If you are making money online, whether through a website, YouTube channel, or social media pages, then follow these bookkeeping tips to stay organized and informed.
Backup your finances
Even when you are just starting out, organize your finances in a safe way using an online backup method. Jotting finances down with a pen and paper can too easily get lost or your computer could crash and lose all your bookkeeping files. You can use Quickbooks to organize your books in an easily accessible place. If you want to keep it simple with online spreadsheets then make sure to back them up on a hardrive or to cloud storage.
Track your miles
Did you know you can deduct the miles you drive on your tax return? Track all the miles you drive for business trips whether you are taking a long trip for a business conference or driving right down the road to meet a client. These drives are all deductible when it is time to file your tax return. Use a mobile app like Mile IQ which automatically tracks when you take a drive and pops up within 5 minutes of your arrival to ask if the drive was for personal or business. The app is free at 40 drives or less per month then only charges $5.99/month after that. It is well worth the money with how much it simplifies a task that will save you at tax time.
File for a business license
If you are self-employed, working from home there are a few methods for handling a business license. In the state of South Carolina many counties require a business license to do business in their jurisdictions. You need to contact your country and city in which you want to do business. A LOT more information on business licenses can be found here. On South Carolina government’s website you can find information on obtaining a business license in Charleston, Beaufort, Dorchester county and more.
Create a budget for your blog
Make a budget for your online business before you begin and track expenses. At the end of each month match your expenses with your budget to see how your spending is going. This will let you remain in charge of spending on a month to month basis.
Save a percentage of your income to pay your taxes
Don’t get so excited with the extra income you have in your pocket each month that you forget to save! A portion of your paycheck should go into savings to pay taxes come April. Give Tax Pros Plus a call if you need assistance deciding the right amount to set aside monthly.
Hopefully these tips will help you keep your business accounts organized.
