48 minutes | Jan 7th 2021

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

Follow Evolved Finance on Instagram

Like Evolved Finance on Facebook

Play
Like
Play Next
Mark Played