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Hi all, I recently got laid off for the first time and was recently offered a 6-month gig that will be paid via 1099. All I have done is open a business bank account after creating a LLC (Sole Proprietor). I need to figure out what type of software to use, and I also would appreciate some general advice. Let's say I get paid $10,000 per month for six months via 1099. So $10,000 will be my monthly revenue. Which version of the software should I get? I am the only employe and besides the usual expenses, I will probably have to track mileage too. My wife is W2 salaried. Could I still file taxes jointly? I still probably don't know what questions to ask but this is a good start for me. With a dedicated bank account and a LLC, I will keep business income and expenses separate and hopefully take advantage of all the deductions I can get. Thanks for the help and advice!!
Desiree Wood is one tough mother-trucker, driving her own rig all over the U.S. working and advocating for women drivers. To do her job, she bravely faces the sexism and the lack of decent bathroom facilities on the road, but you won’t find Desiree hitting the brakes on a career she loves. Here, she shares the struggles that motivate her and her favorite things about being a trucker. Knowing you’ll face both immense challenges and huge rewards as a business owner can help you stay positive, confident and grounded. That’s why we’re sharing some of your favorite and most dreaded aspects of working for yourself in Worst Part/Best Part! Entrepreneur: Desiree Wood Business: Trucker (owner/operator) and founder of Real Women in Trucking Started: 2007 Worst part: Desiree says, “When I first started driving, I thought other female drivers would say, ‘Right on, sister!’ Instead, I was attacked for asking questions and sharing my concerns. I was stalked
Name: Julie Goldman Business: Original Runner Company Launched: 2003 Location: Bridal shop in Livingston, NJ A couple decades ago, when Julie Goldman was planning her wedding, she wanted to walk down the aisle on a beautiful runner. She needed something that suited a Victorian mansion and complemented the autumnal colors she loved. Julie quickly discovered her only options were plastic tablecloths made for kids’ birthday parties or flimsy paper that could easily rip or wrinkle. So Julie made her own runner, painstakingly designing, painting, tea-staining and decorating every inch of it by hand. After the event, photos of the stunning runner were posted online – and then Julie’s phone started ringing. Within a month, she had a website, clients and – wait for it – the opportunity to make the runner for the nationally televised Bachelorette wedding. Since that auspicious beginning, business has continued to boom for Julie and her Original Runner Company. She tells us about her unexpected
Name: Lee Glickstein Business: Speaking Circles International Located: San Rafael, CA Launched: 1989 Lee Glickstein has spent most of his life afflicted by extreme public speaking anxiety. He tried every strategy in the book to bolster his confidence, including joining Toastmasters – which, he says, he flunked out of. But Lee didn’t give up, and perseverance led to epiphany. He traced his own anxiety back to childhood when he felt judged, mocked or simply ignored by his family during their nightly dinner conversations. That insight helped Lee realize his public speaking “block” wasn’t about his ability to power through a speech or presentation. Rather, it was based on his inability to “receive” supportive, active listening from his audience. Lee knew he wasn’t alone in his public speaking anxiety (research shows the majority of us feel nervous or uncomfortable at best when it’s time to present). His desire to help others overcome stage fright and live a richer, more rewarding life as
Hi,I have a full time job with a W-2. I also have a side hustle. For the revenue i earn from my side hustle, i compute estimated taxes and pay them as per the schedule.Now, i am going to add a mortgage and college tuition payments to the mix.I know both are tax deductible. The question is - can i subtract them when i am computing my estimated taxes? I don't want to put additional deductions on my W-2. Instead every quarter, when i compute estimated taxes for my side hustle, i want to deduct for mortgage interest, taxes and tuition. Is that acceptable? Thanks for the help !
Please share pros and cons of setting up a COA that matches Schedule C - line for line? One potential drawback I can think of is if a client changes to a Corp, then historical Sched C accounts might not make sense. What do you think?
