Tips and Tools for Tracking Deductible Business Expenses for Taxes (and beyond!)

Why do we need to be concerned about tracking business expenses? I'll tell you why! I'll also tell you about some of my favorite expense tracker tools and how to track business expenses in 2020.
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Products I mention in this video:
Mint www.mint.com/
Wave www.waveapps.com/
Zipbooks zipbooks.com/
GnuCash www.gnucash.org/
Quickbooks** bit.ly/3tHIqoz (use my link to save 30% for the first 6 months!)
Freshbooks** bit.ly/35yymlD
Xero www.xero.com/us/
MileIQ www.mileiq.com/
Everlance www.everlance.com/
Shoeboxed www.shoeboxed.com/
Expensify www.expensify.com/
FinancePal Update FinancePal is no longer available. As an alternative, I suggest checking out Xendoo Online Accounting**: bit.ly/3tQO6gC
** these are affiliate links and I may receive a commission if you make a purchase using these links
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Don’t stop the learning! Check out more All Up In Yo' Business:
How to get a credit card and build credit for your new business: • How to Get Business Cr...
Small business tax deductions explained: • Small Business Tax Ded...
Essential tools for your business: • Essential Tools for Yo...
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Want to work with Aiden? Please visit www.180lawco.com/contact to submit an inquiry form and schedule a consultation. We do not respond to legal questions submitted by email or through our website unless you schedule a consultation or are already a client of 180 Law Co.
Unless you are a current client of 180 Law Co., please do not send any confidential or personal information to us by email. Prospective clients are required to submit an inquiry form and schedule a consultation.
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More resources:
How to Pay Yourself in a Single-Member LLC: Download the FREE written guide at bit.ly/37ZzCxV
Ready to open a bank account for your new business? Novo makes it incredibly easy. You can apply online in minutes with or without an EIN. And the best part, it's totally FREE. No monthly fees, no minimum balance requirements, free ACH transfers, and more. Use my affiliate link to open your free business checking account today! bit.ly/2P8OBlh
Use our DIY tool to form your LLC today! Visit bit.ly/374A4uH I’ve partnered up with a GREAT company, Legalinc., to provide a super-easy and budget-friendly way to set up your own LLC in any state!
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC.
©180 Law Co. LLC. All rights reserved.
#AllUpInYoBiz #SmallBusiness #Taxes

Пікірлер: 102

  • @Em_Rey
    @Em_Rey3 жыл бұрын

    Thank you Aidan(hope I got it right) I'll be watching more of your previous videos any break I get, this information is very much appreciated!

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    You're close, it's Aiden. Thanks so much for watching!!

  • @shelbystahl9389
    @shelbystahl93892 жыл бұрын

    FINALLY the perfect video for what I was looking for and not super boring, thank you!

  • @studiosingyourstyle
    @studiosingyourstyle3 жыл бұрын

    One of the best explanations I’ve heard. Thank you

  • @bluemaroon7451
    @bluemaroon74512 ай бұрын

    This is exactly why I’ve been looking for for a while now. I finally got it right in the search bar and found you! Thank you!

  • @muthagoose69
    @muthagoose692 жыл бұрын

    awesome information .... i could sit and watch you talk all day!

  • @blakejones1715
    @blakejones17153 жыл бұрын

    As a suggestion, if charts, lists, etc. were added into the video it would make the information more accessible and help the "cliff note searchers" immensely in watching. I find it hard to follow some of the "8" steps or "things you need" when they're not clearly outlined anywhere on the video page! Otherwise, amazing content. Thanks for your hard work!

  • @HG-qo9cx
    @HG-qo9cx3 жыл бұрын

    OMG ! You are so informative. If you were in GA or are able to practice GA law then I would pay you on the spot to be my attorney. 👍

  • @refreshlandscapelighting4813
    @refreshlandscapelighting48133 жыл бұрын

    Ty Aidan! I appreciate the expertise. I re-launched my landscaping business in March and have done my best. This info is great, keep it coming.👍🏻

  • @peacensimplicity1811
    @peacensimplicity18113 жыл бұрын

    Thank you so much for the awesome information! Much appreciated!

