It’s that time of year where most of the people you know have either just finished filing their taxes, or have already cashed and spent that check on spring break shenanigans.
Since 18, I’ve got that tax refund and had a FIELD DAY! Like many, money management has been a developed skill over time, not a natural one. Once I started transitioning into my brand LipsticknCurls full time, I realized that I had a ton of income coming in that I had no idea how to manage.
Many of us are taking social media on as our full time or serious side hustle but there’s not a ton of info out there about how to manage such a sometimes hot & cold budget.
I have been using a program to manage my finances for the past year and it has been a LIFESAVER, so I had to share it with you!
Money Management Tool:
I honestly couldn’t count the amount of checks (paper + ACH) that I have received over the past year. This is pretty normal for those of us who make a living from sponsored content, affiliate links, and Google Adsense. Before this year, I had a “loose” method when it came to money management. I would complete a project, get paid, and spend! Pretty laissez faire, right?
Well, once I started getting more and more opportunities, that process became a little more difficult as I took the leap into LipsticknCurls full time. So I had to get it together!
Connect + Organize
Quickbooks allowed me to not only connect all of my accounts, it also has some pretty awesome features! My favorite feature is being able to go through every transaction from all of my bank accounts and organize them into Personal/Business or Both! They also create great charts showcasing different reports based on income/expenses for different periods of time and more!
- Automatic mileage tracking
- Create and send invoices on the go
- Maximize your Schedule C deductions
- File faster by exporting Schedule C to TurboTax
- One federal and one state tax return filing included
Being able to identify your income and expenses accurately is SO crucial because many entrepreneurs will over or underestimate. As you’re organizing your transactions, Quickbooks will give you little information blurbs to let you know what’s considered an expense or not!
This is also important because most contract work is not taxed – so when tax season roles around; you’ve gotta figure out how much you owe while taking into consideration the amount of income you’ve acquired minus expenses and it just gets confusing, TBH.
Be Prepared: Taxes
Quickbooks goes even further by estimating your quarterly and yearly taxes based on your personal + financial information. If you like to be proactive, I suggest paying quarterly taxes because you eliminate the BIG surprise at the end of the year.
My personal preference is to make a note of the quarterly tax estimate on Quickbooks and just hold that amount in my savings account! I did this all year long and paid my chunk of change all at once. I like this method because JUST in case you get in a bind in the middle of the year, you can use that extra cash you had for taxes. Just make sure you replenish the pot 🙂
Oh, and the BEST part about this program is that you can add your accountant for review OR you can DIY it pretty easily through TurboTax!
Honestly the ONLY drawback I’ve had with this program is certain banks do not connect well with it – sometimes I have to re-input my bank information which can get annoying at times but definitely doesn’t outweigh all of the great features.
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Let me know if you try it and how it works for you! Also comment + share if you want to see more posts like this!