in collections if:

1. You owe taxes and you don't pay when you file
2. If the IRS makes a swift assessment through the IRT program
3. You owe taxes through the examination process i.e. you are audited and you don't resolve the money you owe in tax court or you do but you still owe money.

If you receive a tax letter, there will be a notice number and you can search that number on the Taxpayer Roadmap for more info.

I dive deeper into back taxes inside my book and my Business of Drag Basics course which will be offered to you at a discount after signing up for the free copy of my bookkeeping template.
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𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘
📷 Instagram: https://www.instagram.com/dragtax
🐦 Twitter: https://twitter.com/dragtax
🤳🏻 TikTok: https://www.tiktok.com/@dragtax
🖥 Website: https://www.dragtax.com
📧 E-mail: braden@dragtax.com
___________________________________________
𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦
THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.
COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).
AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

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On this episode of the podcast I chat with Fena Barbitall about her multiple sources of income and answer her tax questions.

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🤓 Get a free copy of my bookkeeping template
📘 Grab a copy of the book

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We kick off the episode with a lightning round of questions including her favorite season of Drag Race, what she's doing on a night off and her go-to lip sync song.

If you see her in public you can call her Fena, or Ryan, using he/she/or they pronouns.

Learn more about Fena and how she got into drag on the Sloppy Seconds podcast.

Fena currently has multiple sources of income. In addition to drag shows and tips, Fena styles wigs and works behind the scenes styling Trixie and Katya and has been known to make costumes here and there. Fena also has a YouTube channel that she may be monetizing in the future. Working with Trixie and Katya are the biggest money makers for Fena, and costumes is the smallest slice on the revenue pie.

Throughout the years, Fena has changed her pricing structures and costs, having done hourly and sliding scale models. Depending on the turnaround time and supplies, Fena may charge a rush fee on wig styling.

Fena explains the difference between lace front and hard front wigs and what goes into the cost of styling a wig. Hard front wigs are making a comeback due to COVID and factory shutdowns impacting lace wig production.

Having auditioned for Drag Race 10 or 11 times, Fena viewed it as a stepping stone for her career, saying she she didn't want to wait anymore so she started her YouTube channel to get herself on people's screens.

Fena shares what it's like to work with Katya and Trixie on Netflix's "I Like to Watch," and how she balances styling for the show with her other projects.

To wrap up the episode Fena asks me questions about what the financial side of her busines should look like to buy a house in the next 10 years including saving or a mortgage, checking her credit score regularly, and be able to provide at least two years of tax returns, and maintaining your bookkeeping.

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CONNECT WITH OUR GUEST
📷 Instagram: https://www.instagram.com/fenabarbitall
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💰Venmo: https://account.venmo.com/u/fenabarbitall
_____________________________________________
CONNECT WITH ME
📷 Instagram: https://www.instagram.com/dragtax
🐦 Twitter: https://twitter.com/dragtax
🤳🏻 TikTok: https://www.tiktok.com/@dragtax
🖥 Website: https://www.dragtax.com
📧 E-mail: braden@dragtax.com
_____________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦
THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.
COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).
AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template
📘 Grab a copy of the book
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On this episode of the podcast I dive into business entities which is lesson 4 of my tax basics and legal fundamentals framework for drag professionals and LGBTQ+ entertainers. If you missed my intro episode, Part 1, Part 2, or Part 3 of the series, take a pause and go back and check those out.

A business entity is how we structure our business. Your structure is really the way that you're setting up your business in terms of how you want to collect money and pay taxes and also how you are protected from liability. This might look like an LLC, S Corp or corporation. You don’t want to be personally liable for your business.

Today we’re focusing on sole props, LLCs and S Corps which is all that’s really relevant for US drag professionals and entertainers unless you have a business partner.

Sole prop – The default business entity. Think of it as a lack of entity. When you have a profit motive (aka not a hobby) you have a business in the eyes of the IRS, even if you haven’t formed anything like an LLC. This does not mean you’re off the hook when filing taxes.