  • @VioletEmerald
    @VioletEmerald3 жыл бұрын

    Thank you! So many of your vids are so helpful. I'm not quite at this stage of my business yet, I'm super early into starting out but I'm starting to really feel like i understand most of what I need to understand

  • @ALDOELTA
    @ALDOELTA2 жыл бұрын

    Very well that I found you! Thanks for information and everything

  • @cassandrasollars1822
    @cassandrasollars18223 жыл бұрын

    My husband and I LOVE your videos

  • @RonsLens
    @RonsLens3 жыл бұрын

    Always great info! Very timely for me too!

  • @kita7600
    @kita7600 Жыл бұрын

    Thanks! Just starting out and want to get ahead of this

  • @DJ-sw5hg
    @DJ-sw5hg2 жыл бұрын

    great job so helpful and informative.

  • @mariapelton4018
    @mariapelton4018 Жыл бұрын

    Thank you - this was a very helpful video!

  • @mannycomputers3268
    @mannycomputers3268 Жыл бұрын

    Awesome Video. Thanks for all the information.

  • @SOUTHERNCURTESY
    @SOUTHERNCURTESY3 жыл бұрын

    You are Awwwsome. Thanks for alllll of your infomation you share.

  • @landofthefree2023
    @landofthefree20233 жыл бұрын

    You go Valley girl... You all up in my business now.

  • @aliahjones2401
    @aliahjones24012 жыл бұрын

    Your KZread name has to be the most cleaver one I have ever seen, and I watch YT more than anything else lol. 👏

  • @robertmossinoh
    @robertmossinoh2 жыл бұрын

    Thanks for the helpful guidance

  • @GarwoodNick
    @GarwoodNick3 жыл бұрын

    Great timely info for me and many others, I'm sure. Thank you. I once had a law firm create an LLC for me and they could not or would not offer me even basic directions to accounting info or referral to an accountant/book keeper. It was very frustrating.

  • @SydneyAlexis
    @SydneyAlexis3 жыл бұрын

    This video really helped me… Thank you

  • @harleyehuffinejr2432
    @harleyehuffinejr24322 жыл бұрын

    Great information thank you so much

  • @nikimandyy
    @nikimandyy Жыл бұрын

    Hello, this was a great video to choose a method of how to get started. I am struggling with choosing the easiest way and actually getting it done. Is there another video that shows you a step by step process of how to complete tracking business expenses & receipts?

  • @marthe4943
    @marthe49433 жыл бұрын

    Starting to get hooked on ur vids 😁😁😁

  • @Heavnsangel79
    @Heavnsangel793 жыл бұрын

    Love Your Videos!!! Thank You

  • @lindaoliver5904
    @lindaoliver59043 жыл бұрын

    Love the information

  • @BoyNamedKelly
    @BoyNamedKelly2 жыл бұрын

    Great vid! Thanks!

  • @somerjordan6947
    @somerjordan6947 Жыл бұрын

    This is great! Thanks.

  • @ektapatel1835
    @ektapatel18353 жыл бұрын

    Love your style. I’m gonna buy house in Colorado to do business with you. Fun

  • @tysessoms
    @tysessoms3 жыл бұрын

    Great info thank you

  • @kevinbrennan2443
    @kevinbrennan24434 ай бұрын

    Very helpful. Thx u!

  • @enlightened7777
    @enlightened77773 жыл бұрын

    Can you deduct expenses that you incurred while purchasing Home Based office equipment and supplies during the first and second quarter of the year or does it have to be expenses after the fact?

  • @lcmlcm2460
    @lcmlcm24603 жыл бұрын

    Good info. Are use good notes 5 app for record keeping but looking into an app to attach to bank account. Thanks

  • @ric.huerta01
    @ric.huerta013 жыл бұрын

    Can you use your personal credit card to keep your business expenses since I don’t have a business credit card yet?

  • @delta-8farmer188
    @delta-8farmer1882 жыл бұрын

    Wow. Good stuff.

  • @thothheartmaat2833
    @thothheartmaat28332 жыл бұрын

    whats the point of a mileage tracker app and keeping receipts if you track your miles in a spreadsheet and use your credit card statements to track purchases?

  • @1506steve
    @1506steve3 жыл бұрын

    Does store inventory,insurance and bonds be a tax deduction?

