I paused the video to download the template and before I opened the link I was JUST thinking that I wanted to take a course that could teach me in depth small business accounting and taxes. And then I saw your course! I'm not yet ready to sign up(I don't actually have a business yet but am researching to create my business plan) but I will definitely sign up for this course once I'm further along. I've saved this video. Thank you so much!!
Hi Sarah! Thank YOU - so happy to help - I saw your other comment. Did you figure it out? TurboTAx shouldn't show a federal return estimator because it's incredibly deceiving... you can't calculate taxes until you are complete, so it's just a matter of it calculating
Thank you Amanda. Yes, I have entered all my expenses (all except inventory to still do). It is just odd, that expense after expense after expense.. my refund amount gets increasingly much lower. I understand that estimator can be deceiving, thanks for clarifying that part. I was trying to make sure I entered all my expenses as I thought 'deduction' & 'beneficial', but it's not working in that favor. EEK! I'll be finishing my taxes this weekend (I'm a great procrastinator) so I'll see!
Sarah - it sounds like you must have an amount DUE! Not a refund. This would be more common when you are self-employed. For inventory - as long as you have a small business (there are exceptions for 1mill and 10 mill in sales income), then you can simply enter all of your purchases under "SUPPLIES" - you do NOT need to update the Cost of Goods Sold (COGS) section for inventory. In reality, this section can only be used if you used accrual accounting method and most self-employed people do NOT use this method as you would normally need to hire an accountant to use it. Enter costs of inventory under SUPPLIES and be done! I understand - I'm stilling doing other people's taxes, I'll get to mine this weekend too :)
Ok they are all different 1 . LLC - clean out foreclosure, junk removal 2. Scentsy sale consultant 3. Mobile notary/signing agent So- just add expenses for each ????
Thank you so much for putting these videos together! Super helpful! Question: as a solid wood furniture maker, can I deduct wood and material costs like nails, screws and sandpaper under supplies?
You are so welcome! thank you for letting me know! The short answer is YES - you can always deduct all business cost that have no personal nature. Important to note that the general rule is the costs should be deducted under "Cost of goods sold" (COGS). However, there are exceptions for small businesses so as long as you aren't grossing more than 1 million per year (oversimplified) then YES, you can just enter under the costs under supplies. Check out this short video: ua-cam.com/video/LQmlucwm5Sg/v-deo.html ▼
Great video. My wife and I started an aerial photography business using commercial drones in November of 2019. Can we still write off 100% of the business expenses even if we started in November? Also, if we can write off these expenses then I’m lost as to where to put certain expenses such as the class and training expenses that it took to get my FAA certification, the expense of the certification exam itself, the expense of the commercial drones and other training expenses related to drone pilot flying and editing of drone footage. I’m feeling a little lost here. Thanks for your time.
You write off 2019 expenses in 2019, unless they were startup costs. Then you have to decide when your business OPENED (which means that you were soliciting payments from customers). When (and if) the business OPENS is when you can start deducting startup expenses (according to the rules). Maybe I'll do a video on this today -- be sure to subscribe to be notified. Also, you will find it helpful to get my free spreadsheet and do the free training that goes with it! www.amandarussell.mba/getthebusinessspreadsheet
I am planning a trip this month to South America but still in the stage of starting a business; however, I want to see first hand what my competition is. As one owner, do you suggest an LLC? Thanks, now I have to continue watching your videos.
Hi - it's me again - I wrote the question on the other video - If I am an artist-creator on Patreon - Can I (or should I) collect business deduction receipts for reducing the amount of taxes I must pay come tax-report-time.
For example if someone has a home base business selling clothes and they are sue to pay personal property taxes what would they need to provide to their local state agency . I hope that makes sense
Thanks so much for your wonderful clearly explained tutorial. Where can I view the free expense tracking spreadsheet you mentioned in the video. Thanks again!
Will it matter if my tax state is lets say Pennsylvania but i travel all over the united states to do concert shows for a couple months at a time. Is there something i have to do something special for?