LLC – The proactive step beyond a sole prop. Like Glinda the Good Witch’s magic bubble in The Wizard of Oz. Inside the bubble is your business – your wigs, your outfits, everything you have for your business. Anything you own on the outside like a home or retirement account is protected by your magical bubble, the LLC. The LLC is there to protect everything you own on the outside of the business from any kind of liability that can happen inside of the business. Even if you don’t have any assets now, if you get sued a judgement from the court is good for a decade and they can come for any assets you gain over the next 10 years. There is a cost to filing an LLC, which varies by state, but think of it as insurance for your business.

Disregarded entities – An entity not recognized by the IRS. Much like Mariah Carey responding, “I don’t know her,” when asked if she was friends with J Lo, when you form an LLC the IRS is like “I don’t know her,” meaning you get liability protection from the LLC but from the IRS point of view it’s not there meaning it doesn’t impact your taxes. On the flip side, partnerships, S Corps and C Corps are not disregarded and they have to file business taxes by March 15th of each year and the IRS sends you a personal tax return.

Pass-through entities – The income or profit from the business passes through to you personally, there’s no corporate taxes. All entities other than C Corporations are pass-through entities, to make this simple.

C Corporations – You pay a corporate-level tax, the corporation pays you a salary, you then pay taxes on the money you get from the corporation. This only makes senses when you have dozens of employees with benefits or you keep a lot of money in the business, for example if you want to buy a building. Entertainment and service-based businesses don’t do C Corps. Instead we can have an S Corp.
S Corporation – They’re not actually an entity, they’re just a tax status. You form an LLC or a corporation and then you file Form 2553 which is an additional election with the IRS that says you would like your LLC to get the benefits of sub chapter S of the US tax code. All this means is you get sort of preferential tax treatment. In our previous episode we discussed the 15.3% self-employment tax on our net business income to cover our share of Medicare and social security.

Assume your business brings in $100,000 and you are really profitable and have $20,000 in expenses and $80,000 profit. If we have a regular LLC or Sole Prop, 15.3% of $80,000 is $12,240 in self-employment tax (this does not include income tax). In an S Corp, you put yourself on a salary the way you would get if you were working full time at a company. Say you put yourself on a $60,000 salary. You’re going to pay self-employment tax and income tax on the $60,000. After the expenses and salary we have $20,000 left which is net income after salary (our profit in an S Corp) and we don’t pay self-employment tax on the $20,000 meaning the S Corp is saving us 15.3% of $20,000 which is $3,060. The lower a salary in an S Corp the more you save on taxes, but you must pay yourself what the IRS calls a “reasonable salary” based on what someone in your industry in your geographic market would make which is difficult for entertainers to estimate. You can also assess all the mini hats you wear in your business.

I don’t encourage people to file S Corps on their own, I always want people to know the options available to them to know if they are ready right now or have it in their mind for if and when they are ready and will consult a professional (I can help you). Typically I tell people you want your net income after salary to be at least $20,000 and you probably aren’t going to be really ready until you’re profiting at least $60,000 because we typically aren’t paying a salary less than $40,000.

To learn more about LLCs, S Corps, DBAs, etc. snag a copy of my book.

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𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘
📷 Instagram: https://www.instagram.com/dragtax
🐦 Twitter: https://twitter.com/dragtax
🤳🏻 TikTok: https://www.tiktok.com/@dragtax
🖥 Website: https://www.dragtax.com
📧 E-mail: braden@dragtax.com
___________________________________________
𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦
THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

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On this episode of the podcast, I interview JuiceBoxx from Season 1 of Canada’s Drag Race about her income, her expenses, and how she became a full time drag queen and entertainer.

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🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

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Kicking off the episode, I ask Juice a lightning round of get-to-know-you questions including favorite season, favorite lip sync song, and what performance she would choose for me if I were on Drag Race.

If you missed my intro episode, my interview with Mayhem, or my interview with Bombae, take a pause and go back and watch those.

When Juice started drag, she viewed it as more money for food and alcohol. It wasn't until about four years into it where she realized this could be a real career opportunity for her and she got sober and started putting more into her drag career.

Before drag, Juice worked in film and TV and then worked at MAC as a makeup artist. Her time at MAC helped set the base for her drag makeup skills. Juice was making a fair amount of money with full-time drag and MAC, but also knew he always had his husband, Mr. Boxx, to fall back on if something went wrong.

