It’s September.

Is your bookkeeping up to date so you don’t have a mad scramble at tax time?

Here’s how to get caught up in <1 hour and stay on track through the end of the year.

***Thread***
Gather Income Data

Open a sheet.

List all the platforms you have made money on this year.

Have a link to the login page for each.

Pull your year to date sales report and drop this number in.

Manually add any cash sales or platforms that don’t give you a report.
Expenses

Ideally you’ve kept receipts on purchases. No worries if not.

Pull year to date reports on every account you spend money on for your business (ideally you don’t mix business on personal on the same account. Ha!)

Quickly scan and mark anything you think is business.
Drop into sheet.

Think if anything personal you use to benefit your business: home office space, mileage on a personal car.

Drop in values here also.
Repeat

Mark a calendar and do this at the end of every month. It’s even easier when you aren’t catching up 8 months!

Bonus points if you use QuickBooks or hire a bookkeeper.

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More from @AskForTaxAdvice

9 Jan
FACT: You LOSE at least 1/3 of your income to TAX! ...and if you are making a lot of money, it's over 1/2!!!

Think what you could do with that money, even just some of it?

If you could just take 10% back, what would that mean to your life?
If invested properly, could you retire 10 years earlier and enjoy more of the good life? What would you do if you could stop working 10 years earlier?
What would your vacations look like if you had 10% more of your income? That's like going from a hotel inland to staying in the biggest house on the beach!
Read 8 tweets
9 Jan
IF YOU HAVE EVER READ AND LIKED ANYTHING OF MINE - READ THIS!!!

Want to live longer?
Enjoy better food and drink?
Do you want less pain and more security?
How about better sex?
Upgrade where you live?
Take better care of your loved ones?
Be admired by those you admire?
In short, do you want to win bigger and more often?

Would you believe that there is one single factor that can actually have a positive impact on all of the above?

What is this factor you ask?

It’s simple really.

It probably won’t surprise you.

It’s cash flow.
The more positive cash flow you have, the more likely you are to active those eight things.

So how do you increase your cash flow?

Well, there are really two ways.

Earn more income.

Decrease your expenses.

Let’s focus on the second for a minute.
Read 21 tweets
2 Jan
Unfollow me

Seriously

If you read this thread and aren't convinced by the end, it's best we politely part ways as friends.

If you don't read this thread (or don’t read to the end of it), unfollow me.

***Thread***
You have a problem

You are paying more tax than you are required.

Your problem exists because

1)You don’t have a tax advisor

Or

2)Your tax advisor could be MUCH BETTER with a world class tax planner whispering in their ear.
Your solution: this movement.

…what is “this movement?” Let me get to that.
Read 14 tweets
2 Jan
ONE HUNDRED (100) TIPS FOR A BETTER LIFE

-Conor Barnes (@Ideopunk)

**Thread**

Like and RT to share!

POSSESSIONS

1. If you want to find out about people’s opinions on a product, google <product> reddit. You’ll get real people arguing, as compared to the SEO’d Google results.
2. Some banks charge you $20 a month for an account, others charge you 0. If you’re with one of the former, have a good explanation for what those $20 are buying.

3. Things you use for a significant fraction of your life (bed: 1/3rd, office-chair: 1/4th) are worth investing in.
5. If your work is done on a computer, get a second monitor. Less time navigating between windows means more time for thinking.
Read 25 tweets
31 Dec 20
Tax Loophole Alert!!!

Donating appreciated assets!

People are always shocked at this one.

Stocks or cryptocurrency

***Thread***
Say you buy a stock or $BTC for $10k and the price goes 3x to $30k.

$30k was your defined exit point (you have to have a defined exit, right @TradingwithPhil ??).

...so you sell and pocket $30k.
It had been over a year so it’s a long term capital gain, but you still have a tax bill.

Let’s call it 24% or $4,800 ($30k minus 10k = $20k profit * 24% = $4,800 in tax.)

That same year, you also made significant donations to charity - coincidentally $30k.
Read 9 tweets
31 Dec 20
Free Pizza!

Times are hard. Let me buy you dinner.

Call it out below. I’ll DM a few of you and arrange delivery.

Happy New Year!
Pizza cutoff is 6 pm eastern time!

39 more minutes!
Okay, all winners have been contacted.

If you didn’t win and you are desperate for a meal, please DM me a pizza shop and a pizza of your choice. If you want it delivered, also include your address.

Happy New Year.
Read 4 tweets

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