Business Basics FREE Mini Course

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These Business Basics are a great foundation for running just about any business! You can also start and apply these business basics at any time.

We will go over the following -

• Banking Basics

• Accounting Basics

• Quickbooks

• Tracking Mileage

• Organizing Receipts

• Taxes

Banking Basics

My first basic is to keep your personal and business finances completely separate!

That means I only use specific credit cards and bank accounts for business.

This helps me keep my finances separate and comes in handy during accounting and tax time.

Accounting

Accounting may sound scary but it is simply the process of recording transactions pertaining to your business!

This will help you know your numbers and come in handy during tax time.

Common expenses I track are Inventory (cost of goods), office supplies, shipping supplies, fuel, and so much more!

I use Quickbooks which I will go over more throughout this mini course.

Quickbooks

Quickbooks not only tracks my expenses and deposits. It also categorizes my transactions and creates helpful reports.

If you want to take a peek inside QB, check out this Quickbooks test drive account HERE

If you are ready to sign up for Quickbooks I do have an offer for you. Get 30% OFF for your first 6 months HERE

Track Mileage

Did you know that you vehicle milage could be used as a tax write off at the end of the year?

For example - picking up and dropping off inventory, trips to the post office, and supply runs to name a few can be a tax deduction.

When I use my vehicle to conduct business I track my mileage and share that info with my tax professional to see if I am eligible for deductions.

I use Quickbooks to automatically track my milieage, but you can use other apps like Stride or MileageIQ.

Receipts

Be sure to save and organize those receipts!

I go over exactly how I do it in the video below -

Tax Time

Taxes can be overwhelming but it doesn’t have to be.

If you have practiced your business basics by keeping your business transactions separate, kept up with your accounting, tracked you mileage and organized your receipts, you will likely have an easier time and get more deductions!

Here are some of the reports I like to bring with me when doing my taxes -

• P&L

• Inventory Valuation

• 1099-K

• Expense Report

• Year end sales report

• Mileage

If you would like to know how I generate these reports you can do a google search OR I also have the instructions available in the Q1 Workbook - HERE

And those are the basics!

I hope you found this information helpful and I look forward to doing more mini courses in the future!