Juice went into drag full time about three to four years. She was having a difficult time with her manager at MAC and instead of addressing the problem MAC moved her to a store far away and Mr. Boxx came home one day and said they could afford for Juice to quit MAC and do drag full time, a scary move for Juice since drag bookings can be unpredictable.

The drag standard for Toronto is $100 (Canadian Dollars) plus tips, maybe $150 on a Saturday night and could be $750 to $1,000 for brand deals around pride. Unlike in the US, Canada’s paper money starts at $5 so you aren’t grabbing as much in tips but when you are, it’s starting at $5. Drag Race stars tend to get paid more money and get more tips due to name recognition (which is why you should always tip all the queens at your show).

On average, depending on the bar and how many songs you perform, Juice would expect $300 - $1,000 when starting. Juice was booked a minimum one, maximum seven nights a week. The expected monthly income for Juice varied. If you’re in a big city with the luxury of multiple places to perform, it is possible to make $5,000 a month.

As a new drag performer, with the increasingly popularity of drag it is possible to still grow a successful business if you network, hustle and are kind.

In addition to drag, Juice uses streaming platform Twitch to also make income. She’ll play games or just sit on there and talk, sometimes she’ll be sponsored by a brand and sometimes the income will come from subscribers who pay to interact with Juice and play games with her on the platform.

When it comes to Canadian taxes, Juice has a tax account and she gets a check with an invoice from her management which says how much they charged her tax (her HSD number) and then she takes that money and puts it in her tax account and it builds up over the year and then pays her taxes. Last year, Juice would’ve owed $8,000 but because she wrote off her PC and games for Twitch and outfits she had made and her home office/studio so she only had to pay $3,000 in taxes.

In 2020 Juice and her husband bought a house so proof of income for Juice was harder due to COVID and fluctuation of show schedules. If you don’t have a spouse and drag is your full time gig, in the US they’re going to look at your Schedule C that has all your business income to determine if you can get a mortgage or apartment.

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CONNECT WITH ME

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

On this episode of the podcast I dive into lesson 3 of my multi-part series where I share tax basics and legal fundamentals. Today's episode covers quarterly taxes and how to know when you are responsible for paying them.

_____________________________________________

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

If you missed my intro episode, Part 1, or Part 2 of the series, take a pause and go back and watch those as all these episodes build on each other.

Quarterly taxes, also known as estimated taxes, is the concept we should be paying taxes throughout the year instead of waiting until tax day to pay a lump sum. The government wants its money and it doesn't want to wait, especially due to the time value of money and inflation.

If you don't pay quarterly, you will owe penalties and interest. The rule says you ✅ must pay quarterly taxes if you expect to owe at least $1,000 in taxes and ✅ you expect your withholding and refundable credits to be less than the smaller of 90% of the tax owed or 100% of the prior year tax.

To see a visual breakdown of an example, check out my YouTube channel. In our example, our taxpayer owed $9,000 in taxes for the prior year. This person has a fulltime job where they make $60,000 a year and taxes are withheld automatically from your paycheck at a rate of 20% which comes to $12,000 in withholdings. On top of the job, they have a freelance income of $50,000 with no cost of goods so gross profit is $50,000. With expenses of $20,000, that comes to a profit of $30,000.

With $60,000 employment income and business profit of $30,000 is a $90,000 total income. In our previous video we talked about our standard deduction, other tax benefits, etc. For this example, assume they have an effective tax rate of 15%. 15% of $90,000 is $13,500 (this is over $1,000 so ✅). Is the withholding to be less than then smaller of 90% of the tax owed or 100% of the prior year tax. 100% of the prior year tax was $9,000 and 90% of the tax owed ($13,500) is $12,150 ($12,000 withholdings < $12,150 so we are not required to pay quarterly taxes.

My general rule of thumb is if you expect to have a profit in your freelance or busines income then you should pay quarterly taxes. The reason I give this rule is because I see people get in trouble not paying quarterly taxes and they get into an Oh Shit cycle of back taxes trying to make money to pay the back taxes and save for current taxes.

Failure to pay taxes leads to penalties, which you can learn more about in my book.