  • @melissah3772
    @melissah37723 жыл бұрын

    My boyfriend may be starting a job as a medical device fitter, which involves driving out to a client's house, showing them how the device works, and driving back. Could he deduct his lunches and consider this a business trip? He would be driving to 4-5 clients per day, but he gets paid for the fitting of the device, not the driving, which makes me think the driving is a business trip...?

  • @milliecbeauty9857
    @milliecbeauty98572 жыл бұрын

    What can I do if I’ve got some business expenses on my personal account by accident

  • @BiggMJ
    @BiggMJ3 жыл бұрын

    Speaking of expenses... is there a way to finance a vehicle for your business?

  • @josematienzo5861
    @josematienzo58613 жыл бұрын

    Thank you so much!!

  • @stevencairnes74
    @stevencairnes742 жыл бұрын

    Great video

  • @bleacherz7503
    @bleacherz75033 жыл бұрын

    Any idea for 1099 who had home office deductions, pre Trump, but due to tax changes, it seems impossible ?

  • @UniversalPerformanceEnthusiast
    @UniversalPerformanceEnthusiast2 жыл бұрын

    Thank you!

  • @TrueReviewGuy
    @TrueReviewGuy2 жыл бұрын

    looking for these services to be applied to my trucking company...can you help ?

  • @TheBenzoHouse
    @TheBenzoHouse4 ай бұрын

    What's a good business app for somebody who is a small business by themselves who just needs to keep track of spending inventory and bills

  • @wateriver
    @wateriver8 ай бұрын

    I’m just starting out and I think for now I’m just gonna use Google sheets. Here’s a question hopefully someone can answer for me. I’m just starting up my business and I’ve already got some expenses. Like the fees I paid to have my LLC set up and so on. Since I don’t yet have a business bank account can I use one of my credit cards that just sits in a drawer to put all my expenses on until I get a business checking account/business credit card? Would I still be able to deduct those expenses since they were for me to get my business up and running?

  • @manuelsantiago8115
    @manuelsantiago81152 жыл бұрын

    Hey which app is the one that you can scan your receipts

  • @Banniesartistry
    @Banniesartistry4 ай бұрын

    Thank you

  • @swb3248
    @swb3248 Жыл бұрын

    How do you provide proof of miles driven?

  • @marthe4943
    @marthe49433 жыл бұрын

    Also i heard bench is really good once you got the money 💴 though

  • @speakyourmindinEnglish
    @speakyourmindinEnglish3 жыл бұрын

    A little up off topic, but do you have any videos on how to build business credit?

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    Sure do! Try this one kzread.info/dash/bejne/eoqLk8ajidq9fLg.html and this one kzread.info/dash/bejne/gJ-Xqaeok9WpYtI.html

  • @jamesaaronslayton2463
    @jamesaaronslayton24632 жыл бұрын

    What would suffice as proof for money spent on food as a business expense? We can show the purchase of the food but what would be used to prove it corresponds to a business expense?

  • @Youresthiemma

    @Youresthiemma

    2 жыл бұрын

    A business bank account is really helpful

  • @biiGDawgBiiG
    @biiGDawgBiiG Жыл бұрын

    I waited to organize until a year later until a month before taxes was due, it’s a pain in the a%#

  • @unlimitedcashforhomesllc4390
    @unlimitedcashforhomesllc43903 жыл бұрын

    Can you write a house you bought and did a lot of repairs to see

  • @mptorecon
    @mptorecon Жыл бұрын

    What happens if you have $20k in expenses and $130.00 in income?

  • @eri7-11
    @eri7-112 жыл бұрын

    Excel or Google Sheets: $, who, why & date of the expense

  • @mauricefanning468
    @mauricefanning4683 жыл бұрын

    Great intro music.😀

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    Thanks!!

  • @allprofit6188
    @allprofit61883 жыл бұрын

    Is mileIQ only for miles?

  • @drumpf4all
    @drumpf4all3 жыл бұрын

    Quick ? - from a legal perspective, when someone gets "audited" by the IRS, where does the burden of proof lie on the IRS or the auditee??

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    Good question! I don't know exactly, that's not my area of *expertise*. I believe it's primarily on the auditee; if we take a deduction, we gotta be able to back it up. But I think the burden can shift over to the IRS in some circumstances.

  • @Eli_AventuraVlogs
    @Eli_AventuraVlogs3 ай бұрын

    Do you recommend to get a business checking account to keep record?

