Thank you for sharing this valuable lesson with us. I’ve recently opened an LLC accounting firm in New Jersey as a side business. I have over 10 years of experience as an accountant for corporate companies. My question is that I’m not sure where to start with running this business. How can I learn about paying taxes or handling documentation, since in my current role in managerial accounting, I don’t deal with these tasks?
That's a great question - if you don't have any specific accounting software, like QuickBooks Self Employed, I would either download a mile-tracking app or keep an old fashioned notepad in the car!
Love your videos! I would love to purchase generic printables of the sheets you use for your husband’s business. Do you have them available anywhere? And thank you so much for your easy to understand information. 9:11
You're welcome! It would depend on the complexity of their business and how many accounts they have to manage. But probably somewhere between $150-250/month.
This is a really great question - for a SUPER basic company, no. I don't find for there to be any reason at all to make it more complicated than it needs to be. However if a small business has plans of growing to the point of needing employees or applying for loans, THEN things may need to be more robust in terms of monthly bookkeeping systems.
That's a great question! It's hard to get an individualized list without knowing the in's and out's of the specific business. But I always reference the IRS tax website to find all the _possible_ deductions. But be warned, there are a lot, and they can be confusing as to whether they might apply or not; that's why a bookkeeping can be so helpful. Here's the link to the IRS site: www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
It's OK to use your personal funds to pay for business expenses as long as you keep track of it and the business can reimburse you at the end of the year. However, it's a no-no to use business funds to pay for personal expenses. So, you should not be worried.
I am in a very different situation then probably 99% of you. I am First Nations selling First Nations products to First Nations people. For example blankets. Beadwork, jewelry etc. as a First Nations member in Canada selling to First Nations people in Canada we are all tax exempt which means I don’t charge Gst or pst to any of my customers. Because I don’t pay tax I can not write off anything in my business period. Now what I want to know is when filing my taxes at the end of the year what income do I report to the government? Taxable income only? I don’t know. If so then that would be $0.
Perfect and so simple! Thank You so much for the info
Thank you for putting your journey for us to learn !
My pleasure! I'm so happy it's beneficial to you and others :)
Thank you for sharing your time and tips! Greatly appreciated!!
No problem at all!
Awesome I came here because I wanted to also include tithe. Thank you
Tithe. LOL That is soo cool hearing from another country. I feel like you're my sister.
thanks it is the best informative vid for bookkeepers kep it it up plz ❤
Hi thank you for information ❤ i have a question for you how you can calculate taxes i mean can you show us the form?
Learned a lot from watching your vid! Great content!
Awesome, thank you so much!
Thank you for sharing this valuable lesson with us. I’ve recently opened an LLC accounting firm in New Jersey as a side business. I have over 10 years of experience as an accountant for corporate companies. My question is that I’m not sure where to start with running this business. How can I learn about paying taxes or handling documentation, since in my current role in managerial accounting, I don’t deal with these tasks?
I really appreciate this, literally absorbing everything. I'm a Subbie ;)
Brilliant hun love this
Thank you! I'm glad it was helpful :)
Thank you loved the video,
How do keep track of the miles for each day ?
That's a great question - if you don't have any specific accounting software, like QuickBooks Self Employed, I would either download a mile-tracking app or keep an old fashioned notepad in the car!
Thanks for the information 👍 😀 great job 👏
hi :) what does tax savings refer to?
always deposit checks separately. makes it easier.
Love your videos! I would love to purchase generic printables of the sheets you use for your husband’s business. Do you have them available anywhere? And thank you so much for your easy to understand information. 9:11
Thank you for your share^^~~
Hi! How do you calculate the taxes each month that should go into the savings account?
I take the income made, subtract the expenses for that month, and then take 25% of that amount and set it aside for tax savings. Hope that helps!
Thanks for the great info. How much would you charge someone to do this type of monthly work?
You're welcome! It would depend on the complexity of their business and how many accounts they have to manage. But probably somewhere between $150-250/month.
How do you know how much to take out for tax?
Do you have those sheets available
docs.google.com/document/d/1_c1DqSbZg4awK_DtXkojHXzCVT-ysxwAFU0JFRG7DHQ/edit?usp=sharing See if that links helps :)
How do you recommend starting a small business DBA or LLC ? (Mobile heavy duty repair)
Is there no need for you to make journal entries nor a general ledger?
This is a really great question - for a SUPER basic company, no. I don't find for there to be any reason at all to make it more complicated than it needs to be. However if a small business has plans of growing to the point of needing employees or applying for loans, THEN things may need to be more robust in terms of monthly bookkeeping systems.
Where can we get lists of best expenses for each niche?
That's a great question! It's hard to get an individualized list without knowing the in's and out's of the specific business. But I always reference the IRS tax website to find all the _possible_ deductions. But be warned, there are a lot, and they can be confusing as to whether they might apply or not; that's why a bookkeeping can be so helpful. Here's the link to the IRS site: www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
I'm a general contractor and use my personal account to buy tools materials and fill up the gas tank should I be worried?
From what Ive heard, as long as you keep scrupulous track of it all, you should do ok. When in doubt, write that sucker down!
It's OK to use your personal funds to pay for business expenses as long as you keep track of it and the business can reimburse you at the end of the year. However, it's a no-no to use business funds to pay for personal expenses. So, you should not be worried.
What about wages.?
Where are you from..?
I am in a very different situation then probably 99% of you. I am First Nations selling First Nations products to First Nations people. For example blankets. Beadwork, jewelry etc. as a First Nations member in Canada selling to First Nations people in Canada we are all tax exempt which means I don’t charge Gst or pst to any of my customers. Because I don’t pay tax I can not write off anything in my business period. Now what I want to know is when filing my taxes at the end of the year what income do I report to the government? Taxable income only? I don’t know. If so then that would be $0.
Enjoy your video, but please work on your sound