An example of failure to pay is if you have $100,000 and a 20% tax rate, she should pay $5,000 per quarterly estimated payment. Assuming none of these quarterly payments were made but were made as a lump sum on tax day April 15, her first quarter payment is a year late, the second payment 10 months late, third payment 7 months late and fourth payment is 3 months late. The penalty is .05% per month. This brings this total penalty (in a very simplified calculation) to $800.

Get access to my Quarterly Estimated Tax Calculator with my Drag Tax Basics Course or with a copy of my book. My course includes a free 15 minute 1:1 call with me to go through the quarterly tax estimation guide together.

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𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

Bombae spills the tea to Braden about Canada's Drag Race Season 3, the inspiration behind the Butter Chicken palette, and what to expect from her booth at DragCon.

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 OUR GUEST

📷 Instagram: https://www.instagram.com/bom.bae/

🐦 Twitter: https://twitter.com/itsbombae

🤳🏻 TikTok: https://www.tiktok.com/@bom.bae

🖥 Website: https://www.dragtax.com

📧 Email im.bombae@gmail.com

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

On this episode of the podcast I dive into lesson 2 of my 12 part series of tax basics and legal fundamentals for the self-employed. We'll discuss your business profit and seeing how it works with all of the other elements of our income and expenses to calculate how much we owe in taxes.

If you missed my intro episode or Part 1 of the series, take a pause and go back and watch those.

Get access to the Drag Basics Course for just $60 here.

Order a copy of my book, Unfck Your Biz, here.*

Overview:

Net business income + All Other Income = Total Income for tax purposes

Total income - Adjustments = Adjusted Gross Income

Adjusted Gross Income - Standard Itemized Deduction = Taxable Income (this is what we calculate our taxes based on)

It's important to note that Owner Profit is the same as Net Business Income. In addition to Net Business Income, other income sources such as rental properties or spousal income al contribute to household income.

For example, if you have a W2 job and a freelance/1099 job, you may have multiple income sources counting toward your total income.

Let's assume we have exactly $100,000 in business income. Let's say you do a consultation with me and we find $10,000 in expenses you should be deducting. That brings total income down to $90,000.

Assume your tax bracket is 20%. 20% of $90,000 is $18,000, meaning the $10,000 you spent in expenses results in $2,000 in tax deductions. A deduction does not equate to a dollar for dollar reduction in taxes.

Adjustments = Personal Deductions (Part 2 on your tax form) You would subtract your adjustments from your total income. Your Adjusted Gross Income is typically the number that qualifies you for certain things i.e a mortgage or financial assistance from the government. $90,000 - $1,000 in AGI = $80,000

Take your AGI and subtract the Standard Deduction (or Itemized Deduction). This amount can increase year by year due to inflation. For example, last year for single individual it was $12,200. $80,000 - $12,200 = $67,800

On the Schedule A form we also look at Itemized Deductions, this includes things like Medical Expenses, Gifts to Charity, Taxes You've Paid, etc. These are like expenses, but the IRS makes them different. You can add all of them up but the catch is you only get to take the Standard Deduction or the Itemized Deduction. Typically people are only itemizing if they own a home and have a large mortgage, otherwise the Standard Deduction is usually more beneficial.

Once we have our taxable income, it's calculated based on the IRS tax brackets. Your tax bracket, and therefore your tax rate, is based on your taxable income, not total income. You pay tax percentage based on the bracket you're in at any given time. Once your taxable income goes up to the next bracket, then you start paying that tax percentage on that income, moving up level by level and paying each percentage just on the income in that bracket.

Marginal Tax Rate = Tax Bracket

Effective Tax Rate = Amount You Actually Pay

Once we have taxable income and calculate our income tax, then we have tax credits which is a dollar for dollar reduction in your taxes. Different from deductions, tax credits are for different scenarios, such as having children.

In addition to our Federal Income tax, we also have our Self Employment Tax which is 15.3% and covers our share of Medicare and Social Security up to certain income thresholds and then it drops to 2.9% tax that is the portion for Medicare.

We also need to consider State Income Tax (unless you are in a no income tax state).

Book a consultation with me here to discuss your taxes, bookkeeping, and more.