Yes, each state you work in has their own rules. All income is reported in your home state, but each state has their own rules and you are required to file in other states, if you reach their income threshold. Your home state will give you credit for taxes paid to another state. If you are lower income, you can generally overlook this without a problem, but as you earn more - know that this applies and you need to track where you earn the money and file as appropriate
I have a question, I have a small daycare that is registered and licensed from my home, I wanted to try my own taxes. My accountant uses a time/space calculation since my house is used for the business. but 2 years ago I started another part time business on the weekends (sewing) from my home . can I use the time/space for the room where I work on these things or is that double dipping
Is it too late to claim expenses if my LLC started this year? If I were to buy things now would I have to wait until next year? I still don't have my W2
If you have a W-2, do you mean your LLC is an S-corp? As a "cash method" taxpayer (which all individuals are), income and expenses are always reported in the year they are received and/or spent. 2018 expenses go on the 2018 return, which is due April 15, 2019. 2019 expenses go on 2019, which is filed by April 15, 2010. If your LLC elected to be taxed as an S-corp and that's why you pay yourself with a W-2 -- you loose ALL these self-employed deductions. Don't form an s-corp unless you use pros.
Hi Amanda, I got a quick question. I sell on Amazon, and I have to buy products to resell them which is one of my biggest expense. So, products I buy the cost of product does it goes user supplies categories or a different categories?
The general rule is no, because the cost is "Cost of goods sold" (COGS). However, there are exceptions for small businesses so that YES, you can just enter under supplies. Check out this short video: ua-cam.com/video/LQmlucwm5Sg/v-deo.html
Does a person that I'll call "Person A" who is registered as a "Sole Proprietorship" have to identify on tax returns the name of "Person B" who is a private individual non business entity (in essence a customer/buyer) who purchases $5k worth of product from "Person A?" Or is it legally correct for "Person A" to simply list the Sales Revenue received from "Person B" & not identify "Person B" on tax returns? Let's say the Product is "Pottery." Thanks in advance for your response.
You do not report customers on tax returns. If requested in an audit, this detail is required. If a company issues you a form 1099, you should report it. However, it is not your job to report it if they do not give you a form...
Hi, thanks for this information video. I had one question when it comes to meal expenses. I work as a independent contractor care-giver/habilitation technician. I spend a good portion of income on meals for my client. Is it correct to put that as a meal expense on taxes?
I’m starting to get serious about being a youtuber and I’m seeing that it can get expensive with the lights and all that. How can I write that off? Will I also need a business license to do so?
You just enter it under "business expense" topics like I showed in this video - "supplies" or "office expense" category would probably make the most sense (but like I explained don't worry too much about categories), or fixed assets if you spend a lot on them. You can download my free spreadsheet to keep track of all your income and expenses... As for a business license, you need to follow the rules in your state....we walk through this in my course which is starting again soon! check it out www.amandarussell.mba/smallbizmbanew
Hey just signed up for the spreadsheet. I see this, "UPDATE PENDING *** It Will Take Less Than 48 Hours For Email Notice To Be Back Up And Running ***" Is this sorted? I don't see the spreadsheet in my inbox or spam :/
YES! We are finally all setup on a new platform. You should have gotten an email in the last few days - did you get it? If not, please sign up again, because we are all linked up now and ready to go! When you sign up, you'll get an email with a username and password. Log in to access the spreadsheet (all versions, editions and formats!) and video training e-course! www.amandarussell.mba/getthebusinessspreadsheet
You can have more than one business and schedule C. You can combine things if both of the following apply: 1) you did the same type of work/activity for the "businesses" and 2) you didn't form a LLC. If you do different types of work OR you have a LLC - you should enter your information separately. You'll have 3 separate schedule Cs with your return.
