You're welcome! It would depend on the complexity of their business and how many accounts they have to manage. But probably somewhere between $150-250/month.
I am in a very different situation then probably 99% of you. I am First Nations selling First Nations products to First Nations people. For example blankets. Beadwork, jewelry etc. as a First Nations member in Canada selling to First Nations people in Canada we are all tax exempt which means I don’t charge Gst or pst to any of my customers. Because I don’t pay tax I can not write off anything in my business period. Now what I want to know is when filing my taxes at the end of the year what income do I report to the government? Taxable income only? I don’t know. If so then that would be $0.
That's a great question - if you don't have any specific accounting software, like QuickBooks Self Employed, I would either download a mile-tracking app or keep an old fashioned notepad in the car!
Love your videos! I would love to purchase generic printables of the sheets you use for your husband’s business. Do you have them available anywhere? And thank you so much for your easy to understand information. 9:11
This is a really great question - for a SUPER basic company, no. I don't find for there to be any reason at all to make it more complicated than it needs to be. However if a small business has plans of growing to the point of needing employees or applying for loans, THEN things may need to be more robust in terms of monthly bookkeeping systems.
That's a great question! It's hard to get an individualized list without knowing the in's and out's of the specific business. But I always reference the IRS tax website to find all the _possible_ deductions. But be warned, there are a lot, and they can be confusing as to whether they might apply or not; that's why a bookkeeping can be so helpful. Here's the link to the IRS site: www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
It's OK to use your personal funds to pay for business expenses as long as you keep track of it and the business can reimburse you at the end of the year. However, it's a no-no to use business funds to pay for personal expenses. So, you should not be worried.