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

On this episode of the podcast I talk with attorney Leeja Miller about the Drag Race contract. Leeja owns two YouTube channels, one where she gives a legal perspective on current events, and one where she does Drag Race reactions. Part-time, Leeja does family and divorce law.

Leeja created a reaction video to Bussy Queen's video exposing the RuPaul's Drag Race contract where she reacted live as she watched it the first time, commenting on provisions in the contract such as Drag Race owning and being able to use any clip they filmed, forever.

Section 1, Development Production of Operations, talks about the five exclusive, irrevocable options to bring people on to additional cycles like All Stars. Leeja discusses the implications of this on both ends, for example if Trixie turns down All Stars because she's too busy, how does it make Drag Race look to sue her for breach of contract? I call these Heads Up provisions in contracts when the reality is you won't enforce it but you're telling the person signing it that you really want them to agree with this. From a business standpoint, upholding every aspect of a contract is not always sustainable so some clauses need to be taken with a grain of salt.

The contract also dives into copyright in regards to what you create on the show and with what you have created before the show. Leeja has previously done intellectual property work, and describes a trademark as something that a business is going to use and put on a product that identifies the source of that product. Copyrights are creative works meant to protect the creator or author. Trademarks need to be registered, copyrights are created when you make something.

Copyrights come with a bundle of rights - the right to reproduce the work, the right to display/perform the work, the right to distribute the work, and creative derivative work. For example, if you take your RuPaul's Drag Race audition tape and put it on YouTube, that could count as a derivative work.

Reviewing the exclusivity period, the talent gives producers and all media exclusivity through 12 months after the initial airdate of the last episode. The contract also requires participation at DragCon.

The contract also dives into management options stating, "I hereby grant the producer the exclusive option to serve as my exclusive manager pursuant to an agreement to be negotiated in good faith between producer and me in accordance with industry standard." This can be interpreted in different ways, possibly meaning that the company has to be your manager and if you don't like the terms then you will not have a manager.

The contract discusses granting your likeness, which brings Leeja and I to a conversation about the Vanna White case from the 90s where Samsung created a TV commercial to sell VCRs using Vanna White's likeness as a robot without her consent. This would expand to anything RuPaul wants to sell with the queens' likenesses on merch or apps and can include any phrases, ideas, or catchphrases that they create during the show belongs to the show.

Confidentiality is an important part of the contract, with a non-disclosure agreement stating you will not share information including the premise and title of the show. When a contract has been breached, the assumption is that the other party will sue them in court. Unconscionability becomes a defense for the breaching party to use in court to say "yes, maybe I did breach the terms of this contract, however the contract itself or the wording itself is unconscionable and here's why."

Generally, when hired to draft contracts, attorneys will throw a lot to the wall like in the case of this contract, not always with malintent.

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𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 OUR GUEST

📷 Instagram: https://www.instagram.com/leejamiller/

🎥 YouTube: https://www.youtube.com/c/LeejaMiller

🎥 YouTube: https://www.youtube.com/channel/UCGIcFC4kFsD-htoVc7SFxzA

🐦 Twitter: https://twitter.com/leejamiller

🤳🏻 TikTok: https://www.tiktok.com/@leejathelawyer

🖥 Website: https://www.leejamiller.com/

📧 E-mail: hello@leejamiller.com

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

On this episode of Drag Tax, we're calculating net business income. I'll be walking you through how the US calculates our income tax. You'll get a general understanding of how our taxes work and operate.

If you ever win a cash prize in a drag competition, you'll understand how that impacts your taxable income. Understanding taxes also helps you know how much you need to allocate for taxes from the money you make in tips or from gigs. This helps you know how much you'll need to save and owe at tax time so you aren't falling behind on your taxes.

To get started, we're starting with tax forms. I like to think about tax forms like Russian stacking dolls. The main form on your taxes is like the cover page of a binder. Inside the binder if a bunch of forms. If you have simple taxes with no income, you technically wouldn't even need to file a return, but if you wanted to, i.e. to get a credit or refund if you're owed one, you'd fill out your basic name, address, social security information and a few questions and that's it. Only the first page in your binder is filled out.

