BUSINESS BUDGET | How I Track INCOME, EXPENSES & TAXES | Self Employed Budget | Sara Marie Stickers
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- Опубліковано 18 чер 2024
- Hi guys and welcome back to my channel.
In this video I set up my business budget for August using my NEW business budget sticker kit! Hope you enjoy!
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Items Mentioned in this video:
Erin Condren Monthly Planner - shrsl.com/2ciub
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What a great biz kit! This is great for planning a small biz budget accordingly. Other things I like to keep in mind for my biz budget include how I will operate my biz during slow months and/or vacation months.
Can you post more business related topics like break downs please new to owning a business and you really seem to know the ins and outs
That's pretty and simple. I love it.
I love this. Perfect for my OCD and anxiety. I’m paper to pen girl too.
Wish you delivered to the UK x
I love this! What size is the notebooks you use?
Thanks for the video!Do you set aside for self-employment?
Would be able to list down expenses needed for someone wanting to save money, to start a business. GoDaddy, Etsy, po box, etc.
... then do a mock expense/revenue to show what processes need to be done. To do it correctly. ❣️
Do you need a business license to do the above things?
LOVE THE BUSINESS KIT, when will it be available on the shop?
Tonight at 5 pm central time
Sara Marie ok great I’m in est. I will look for it now 😊
Would you possibly make these kits for previous months? I had used your regular budget kits but these make so much more sense and I’d like to redo past months so that they all match and it makes for easy reference...
Reach out to me on Etsy in a week or so and I can try to put together a custom order for you!
Sara Marie thank you so much!
What pen are you using?
Where are you tracking your mileage because you can also deduct that from your taxes?
I don’t! I honestly don’t have to travel anywhere for my business. We walk to the post office to drop off packages and it’s only a few blocks from our house!
Don't you have to pay local income taxes? I put away money for federal, state, and local income taxes. Just mentioning it because I thought most locations have local taxes too.
We don’t have to pay local taxes. We currently pay federal and state for my business.
Is it "taxes withheld" still? I'm not sure about how you are paid, but most businesses don't have taxes "withheld" from their pay; thus why businesses have to calculate and make tax payments themselves. I would label it as "taxes paid" instead of taxes withheld but that's just my opinion.
I’m marking it as withheld because I’m withholding it. As I mentioned in the video, I made this primarily for the way I personally budget for my business and how I think of it but I understand that may not be for everyone.
I think people should label however it makes the most sense for themselves.
@@SaraMarie gotcha! It makes sense now. It jumped out to me because usually I see it labeled as "taxes paid" when I'm doing bookkeeping entries. But yeah, I can see how it makes sense to label it that way since you're withholding it from your income. And I completely agree, do what makes sense to you. I hope my comment didn't come off as me "correcting" you. That wasn't my intention at all. I just didn't know if I was missing something with the way UA-cam and etsy pay. I was under the impression that they reported your earnings with a 1099 without withholdings. Seeing that on your sticker made me wonder if they actually did withhold taxes and gave you a w2 at the end of the year.
Money and Plans no worries! Glad you understand now! All my income is reported using 1099’s so you’re correct, I don’t actually have money withheld prior to getting paid. But I’m personally withholding the money and putting it in a separate account. I didn’t label it as paid because I don’t pay taxes monthly, its quarterly. The tracker on the opposite side will keep track of what has been “withheld” and what had been paid. Hopefully that makes sense!