Small Business Taxes | Taxes for New Small Business Owners | Small Business

Today's video is to show how I do my small business taxes. I don't fully do them on my own, I just organize all my receipts for my accountant! But these are just some tips and ways to stay organized for tax season!
Comment down below on what other videos you may want to see.
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Brenna Mjoness
Brenna M & Co
P.O. Box 321
Moorhead, MN 56561-0321
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Xoxo, brenna

[@brennamandco]

Updated Taxes Video: kzbin.info/www/bejne/iaCcpXiiaLOMZsk

[@nellylopez7420]

This is a really simple process, but I have a tip for you, and any other small business out there. Keep all your business transactions in a separate bank account. This way you only need yo export your bank activity to excel and select what expense or income category they are. This way you don't miss any deductions. You should still keep your receipts for backup, but it will save you time organizing them.

[@VideOhMonster]

Sound advice. Hard copy/paper, not only is it super annoying to store all that paper, it's really becoming a thing of the past considering most everything is digital these days. How about keeping track of all your business utility expenses (water, trash, electric, etc)? Would you recommend having all those on auto pay connected to a credit card instead of a checking account?

[@nmarie3012]

I appreciate you posting this vid!! Starting to build a business and I need all the finance part and things that people don’t talk about when it comes to it. Thanks a lot queen! ❤

[@Gloria_Chav]

Super helpful! I started using quickbooks and thought I could get away from printing but I think I still need until I get myself used to sorting daily in QB

[@henrythomas7112]

Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

[@JamDecks]

Does your inventory count as a write off?

[@katlinwong5443]

Hi! Thank you so much for the video. I was wondering is your expense excel sheet all you turned in to your accountant? I am new and have zero idea how to do taxes. Thank you.

[@brennamandco]

Yes I give it all to her with the totals!

[@alexiaklinger6750]

I add up my costs just like you did but I love the way you separated them by month! I’ll be doing that from now on! Also, do you complete an excel that has all your business income as well? So that way your accountant sees income & costs, because I know that effects how much you’d pay in taxes.

[@brennamandco]

Yes I do!

[@akashareinee]

How does excel work?

[@SheWritesHerJourney_]

I love how you separate all the expenses monthly and using excel!

[@PauletteRuth-i6v]

thank you ! this was very helpful!

[@akashareinee]

Do you need to keep track of what the items you buy are? I’m trying to learn and it feels complicated 😭

[@MikaelaEckholt]

How do you collect sales tax what program/system do you use for orders and collecting money?

[@brennamandco]

I use Shopify!

[@MikaelaEckholt]

@@brennamandco It does it all?

[@mzspiderman305]

Thanks for this! But how would you calculate the taxes from your sales if you sell online?

[@brennamandco]

I look at my net sales! My website lets me know how much I took in tax off items!

[@Bezibrook]

Thank you dear this was awesome tnxs for the tip

[@aliceinwonderland5439]

Do you do it yearly or quarterly

[@JessicaMonterrubio]

Don’t you add your website cost and your home cause you use it for buisness and phone also internet ?

[@brennamandco]

I will be doing an updated video this tax season! Last year, I didn't know I could add all those things!

[@desheacooper4065]

Cant excel can put them in order chronologically without having to do that before you start.

[@brennamandco]

I’m not sure! I never looked into it but know I will have to!

[@Savyspice]

Is it the same thing for income? You put in how much you made that month and give it to your accountant?

[@ituze0712]

I want to sell my items on Etsy but I’m scared of taxes (I’m also a minor if that matters)

[@laciej]

I think Etsy does a good job of collecting and remitting sales tax on your behalf. You don't really have to set anything up Etsy is really nice for that! This is my 2nd year selling there.

[@mstar1989]

Do I have to have a regular accountant or can I just give this to the person filing my taxes at the end of the year? I don’t wanna pay a ton for an accountant when I’m not even making money yet

[@MaryDesiree]

Hi! Thank you for this :) I wanted to ask (not sure if I missed it lol) but when buying from Amazon and having other items on the receipt that’s not for the shop (lol mom and baby stuff) -- how do I write it on the excel with included tax total from Amazon? And I am a small Crystal shop owner so I have sourced out materials overseas and do PayPal with the merchants. So do I just use those receipts from the invoices? thank you again!

[@brennamandco]

I'm not sure as I usually purchase things separately from personal items! You could always just put in what you purchased them for.

[@ItsTyshae]

How can we find an accountant?

[@imspookie]

First time doing taxes for my small business! Wish me luck 😊

[@jjbs1980]

Me toooo!! Good Luck!!!

[@LissettetorresG]

@@jjbs1980 Me three scary.

[@karenannskreation2022]

Great ideas to keep a record for my business love, thank you so much

[@tashaguerrta]

Do you deduct anything else?

[@aryanasmith4426]

Thank you for the video!!! We learn a lot with you! Thank you!

[@jocelynpimentel2489]

hello thank you for this video it was supper helpful! what if you did online purchases would you just print out the recipe on there?

[@brennamandco]

Hi! I plan on filming an updated video here that will be published in the next month! Stay tuned!

[@Fatima128_]

Would I still need to do this if I used like websites like AliExpress and Alibaba?

[@brennamandco]

If you are selling.. Yes

[@alisonbakes6351]

Thanks so much for the info! I didn’t keep any receipts unfortunately is bank statements enough?

[@brennamandco]

Yes they should be fine!

[@a7xinmyheart]

Omg thank you for this video! You are a God Send!

[@jennifersanchezuresti8711]

Tysm! Helped a lot!

[@lilykarena9240]

How do you make a tax payer id?

[@amydejesus8245]

Was wondering the same thing and this is the application for it

[@amydejesus8245]

I hope these help hunnie.

[@coachktasha_]

I explain that in my EIN video kzbin.info/www/bejne/Zn6vpY2LrLV9hK8

[@Gloria_Chav]

Where do you keep all of your printed receipts? Do you have a hanging file or a basket?