If you have more information, you'll fill out a form 1040 that will reference additional forms. If you have drag income, that's self-employment income and we will take tax deductions and start to build a history of self-employment income so you can take the Schedule C form you will get as a reference for income if you need it to rent an apartment or buy a house in the future.

Line 7A of form 1040 shows your income. You won't see a line for freelancer income, you'll see 7A which asks for Other Income and directs you to Schedule 1. On line 3 of Schedule 1 it asks for business income. In order to figure out your business income you need to go to your Schedule C. The Schedule C also has a section for expenses that you will deduct from your income. Once you fill out your whole Schedule C you'll get your total amount of business profit that you have and then that number will get carried back to your Schedule 1. You'll fill our the rest of the Schedule 1 with additional info such as other sources of income, adjustments, deductions, etc. Once you get these total from those lines, you'll put those totals back on the form 1040 which will then have your entire tax picture on it.

A question I get a lot is, but Braden, do I actually have a business? The answer is probably yes, and it all comes down to if you intend to make a profit. For example, if you're getting into drag, going out and buying makeup and watching YouTube tutorials, if you aren't booking gigs and bringing in money from drag, it's not yet a business so the makeup and supplies are not tax deductible.

But what does having a business really mean? The downside is it means we might owe more in taxes. The US charges income and self-employment taxes. We pay income taxes based on our tax bracket, and everyone who has self-employment taxes through earned income, you pay additional taxes on that to pay your share of Medicare and social security. The upside is a business can show a loss, so if you're starting out and not making a profit yet, that's okay. We can't all expect to be profitable in our first year, especially as a micro business.

If you don't have pay stubs from a job, you'll need your Schedule C as proof of income when needed. If you want drag to become your full-time job and fund your lifestyle, it's important to get a legitimate business now and set yourself up well to grow.

It's important to note that there are two types of tax forms - there are informational tax forms and then the forms that go on your tax return. As previously mentioned, there's the 1040, Schedule 1, and Schedule C that all go in your metaphorical tax binder. Informational forms are given to you in order to help you complete your tax form, like a 1099. If someone pays you over $600 they legally need to give you a 1099 tax form that gets filed with the IRS that says you were paid $600 or more so the IRS can expect for that money to be reported. The business that pays you reports it as an expense and you report it as income. These forms are sent out in January.

Click here to learn more about 1099s.

The first step in calculating our tax liability (the amount we're going to file in taxes) is finding our business income. We want to look at a profit & loss statement. This statement is internal, you never send it to the IRS, it just helps you track your income and expenses. We have revenue at the top, then cost of goods, then gross profit.

Revenue is all the money we bring into the business. Cost of Goods is the amount of money that goes into physical products you're selling, for example the amount of money you spend on creating merchandise. If you spend $2,000 on merchandise cost of goods and sell it for $5,000 you have $3,000 in gross profit. Then when you add in business expenses, for example travel costs to Drag Con, those will be deducted from your profit. You only pay taxes on your profit.

If you have multiple revenue streams in your business, for example think of Trixie Mattel and all the different avenues she has like her tours, bar, motel, music, and makeup company. Trixie could have businesses for each, or she could have all different revenue streams under her one business. You can have different revenue sources come into your one business bank account and this will all be added to the top revenue line of your profit & loss statement. Whether you should separate those into different businesses is more a legal question that I will cover in a future episode.

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

On this episode of the podcast, I interview RuPaul's Drag Race Season 10 and All Stars 5 contestant, Mayhem Miller, but you can call her May.

Kicking off the episode, I ask May a lightning round of get to know you questions including favorite Drag Race season and favorite lip sync song.

Mayhem celebrates her drag birthday on May 10th and celebrated her 20th birthday this year. Mayhem discovered drag through movies and experienced it first hand as an adult at a club in Riverside, CA. She has a theater and performance background. Mayhem's first time in drag she was asked why she wasn't on the stage performing, leading to the start of her career.

Starting out, Mayhem was working a 9 to 5 job and doing drag at night and on the weekends for the first three years of her career. Eventually she had to make a choice because both were not sustainable timewise. She was doing about one show a week and then networking in drag at clubs several other nights a week and, in-between that a full time work, putting together outfits and looks. Leaving her 9 to 5 was a huge leap of faith. Now, when speaking with queens starting out, Mayhem always recommends having a security blanket. Don't think you can automatically turn drag into a huge career so if you have a financially secure job, keep it while you build your drag career.