I need help with books, is there someone that can work on some bookkeeping for me in the Dallas area? I want to outsource the bookkeeping.
When small businesses get their products and services in front of the huge numbers of social media users, there’s a good chance their sales will soar. In fact, 94% of small businesses use social media to market and promote their brand. For good reason, too: Younger users (16-34) report researching products on social media before buying and 23% say that seeing a “like” is a purchase driver. Seven entrepreneurs from the QuickBooks Community share their strategies making Instagram (and more!) work for them. Check out their links to see them in action! Benjamin Steele of Sir Wylde, men’s accessories Instagram followers: almost 10K “I post content on Instagram and Twitter. Some of our posts have gone viral and that’s been a big help. We usually receive five times more people to our website after we’ve posted content out on our social media channels. PR works as well. For every news station that covers us, it means at least $500 in sales and $2,000 to $3,000 if it’s a
This entry focuses primarily on the Chart of Accounts and associated reporting tools that pull information from those accounts. Most of the time, you create accounts as you work, such as when you first create a new product or service, log an expense or connect a bank account. If you need to modify an existing account or create new ones from scratch, you’d do so from the Chart of Accounts. This is essentially a list of your accounts that determines how transactions are categorized and interpreted (i.e. whether a transaction adds or deducts from an account). We generally recommend not making too many changes to the Chart of Accounts (referred to as CoA from here on) – it's complicated territory that should be explored once you’re completely confident using QuickBooks. However, we also believe every user should have a basic understanding of what the CoA is, how it organizes your finances and when to go in and make adjustments.  
Maybe it was to stay close to an industry or activity you love. Maybe circumstances required that you work from home. Maybe it was, "How the heck is there NOT an app for that??" What first gave you the idea for your business, and where are you in the process of taking that concept to market?
"Wanted: Energetic, self-directed multitasker to manage high-paced work environment. Required skills include group mediation, crisis management, and speed shopping under pressure. High tolerance for loud, repetitive noises a huge plus!" That's not my job description as QB Community Business Host (thankfully!), but it is a pretty good reflection of my other job - mom of two. If you had to write a wildly accurate, no-holds-barred job description for your own role as a small-business owner, what would it say? And tell us -- would you ever apply for your own job?
I’m constantly keeping tabs on what I spend. Whenever I’m on travel, I give myself a budget range and compete with myself to see if I can come in well below expectations. I’m interested in the process of budgeting in regards to what it says about a person, our ability to make decisions, how forward thinking we can (or should) be and whether or not this insight should be a practice or a framework. What does it it mean to you?
We asked eight entrepreneurs: “What is your most effective means of getting new customers?” They shared their creative ideas for hustling up new clients -- from social media to word of mouth to networking -- and we’re passing their most successful ideas along to you! Chris Turner, CEO of Tenrocket, a tech company that creates apps in ten days for $10,000 a pop says, “Most of our business is through referrals because we provide amazing customer service. We’re friendly and work super hard to take care of our clients. To network and make connections, we sponsor a local Meetup group called Make It Real, where we share what we’ve learned along the way.” “For example, we tell our audiences that instead of worrying about branding and creating a quirky culture, entrepreneurs should start selling — even if they only have a working prototype. It’s possible to build a service-based business by using Google Docs, spreadsheets and a single-page landing site. Get a compan
