austin

Was hanging with @juicy-jay-na yesterday and we got to talki..

Added 2021-08-14 16:39:19 +0000 UTC

Was hanging with @juicy-jay-na yesterday and we got to talking about business accounting. Gonna remind you guys again like I reminded her: GET A BUSINESS CREDIT CARD.

On that credit card put any expense that you can justify as being for your business. Remember that your lifestyle and business blend and that you are technically a production company. The real you lives frugally. Your online character needs amenities for the sake of content. Catch my drift?

The goal is to write off as much as you can. The more expenses you can claim as being for business, the less of your income you will get taxed on. So let’s imagine you earn $10k from OF this year, but also claim you have spent $8k to earn that, then you only pay taxes on $2k.

But let’s say year earned $10k and then spent $8k and didn’t claim those expenses were for business, you still owe taxes on $10k. The problem here is that you have already spent most of the $10k and you don’t have any left for taxes… Don’t do this.

So make sure to setup a business credit card, use it to track BUSINESS EXPENSES ONLY. Then hand all that credit card transaction data to an accountant at the end of the year and keep more of your money. ✌️