Just so I'm Clear. The software you are showing in your video is the Home and Business, not the web based Self Employed software? And you are using a Mac
correct -- I believe I explain some of the appearance differences with online in the video ... I don't think I"m on Mac though, it's not made for Mac anymore
Did you get it Rochelle ? Sorry, I missed your comment. Here's where you can sign up for the spreadsheet: www.amandarussell.mba/getthebusinessspreadsheet/
All this procedure to get the spreadsheet is ridiculous and a pain in the ass. Why you make it so difficult to get it like it was a top secret document. That’s BS
![[Self-Employed TurboTax VIDEO #5] How To Write-Off a Vehicle? Actual Method vs. Standard Mileage](http://i.ytimg.com/vi/0XGk_8vX6rE/mqdefault.jpg)
![14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]](http://i.ytimg.com/vi/5YggWhLeckM/mqdefault.jpg)
I paused the video to download the template and before I opened the link I was JUST thinking that I wanted to take a course that could teach me in depth small business accounting and taxes. And then I saw your course! I'm not yet ready to sign up(I don't actually have a business yet but am researching to create my business plan) but I will definitely sign up for this course once I'm further along. I've saved this video. Thank you so much!!
I have a course launching this week that you might be interested in!
I already love accounting, however you just make it 100X more fun for the average person! Subscribed!
thanks Pablo!!!!
Just subscribed. Your videos are so clear and helpful! Thank you!!
Hi Sarah! Thank YOU - so happy to help - I saw your other comment. Did you figure it out? TurboTAx shouldn't show a federal return estimator because it's incredibly deceiving... you can't calculate taxes until you are complete, so it's just a matter of it calculating
Thank you Amanda. Yes, I have entered all my expenses (all except inventory to still do). It is just odd, that expense after expense after expense.. my refund amount gets increasingly much lower. I understand that estimator can be deceiving, thanks for clarifying that part. I was trying to make sure I entered all my expenses as I thought 'deduction' & 'beneficial', but it's not working in that favor. EEK! I'll be finishing my taxes this weekend (I'm a great procrastinator) so I'll see!
Sarah - it sounds like you must have an amount DUE! Not a refund. This would be more common when you are self-employed.
For inventory - as long as you have a small business (there are exceptions for 1mill and 10 mill in sales income), then you can simply enter all of your purchases under "SUPPLIES" - you do NOT need to update the Cost of Goods Sold (COGS) section for inventory. In reality, this section can only be used if you used accrual accounting method and most self-employed people do NOT use this method as you would normally need to hire an accountant to use it. Enter costs of inventory under SUPPLIES and be done!
I understand - I'm stilling doing other people's taxes, I'll get to mine this weekend too :)
Hi! Quick question. Do you have to report business expenses? I understand why you would want to, but do you have to?
sarah bergman. Agreed!
I have been watching all of your videos, you rock....
Ok they are all different
1 . LLC - clean out foreclosure, junk removal
2. Scentsy sale consultant
3. Mobile notary/signing agent
So- just add expenses for each ????
I've watched a few of your videos now and you do a very great job of explaining things. Thank you for your time and effort in making these videos 😁
thank you!!!
Thank you so much for putting these videos together! Super helpful! Question: as a solid wood furniture maker, can I deduct wood and material costs like nails, screws and sandpaper under supplies?
You are so welcome! thank you for letting me know! The short answer is YES - you can always deduct all business cost that have no personal nature. Important to note that the general rule is the costs should be deducted under "Cost of goods sold" (COGS). However, there are exceptions for small businesses so as long as you aren't grossing more than 1 million per year (oversimplified) then YES, you can just enter under the costs under supplies. Check out this short video: ua-cam.com/video/LQmlucwm5Sg/v-deo.html
▼
Thank you so much your videos, they are VERY easy to understand and extremely informative! I’ll be binge watching lol
thanks Chantelle!!!
You are amazing!
Great video. My wife and I started an aerial photography business using commercial drones in November of 2019. Can we still write off 100% of the business expenses even if we started in November? Also, if we can write off these expenses then I’m lost as to where to put certain expenses such as the class and training expenses that it took to get my FAA certification, the expense of the certification exam itself, the expense of the commercial drones and other training expenses related to drone pilot flying and editing of drone footage. I’m feeling a little lost here. Thanks for your time.