After returning home from a trip to Guatemala where she witnessed extreme poverty, Bethany Tran couldn’t get the great people she’d met out of her mind. So she dreamed up a business model that created jobs for skilled Guatemalan workers and textile weavers manufacturing super cute shoes for women. When helping others is the inspiration for starting a business, the motivation to succeed is huge. Not only are these entrepreneurs in business for themselves, they're also In It for Good. In this series we'll meet social entrepreneurs, non-profit leaders and global thinkers who are working to make the world a better place. Name: Bethany Tran Business: The Root Collective, handmade shoes & accessories Launched: 2013 Location: Guatemala & U.S. What they do: Employ and fairly pay artisans in Guatemala who badly need jobs to manufacture handmade shoes and accessories for sale in the U.S. Bethany recalls, “Visiting the slum communities helped me understand that poverty is extremel
Hi there, I am brand new to QB's and the business world and was wondering if you guys could give me a few pointers. So, I first started out my handmade bath and body business April 1st of this year. I had no idea what I was doing, all I knew was that I wanted to be a business owner. Luckily my adoptive mom knew what to do so she showed me all she knows. I am originally from England but came to the US April 21st 2015 after fleeing for my life. My biological parents are satanic pedophiles who promised to kill me on my 19th birthday. I have seen things most people wouldn't be able to imagine. This business is my way of bringing in money. I'm not able to go out to get a 'normal' 9-5 job because of the trauma and severe PTSD. At the minute, I'm in need of more customers. Right now, sales are very slow. I brought in close to $2,000 in the first month (that wasn't profit) and if I could do that, I would be able to carry this business on. Do you
A few months back, I was attending a two-day business seminar. When the keynote speaker, Diggi Thomson, started his presentation, it wasn’t just his lilting Scottish accent that immediately caught everyone’s attention. From the get-go, Diggi was smiling, friendly and engaging. He was easy to hear, even from the back of the room, and he made us all laugh right away. In short, Diggi had us at “hello.” I wanted to find out the secret to quickly and easily taking (and keeping) command of a room. I spoke with Diggi, who runs a marketing consulting business with his partner, Gene Tiernan, about developing his public speaking prowess. Diggi, have you always been comfortable speaking in front of a crowd? Public speaking has never been a fear for me. Growing up, my dad was a natural “after-dinner speaker,” and our family hosted a lot of parties and gatherings. People would just get up and do things — play the piano, share a story, tell a joke. In that environment, no one
Jess Murray was sick of tailoring overpriced denim jeans in a warehouse, so she quit her job to start her own line of handcrafted leather goods. Now Jess creates gorgeous bags, belts and even some denim apparel -- that’s affordable, of course! Sometimes great businesses start with a revelation: “Why work for someone else when I can do this exact same job on my own terms!” The bold entrepreneurs we’ll meet in our Going Indie series quit their salaried positions and started their own independent ventures -- in the very field they decided to leave. Name: Jess Murray Business: Aegis Handcraft Founded: 2013 Location: San Francisco, CA The revelation: Jess recalls, “The original idea developed from a not-so-great work experience. I had just graduated with a degree in fashion design from the Fashion Institute of Design & Merchandising in San Francisco. I got a couple gigs working in the industry, but something just kept eating away at me. I was
I am fairly a new business owner and still get confused at times on the accounting side. I have just started paying quarterly income taxes. I also pay sales taxes on merchandise. When I pay quarterly income taxes, doesn't this include the sales taxes I pay on merchandise? I am confused am I overpaying. Any advise is greatly appreciated. I hope I am making sense.