  • @Masichiofficial

    @Masichiofficial

    14 күн бұрын

    Yes! I started my business this year and my advice is to never mix up personal and business expenses or accounts

  • @chasevonnable
    @chasevonnable3 жыл бұрын

    Can u be my lawyer in real life.🙏🏾😎

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    Sure! Do you have a business in Colorado and/or do you need help with a trademark registration? I'm your gal! :-)

  • @jesstiss222

    @jesstiss222

    3 жыл бұрын

    @@allupinyobiz 🙋🏽‍♀️ yes, yes, and yes please!!! I’ll be in touch! 💗

  • @MullahSaeedIsmael
    @MullahSaeedIsmael Жыл бұрын

    💯

  • @deyjakyles1345
    @deyjakyles1345 Жыл бұрын

    Wow all I need is a spread sheet. I thought all expenses has to be took from your business account.

  • @unlimitedcashforhomesllc4390
    @unlimitedcashforhomesllc43903 жыл бұрын

    Anything good for tracking car miles

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    MileIQ is the best!!

  • @eri7-11
    @eri7-112 жыл бұрын

    What about vloggers and the haircuts snd facials they get and the clothing they where in videos or gym memberships to get a good body for video and massages to keep them when relaxed.

  • @cassandrasollars1822
    @cassandrasollars18223 жыл бұрын

    GOD BLESS

  • @farmerm-halcyonflowers1758
    @farmerm-halcyonflowers17583 жыл бұрын

    Great info i live in florida can your firm help set up an LLC for me i know you are in Denver. Im getting things in order now but just wanted to know for when im ready.

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    No, I can only help with Colorado LLCs, I'm afraid. You would need to work with someone who is licensed in FL.

  • @farmerm-halcyonflowers1758

    @farmerm-halcyonflowers1758

    3 жыл бұрын

    Ok ill look in to it but can i hire you to file for my trademark. Your videos have helped me a lot.

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    @@farmerm-halcyonflowers1758 yes, I can help with trademarks!

  • @farmerm-halcyonflowers1758

    @farmerm-halcyonflowers1758

    3 жыл бұрын

    @@allupinyobiz OK ill contact you on Monday.👍🏽

  • @unlimitedcashforhomesllc4390
    @unlimitedcashforhomesllc43903 жыл бұрын

    Do you do taxes for people

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    Nope, we don't do tax prep.

  • @rogerl8488
    @rogerl84883 жыл бұрын

    Thats 3 years on records even in WV?

  • @allupinyobiz

    @allupinyobiz

    3 жыл бұрын

    yes.

  • @rogerl8488

    @rogerl8488

    3 жыл бұрын

    @@allupinyobiz looks like i will burn some papers!! Lol. So keep 16, 17 ,18 ?

  • @tashawalker1275
    @tashawalker12753 жыл бұрын

    Aside from the fact that you clearly don't know how taxes work, this was an informative video

  • @juanitop5320

    @juanitop5320

    3 жыл бұрын

    If you know more about taxes, then do your own videos and don't waste your time criticizing without facts.

  • @DillonFreasierB
    @DillonFreasierB Жыл бұрын

    We were 5:20 minutes in before we got our first “tip” on how to track business expenses. I know it’s better for your view count and payoff to just draw shit out, but I bet you’d get more views if you just answered questions and got to the point. MOST if not ALL people that searched up “how to track business expenses” and came across this video know how fuckin business taxes work. and they just wanna know the best way to track them. Normally I keep my opinions to myself, but you literally wasted five minutes of my life lol

  • @shanec.7105
    @shanec.7105 Жыл бұрын

    too much mumbo jumbo content and not getting to the point. Gzz....

  • @broccolihart1
    @broccolihart13 жыл бұрын

    You lool like a less irritating AOC.

  • @Gatuki777
    @Gatuki777 Жыл бұрын

    Too much talking

  • @Tabaruq4Chokora
    @Tabaruq4ChokoraАй бұрын

    Why are you advertising businesses instead of explaining details. Thumbs down 👎

  • @Syerren
    @Syerren Жыл бұрын

    Omg why do u talk like that? 💔

  • @zoey1125
    @zoey11252 жыл бұрын

    Thank you