You write off 2019 expenses in 2019, unless they were startup costs. Then you have to decide when your business OPENED (which means that you were soliciting payments from customers). When (and if) the business OPENS is when you can start deducting startup expenses (according to the rules). Maybe I'll do a video on this today -- be sure to subscribe to be notified.
Also, you will find it helpful to get my free spreadsheet and do the free training that goes with it! www.amandarussell.mba/getthebusinessspreadsheet
this is for you! ua-cam.com/video/C0mJt53atHQ/v-deo.html
I am a sole and my wife is a W2 how do I combine this? For a return? Thank you for your information. Awesome content.
Very informative and simple. Thankyou.
I am planning a trip this month to South America but still in the stage of starting a business; however, I want to see first hand what my competition is. As one owner, do you suggest an LLC? Thanks, now I have to continue watching your videos.
You are the best! Thank you for all of your wonderful and informative videos, I have enjoyed a few of them and they're great.
Thank you for telling me!!!!! I'm so glad :)))
Hairy Potato. Agreed. I just discovered this channel and I’m liking it a lot.
Hi - it's me again - I wrote the question on the other video -
If I am an artist-creator on Patreon - Can I (or should I) collect business deduction receipts for reducing the amount of taxes I must pay come tax-report-time.
Thank you I’m adding up my expenses right now!!!
Awesome Hector!
How to file a personal return with your self employment?
Thank you so much for your channel!!! I need your services. 👍
Hello can you do a video on filing your personal property taxes with your state agency if you have a LLC in home office please
I don't think I understand question! Elaborate?
For example if someone has a home base business selling clothes and they are sue to pay personal property taxes what would they need to provide to their local state agency . I hope that makes sense
Thanks so much for your wonderful clearly explained tutorial. Where can I view the free expense tracking spreadsheet you mentioned in the video. Thanks again!
Will it matter if my tax state is lets say Pennsylvania but i travel all over the united states to do concert shows for a couple months at a time. Is there something i have to do something special for?
Yes, each state you work in has their own rules. All income is reported in your home state, but each state has their own rules and you are required to file in other states, if you reach their income threshold. Your home state will give you credit for taxes paid to another state.
If you are lower income, you can generally overlook this without a problem, but as you earn more - know that this applies and you need to track where you earn the money and file as appropriate
Question: Why would you "deduct" commissions that were included on a 1099?
Great video! I truly appreciate it!
Great video Thanks!
I have a question, I have a small daycare that is registered and licensed from my home, I wanted to try my own taxes. My accountant uses a time/space calculation since my house is used for the business. but 2 years ago I started another part time business on the weekends (sewing) from my home . can I use the time/space for the room where I work on these things or is that double dipping
Love from my heart
You are fantastic!! wow-yes.
So informative, thank you!
Hi! Do you have this info for partnerships? Or will it be the same?
Is it too late to claim expenses if my LLC started this year? If I were to buy things now would I have to wait until next year? I still don't have my W2
If you have a W-2, do you mean your LLC is an S-corp? As a "cash method" taxpayer (which all individuals are), income and expenses are always reported in the year they are received and/or spent. 2018 expenses go on the 2018 return, which is due April 15, 2019. 2019 expenses go on 2019, which is filed by April 15, 2010.
If your LLC elected to be taxed as an S-corp and that's why you pay yourself with a W-2 -- you loose ALL these self-employed deductions. Don't form an s-corp unless you use pros.
U mentioned that one can't write off mileage from home if it's transit. What does that mean?
Hi Amanda, I got a quick question. I sell on Amazon, and I have to buy products to resell them which is one of my biggest expense. So, products I buy the cost of product does it goes user supplies categories or a different categories?
The general rule is no, because the cost is "Cost of goods sold" (COGS). However, there are exceptions for small businesses so that YES, you can just enter under supplies. Check out this short video: ua-cam.com/video/LQmlucwm5Sg/v-deo.html
Highlights Tower would you mind giving me your email? I want to start selling on amazon and I just need your advice.
Where is the downloadable file she spoke about?