And also keep your receipts. Mayhem shares she was (and still isn't always) good about keeping her receipts for every expense from outfits to wigs to makeup. When Mayhem started RuPaul's Drag Race she received some not great business advice from someone she couldn't trust, gave too much access to her business, and has since dissolved the business to restart it.

Starting out, and even now, Mayhem operates under the "cheap is good," route for drag performers. It's not about the product, it's about how you use it, especially when you're going through it so quickly as a performer. She also receives a lot of gratis products. As her business continues to grow, Mayhem has been filing taxes and shares her experience working with accountants, asking how she should be filing her taxes, a topic I dive into deeper in episode three of the podcast.

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 OUR GUEST

📷 Instagram: https://www.instagram.com/theonlymayhem

🐦 Twitter: https://twitter.com/theonlymayhem

🤳🏻 TikTok: https://www.tiktok.com/@theonlymayhem

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com

___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

THIS IS NOT LEGAL ADVICE - Everything contained on this channel is meant solely for entertainment and informational purposes. Nothing herein should be considered legal advice nor does anything on this channel create an attorney-client relationship of any sort. Please seek guidance from a licensed attorney before making any legal decision.

COPYRIGHT - Any use of copyrighted content on this channel constitutes fair use pursuant to 17 U.S. Code § 107 as it is utilized for the purpose of criticism, comment, or news reporting allowed under that statute. See, e.g., Monster Communications, Inc. v. Turner Broadcasting Sys. Inc., 935 F.Supp. 490 (S.D. N.Y., 1996); SOFA Entertainment, Inc. v. Dodger Productions, Inc., No. 2:08-cv-02616 (9th Cir. Mar. 11, 2013); Equals Three, LLC v. Jukin Media, Inc., 14-09041 (C.D. Cal. Oct. 13, 2015).

AFFILIATE LINKS - This description may include affiliate links that allow me to make a small profit (at no extra cost to you!) on purchases made through them. I only include links to products I genuinely recommend.

View Details

🤓 Get a free copy of my bookkeeping template

📘 Grab a copy of the book

_____________________________________________

On this episode, I'm introducing you to the BOD podcast and kicking off our 12 part intro series.

Throughout this podcast I'll be teaching you the tax and busines fundamentals I think we should all learn when we become entrepreneurs. Whether you consider yourself an entrepreneur or not, you are. If you're a freelancer or self-employed person the IRS treats you like a business owner so you should also treat yourself as such.

In this 12-part podcast series, I'm walking you through the framework I teach in my book, Unfck Your Biz.* After law school, I passed the bar exam and got my Masters degree in tax law, making me a tax attorney. In my other business, I run a membership with 150+ members and counting teaching service-based business owners the tax and legal sides of their business.

Listen to the audio version of the podcast or watch the video of each episode on the Drag Tax YouTube channel. Business of Drag will feature three types of episodes - 1) interviews with drag queens and kings about their business, how they got started and how they make money, 2) interviews with other experts to help drag talent including other attorneys with different expertise, agents, PR, talent managers, etc. and 3) solo shows with practical, actionable advice.

Our first four episodes will be on United States taxes, the next three episodes will cover business entities and structures specific to drag professionals, then we'll dive into back taxes which are common for so many, we'll go through the business blueprint to turn your side hustle into a legally registered business, we'll discuss the client to piggybank pipeline which is how to manage finances and cash flow, and then the final episode will cover bookkeeping including the bookkeeping template to help you keep track of all your expenses.

_____________________________________________

𝗖𝗢𝗡𝗡𝗘𝗖𝗧 𝗪𝗜𝗧𝗛 𝗠𝗘

📷 Instagram: https://www.instagram.com/dragtax

🐦 Twitter: https://twitter.com/dragtax

🤳🏻 TikTok: https://www.tiktok.com/@dragtax

🖥 Website: https://www.dragtax.com

📧 E-mail: braden@dragtax.com ___________________________________________

𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦

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