The Importance Of Tracking Your Income And Expenses

Welcome back for another episode of The Funny Money Show! We are so thankful for you and so happy you’re here. Please before you begin reading these sure to be entertaining show notes, take a quick pause, go subscribe and leave us a review! While you’re there go ahead and listen to the full by clicking EPOSIDE 13

Let’s break down this episode…we start by what I (Colleen Lotz) think is a very important sentiment. While poking fun at CPA’s, which, all in good fun!! I’m just jealous of their brains. But Ashley said she wakes up every day thinking “How can I help someone make a lot of money today.” And it completely changed my thoughts about a CPA. WOW! That is literally what they do…they help you and your business make money. Perhaps you already know this, but for me, this was a big breakthrough. So before we go on, if you want help making money, go ahead and contact Ashley Altum, CPA through her website

https://www.profitmatters.co/

Okay onto the episode! We are discussing the importance of tracking your income and all of your expenses for the purpose of filing taxes. The goal…make your accountant’s life easier when tax season hits! So what can you do?!

  1. All business transactions need to go through a separate account. Do this and your accountant will kiss the ground you walk on!
  2. Write down EVERYTHING…it likely can be an expense that you can claim. Such us: mileage, purchasing a computer, perhaps you need a podcast microphone, etc. 
  3. Don’t forget monthly recurring expenses such as your website, any subscriptions you may have

*While we’re on the topic of recurring expenses, stop what you’re doing now and get Quickbooks 

https://quickbooks.intuit.com/

Quickbooks can track everything for you including expenses, income, send/receive invoices. We are HUGE promoters of this sweet little website. 

That’s all for now, short and simple! Go thank your CPA for helping make a drastic impact on your life and your business. And if you need one to thank…just thank us, we’ll always accept it.

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