Trying to get ahold of the spreadsheet but its not pulling up....:(
Does a person that I'll call "Person A" who is registered as a "Sole Proprietorship" have to identify on tax returns the name of "Person B" who is a private individual non business entity (in essence a customer/buyer) who purchases $5k worth of product from "Person A?" Or is it legally correct for "Person A" to simply list the Sales Revenue received from "Person B" & not identify "Person B" on tax returns? Let's say the Product is "Pottery." Thanks in advance for your response.
You do not report customers on tax returns. If requested in an audit, this detail is required. If a company issues you a form 1099, you should report it. However, it is not your job to report it if they do not give you a form...
Thank you
Where can I download your free template?
Hi, thanks for this information video. I had one question when it comes to meal expenses. I work as a independent contractor care-giver/habilitation technician. I spend a good portion of income on meals for my client. Is it correct to put that as a meal expense on taxes?
That would just be considered the cost of doing business = 100% write off. Client meetings/meals would be 50% write off.
@@eleganz thank you for the help.
What can I write off if I work for someone else using 1099 miss form?
I’m starting to get serious about being a youtuber and I’m seeing that it can get expensive with the lights and all that. How can I write that off? Will I also need a business license to do so?
You just enter it under "business expense" topics like I showed in this video - "supplies" or "office expense" category would probably make the most sense (but like I explained don't worry too much about categories), or fixed assets if you spend a lot on them. You can download my free spreadsheet to keep track of all your income and expenses... As for a business license, you need to follow the rules in your state....we walk through this in my course which is starting again soon! check it out www.amandarussell.mba/smallbizmbanew
😊 thank you
Hey just signed up for the spreadsheet. I see this, "UPDATE PENDING *** It Will Take Less Than 48 Hours For Email Notice To Be Back Up And Running ***" Is this sorted? I don't see the spreadsheet in my inbox or spam :/
Awesome video by the way 💪
YES! We are finally all setup on a new platform. You should have gotten an email in the last few days - did you get it?
If not, please sign up again, because we are all linked up now and ready to go! When you sign up, you'll get an email with a username and password. Log in to access the spreadsheet (all versions, editions and formats!) and video training e-course! www.amandarussell.mba/getthebusinessspreadsheet
So I can not deductible anything if I don't put home office ?
Cannot deduct any home expenses? correct.
I have three different businesses do I just totaled up al the expenses
You can have more than one business and schedule C. You can combine things if both of the following apply: 1) you did the same type of work/activity for the "businesses" and 2) you didn't form a LLC.
If you do different types of work OR you have a LLC - you should enter your information separately. You'll have 3 separate schedule Cs with your return.
I use my own cell phone for business most of the time. I thought you can write up to 30 percent off?
Hold on to Peace
good info new friend here
I purchased a Bobcat for my business where do I put that expense. Bought it new & financing it
that is an ASSET. There is a category listed for Assets/Depreciation. You'll be asked some questions about it taking depreciation.
What about the home office component? Isn't that worth spending some more time explaining?
YEAH - entire video on it! can't cover taxes in 10 MINUTES -- I make it simple, I'm not a magician
actually 2 videos on it - go to my videos and search for home office
@@businessfinancecoach Thanks! :)
Just so I'm Clear. The software you are showing in your video is the Home and Business, not the web based Self Employed software? And you are using a Mac
correct -- I believe I explain some of the appearance differences with online in the video ... I don't think I"m on Mac though, it's not made for Mac anymore
Anyone wanna share notes?
Where is your free spreadsheet?
www.amandarussell.mba/getthebusinessspreadsheet
Did you get it Rochelle ? Sorry, I missed your comment. Here's where you can sign up for the spreadsheet: www.amandarussell.mba/getthebusinessspreadsheet/
Ok sorry I just read your complete comments
What an attractive woman!
All this procedure to get the spreadsheet is ridiculous and a pain in the ass. Why you make it so difficult to get it like it was a top secret document.
That’s BS
lol you use air quotes alot, makes every seem not legit