Social media is a great way to grow your business' online footprint and requires minimal input. The simple addition of social links can greatly increase awareness of your brand online and offline, which in turn can lead to boosted sales. In QuickBooks Online, rather than embedding social media buttons in the body of sales forms, you can add clickable hyperlinks to the email message portion of invoices, estimates, and sales receipts. Why should I add social media links to my Invoices and Sales Form emails? Adding clickable “like us on Facebook” or “follow our Instagram” hyperlinks to invoice email messages is a simple way to stay connected with your customers, enabling you to broaden your brand’s reach without additional (or costly) marketing efforts. This approach separates branding and business so the prior doesn’t get lost amongst line items and figures (or vice versa). In short, keep the actual invoice form focuse
When you’re new to QuickBooks Online, you have an opportunity to learn and incorporate new workflows into your daily routine - seize it. Today, we’re bringing you tips and tricks to help you process transactions faster and more efficiently. While some of these shortcuts are merely for added convenience, others can drastically reduce the time it takes you to complete tasks in QuickBooks Online. How to Use Shortcuts: QuickMath, Keyboard Shortcuts, & More | QuickBooks Online Tutorial 2018 There’s nothing wrong with mouse navigation, but QuickBooks veterans swear by hotkeys and prefer them over any other method. To bring up the comprehensive list of shortcuts (and to get your company ID), press [CTRL] + [Alt/Option] + [? ]on your keyboard. The subsequent operations all begin with [CTRL] + [Alt/Option] + [the associated operation]. The hotkeys on the left let you create new transactions or sales forms from any dashboard or t
Do more with QuickBooks by knowing exactly what each feature is and does. The QuickBooks Online Encyclopedia is designed for everyone -- those who are brand new to QuickBooks as well as those needing a quick reference. In this entry, we cover the essential features and workflows of QuickBooks Online. We also highlight functions that are unique to QuickBooks Online (designated by the [] symbol) so you can get the most out of your accounting tools. To navigate this resource, click one of the alphabetical jump links below or hit Ctrl+F /Control+F in your browser to search for a specific term. For accounting definitions, check out "QuickBooks Encyclopedia – Basic Accounting Definitions." A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z B Connect an Online Bank Account Simple Defin
Every feature in QuickBooks Online depends on other features. Even common tasks like invoicing rely on other pieces fitting in the right place. We’re here to help you make sure each piece fits and everything is set up correctly so you can send your first invoice with confidence. Use the checklists found throughout this article to double-check your progress. After completing each task, check it off and move on. The Essentials The Nice-to-Haves Company Information Customized Invoices Sales Info Product and Service Categories Invoice Form Online Banking Products and Service List Customer Information &
The dust has settled and you’ve successfully set up your QuickBooks Online in just 15 minutes. Now, let's start building a robust company file and ensure all the parts are aligned. By the end of the hour, you’ll have everything in place and ready to handle the fundamental account tasks for your business. Your first 15 minutes with QuickBooks OnlineYour first day with QuickBooks Online While we recommend certain time-frames, please go at a comfortable pace - - what's important is following the series in order. If you prefer an activity-based setup workflow, check out our series “Setting up for Success with QuickBooks Online." Minute 15: Customize your Invoices (and Sales Forms) (Gear Icon [] > Custom Form Styles > New) You can start sending invoices using the default template, but you should spend time designing and personalizing them. Even small changes can have a big impact. Sending your first invoice is a milestone for your business, so inve
Name: Caroline McAbee Business: Faith Financial Consulting Located: Austin, TX Launched: 2016 Caroline McAbee was used to incredibly long days and a tedious a commute as director of operations in both the high-tech and non-profit industries. Eventually, she burned out. Caroline decided to quit her job and take the summer off. During that “wonderful” period, several different friends asked if Caroline would help them launch their new businesses, from opening a car dealership to starting a construction company. Requests for financial- and business consulting multiplied, and Caroline had a “light-bulb” moment. After discussing her idea with her husband, Caroline took a leap of faith and launched Faith Financial Consulting. Her self-employed journey, she says, has been wonderful. We find out Caroline’s #1 tip for small business owners and learn why she believes all entrepreneurs must “keep it real.” Note: This interview is based on a conversation between Caroline and Community Leader Lesl
You’ve decided to become an entrepreneur. Congrats! Now get ready to learn learn a whole new business lingo. As you’ll soon discover, there are countless important -- and, sometimes, confusing -- terms that pop up in the startup and financing phase of your new venture. This post will help you translate and understand some of the most common concepts. Burn rate: A slang term for the amount of venture capital a company’s founders can spend (i.e., burn through) during the startup phase before they will run out of money. A high burn rate tells the investor that they may have to wait a longer time to see a Return on Investment (ROI). Example: If a company has $1 million in investment and spends $100,000 a month on overhead during the startup phase, then the burn rate is ten -- meaning the company has ten months until they’re out of money and need to start generating a positive cash flow. Due diligence: A vetting and research process done by potential investors or fun
