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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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.
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#AllUpInYoBiz #SmallBusiness #Taxes
Пікірлер: 102
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
3 жыл бұрын
You're close, it's Aiden. Thanks so much for watching!!
FINALLY the perfect video for what I was looking for and not super boring, thank you!
One of the best explanations I’ve heard. Thank you
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!
awesome information .... i could sit and watch you talk all day!
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!
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. 👍
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.👍🏻
Thank you so much for the awesome information! Much appreciated!
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
Very well that I found you! Thanks for information and everything
My husband and I LOVE your videos
Always great info! Very timely for me too!
Thanks! Just starting out and want to get ahead of this
great job so helpful and informative.
Thank you - this was a very helpful video!
Awesome Video. Thanks for all the information.
You are Awwwsome. Thanks for alllll of your infomation you share.
You go Valley girl... You all up in my business now.
Your KZread name has to be the most cleaver one I have ever seen, and I watch YT more than anything else lol. 👏
Thanks for the helpful guidance
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.
This video really helped me… Thank you
Great information thank you so much
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?
Starting to get hooked on ur vids 😁😁😁
Love Your Videos!!! Thank You
Love the information
Great vid! Thanks!
This is great! Thanks.
Love your style. I’m gonna buy house in Colorado to do business with you. Fun
Great info thank you
Very helpful. Thx u!
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?
Good info. Are use good notes 5 app for record keeping but looking into an app to attach to bank account. Thanks
Can you use your personal credit card to keep your business expenses since I don’t have a business credit card yet?
Wow. Good stuff.
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?
Does store inventory,insurance and bonds be a tax deduction?
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...?
What can I do if I’ve got some business expenses on my personal account by accident
Speaking of expenses... is there a way to finance a vehicle for your business?
Thank you so much!!
Great video
Any idea for 1099 who had home office deductions, pre Trump, but due to tax changes, it seems impossible ?
Thank you!
looking for these services to be applied to my trucking company...can you help ?
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
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?
Hey which app is the one that you can scan your receipts
Thank you
How do you provide proof of miles driven?
Also i heard bench is really good once you got the money 💴 though
A little up off topic, but do you have any videos on how to build business credit?
@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
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
2 жыл бұрын
A business bank account is really helpful
I waited to organize until a year later until a month before taxes was due, it’s a pain in the a%#
Can you write a house you bought and did a lot of repairs to see
What happens if you have $20k in expenses and $130.00 in income?
Excel or Google Sheets: $, who, why & date of the expense
Great intro music.😀
@allupinyobiz
3 жыл бұрын
Thanks!!
Is mileIQ only for miles?
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
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.
Do you recommend to get a business checking account to keep record?
@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
Can u be my lawyer in real life.🙏🏾😎
@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
3 жыл бұрын
@@allupinyobiz 🙋🏽♀️ yes, yes, and yes please!!! I’ll be in touch! 💗
💯
Wow all I need is a spread sheet. I thought all expenses has to be took from your business account.
Anything good for tracking car miles
@allupinyobiz
3 жыл бұрын
MileIQ is the best!!
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.
GOD BLESS
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
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
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
3 жыл бұрын
@@farmerm-halcyonflowers1758 yes, I can help with trademarks!
@farmerm-halcyonflowers1758
3 жыл бұрын
@@allupinyobiz OK ill contact you on Monday.👍🏽
Do you do taxes for people
@allupinyobiz
3 жыл бұрын
Nope, we don't do tax prep.
Thats 3 years on records even in WV?
@allupinyobiz
3 жыл бұрын
yes.
@rogerl8488
3 жыл бұрын
@@allupinyobiz looks like i will burn some papers!! Lol. So keep 16, 17 ,18 ?
Aside from the fact that you clearly don't know how taxes work, this was an informative video
@juanitop5320
3 жыл бұрын
If you know more about taxes, then do your own videos and don't waste your time criticizing without facts.
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
too much mumbo jumbo content and not getting to the point. Gzz....
You lool like a less irritating AOC.
Too much talking
Why are you advertising businesses instead of explaining details. Thumbs down 👎
Omg why do u talk like that? 💔
Thank you