130 - Your tax write-off and bookkeeping questions answered
On this episode, my guest Parker Stevenson takes a crack at answering 12 different tax and bookkeeping questions from fellow creatives in the Braden's Besties Facebook Group.
This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.
1. First year of business and have a profit loss. How much can I report as a loss? Will I get audited? Is there a limit?
Hire an accountant! An accountant will help you to write-off as many expenses as you can while still being profitable. "It's okay for me to pay taxes because that means I have a profitable business."
2. As a small business owner, (two-person LLC), can I deduct the cost of my vehicle on my taxes?
starting a business as a live wedding artist, travelling for weddings 30 weekends out of year, can I claim my spare car and its maintenence for my business? i only drive it for my weddings. (Shanna NiCole Britt)
As a nutritionist I recommend supplements & clients want to purchase from me: I'm wondering how whole sale works? If I want to purchase & keep stock of certain products in my office & resell them, what do I need to do so I don't f*ck my biz & taxes? (EM Luisi)
Can I deduct the cost of a business coach on my taxes for my business? (Kimberly Carman 7-28-2020)
what is the write off most creatives miss or don't take advantage of. (Bluebell Florals 1-14-2020). What am I not writing off that I should be? (Danielle Bacon)
What’s the most common thing people try to write off on their taxes as creative businesses that is NOT allowed? (Savannah Grace 2-20-2020)
Best systems/programs for bookkeeping - currently using a mix of Quickbooks and Google Sheets, and it's not pretty
Easiest way to keep it all organized throughout the year? (Kayla Lauriano)
Really -- how thorough do my receipts and records need to be for taxes as a first year business owner? (Victoria Newborn 2-20-2020)
First thing a small business should do for taxes, on a very limited budget? (Francisca Li 10/28)
better to bookkeep inhouse or outsource? (Samantha Bradshaw 2-20-2020)
Get in touch with our guest
Parker Stevenson, Co-Owner and Chief Business Officer of Evolved Finance
Check out Evolved Finance's website
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