Modern Ledgers

Listen, I’m not telling you to go out and open a billion credit cards (in fact, please do NOT do that!!!).

What I do want, however, is for you to open up a credit (or debit, whatever floats your boat) card that is ONLY used for business expenses.

And yes, it should be connected to its own separate business bank account - annoying, I know, but worth it!

If you’re a business owner who still uses their personal credit card for every expense, you’re making your life so much harder.

When you only have one card for everything, you’ve got to remember whether that Target run was for shampoo or printer ink before you decide whether it’s a write-off!

Sorting through all your transactions like that takes up valuable time that most just can’t afford to lose, especially when the solution is soooo simple. 💳

It’s officially time to take down your Christmas lights, put away those ornaments, and pay your Q4 estimated tax payment by Thursday, January 15th! 📆

These are your “pay-as-you-go” tax payments that you most likely need to make if you’re self-employed or earn other taxable income that isn’t being withheld.

How much do you pay? ↓

Ask your tax accountant for estimated tax vouchers that show your recommended quarterly payment based on safe harbor rules (aka the amount to pay to avoid penalties + interest). 💸

Okay, okay, and *how* do you pay?

→ IRS Direct Pay
→ IRS Online Account
→ IRS2Go App
→ Mail a check with your Form 1040-ES voucher*

P.S. Keep records of exactly how much you pay in estimated taxes; your tax accountant needs this to prepare your return accurately. ✍️

*If you pay by check, your payment must be postmarked by the due date to not be considered late.

PSA: This is the BARE MINIMUM bookkeeping you qshould be doing for your ybusiness.

Okay, and what if you don’t want to stress about your bookkeeping, but you’d still like tax-ready financial reports? 👀

Comment “BOOKKEEPING” and I’ll send you a link to schedule a discovery call! 📲

Want to know if your bookkeeping passes my clean books test? 👀

➡️ Swipe for my clean books checklist.

If you already know you can’t check off all those boxes, this is your sign to hire me for a bookkeeping clean-up this summer! ☑️

On top of tracking these expenses, you need to track your mileage if you’re using your car for personal trips, too! 🚗

Keep a log documenting which trips are for business purposes and which trips are personal.

There are a ton of great apps that can help you do this; my favorite is 📲

Keeping a mileage log is necessary if you don’t want to track your auto expenses and plan to take the standard mileage rate instead.

Could you use a little help tracking ALL of your business expenses? Let’s chat!

Hallelujah, praise the One who set me free! 🌿✝️🤍