TAX TIPS FOR INFLUENCERS, BLOGGERS, & SMALL BUSINESS OWNERS

April 2, 2018
by
LAURYN

taxes business expenses tax deductions by the skinny confidential

WE ARE REALLY SO LUCKY.

LIKE- imagine our grandparents 50 years ago waking up, heading to work. Their work life revolved around the hours of 9AM to 5PM. Not because this was when they were the most effective but because business in general was conducted between these hours. No 10 PM sushi nights to work at the bar ( my favorite ) or bringing their computers to cafés to sit while enjoying an unsweetened cinnamon cappuccino ( my favorite part 2 ).

Times were quite different if ya know what I mean.

The stores were open in the day & closed at night- TRUE LIFE!

Offices/factories were operating during the day. Then at night people would clock out & head home. There was no email or Slack to stay in contact with your co-workers. There was no social media to stay connected. It was clock in & clock out, see you tomorrow Betty. Occasionally the dry martini ( or two ) with Fred & maybe tennis with the girls on a Saturday.

The invention of the internet made it possible for any of us to work on what we want when we want, WHEREVER WE WANT. No limitations.

ISN’T THAT CRAZY!

Guys it’s so nuts to me- when my my grandma AKA The Nanz was alive she couldn’t even comprehend my living. She almost didn’t get it- it was like a foreign language ( once she learned- very fast I may add- she was really hamming it up for the camera after a few times ).

taxes business expenses tax deductions by the skinny confidential

ANYWAY, with these limitations being removed, the doors were opened to endless possibilities of NEW income streams. Now we’re connected to the entire world twenty-four hours a day, seven days a week ( which can sometimes be QUITE EXHAUSTING! ).

OF COURSE, with this comes a whole new world of possible income streams, careers, & unique opportunities. You can potentially create a business that runs while you sleep- which is nuts. You can document the process & potentially earn a living posting this to your blog, social, or video channels. You can travel the world while simultaneously working.

Creating an online shop while selling to the masses has become normal. You can go in your closet right now & sell your worn clothes online. You can write, take pictures, & film videos on your phone and then post it to the world within minutes…& get paid for it!

We aren’t limited to the typical hours of 9-5. We don’t need to man the store. We don’t actually even need a physical store. ( WHICH IS A WHOLE DIFFERENT POST BUT…ANYONE CAN DO ANYTHING NOW-A-DAYS ).

taxes business expenses tax deductions by the skinny confidential

We aren’t competing with our neighbor, we’re competing with the world. This also means we can sell to the world & service the world, not just our small community. This was never possible for previous generations.

I have so many friends that have started a new business in the last 5 years. I also have friends who have left their job to become full-time content creators, photographers, designers, eComm store owners, & brand builders. Some of them have used social media to build awareness to their online stores & some of them have used platforms like Facebook/Instagram to connect with brands and influencers.

Are you a freelance photographer or designer? Guess what? You can slide into the DMs of a brand/influencer/company…& potentially book a new job. The old days of having to show up for interviews or try to get a meeting with the boss are over.

It’s right at your fingertips, a click away.

taxes business expenses tax deductions by the skinny confidential

SO! HOW do we account for all this new income & what can we do to maximize our earnings?

Well, as you can imagine a lot of the people I referenced did not come from financial backgrounds. They had little understanding of expenses & balance sheets ( ME! ). Even less understanding when it comes to taxes ( ME PART 2! ). If you are setting up a new shop or selling online, it’s really important to know what you can expense to maximize your deductions and tax credits.

Following tax laws you can expense & deduct all of your web hosting, design/coding fees, inventory expenses, marketing expenses, PLUS more. Imagine having a tool that could help you categorize this and maximize the money you keep in your pocket. THAT IS WHY I LOVE TAXACT.

taxes business expenses tax deductions by the skinny confidential
taxes business expenses tax deductions by the skinny confidential

We’ve discussed this a bit but to bring it full circle: there’s nothing better than a tool to help us manage all of the complicated stuff. Like the boring stuff. When you file your taxes and use TaxAct as a resource to help you code & organize all of your credits and deductions it helps put all of that newly earned money back into the business or your OWN pocket.

Michael & I get so many questions from new business owners/bloggers/freelancers about what they should do with their new income which is why we are doing this three-part series ( #1 can be found here ). Outside of saving, we always stress the importance of organizing expenses throughout the entire year so you’re ready to go come tax season.

If you don’t, you could miss out on lots of deductions and get hit with a massive tax bill which JUST KILLS your business. Put it this way, if you have a new business that makes you money every month, you want to offset that income with the expenses your business accrues, otherwise known as tax deductions. If you don’t have a tax tool to help you show this to the government they won’t know what you can claim and you lose out. NO FUN.

taxes business expenses tax deductions by the skinny confidential

ANYWAY, stalk TaxAct here & let us know what you think. Please leave any tax questions below & we will be sure to get them all.

We are currently in Morocco right now so make sure you’re following along on IG Stories– we’re here to celebrate Michael’s birthday & I feel like they have the BEST mint tea in the world. Spices too. And oils, so many oils.

Hope you’re all having a productive week.

Chat tomorrow, lauryn x

+ more business posts found here.

++ this post is in collaboration with TaxAct. as always all opinions are my own.

SHOP: bodysuit | jeans | sunglasses ( << on sale! ) | marble laptop case | phone case | bagtop

{ pics }

taxes business expenses tax deductions by the skinny confidential

BE A BOSS ANYWHERE, ANYTIME:


OH, ALSO:

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  1. taylor

    Lauren, this is so perfect! I just because a licensed real estate salesperson and met with my accountant last Friday. He told me that for next year I will need to track everything from business cards, to signs, etc… Basically everything you have been talking about in these posts. Your tips are so helpful.
    Thank you!

    http://www.taytayrose.com

    Reply
  2. Briana

    Okay, first of all—I absolutely love your attitude! I love that you have such a positive outlook on the opportunities that we are given by the fact that the world is so connected. Too often, people view this negatively. Second—this was a super helpful post. I’m in the process of launching my own business (!!!) and was looking for a good way to organize for tax deductions. Just downloaded the TaxAct app. Thanks girl! 🙂

    briana | youngsophisticate.com

    Reply
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