I just create an excel spreadsheet that I enter all expenses on it. I do my own because I can customize it with the categories I want. Office, Resale, Supplies etc. Then I simply attach the receipts to that spreadsheet. Easy peasy.
Karlton is the GOAT when it comes to Tax Alchemy! I've been in the non-profit world for 10+ years & am starting up my own for-profit biz. Thanks to Karlton's videos, advice and clear language, I'm table to easily (for FREE) go to the next level. Thank you, sir. GOAT
I'm an artist by nature, and have never been math savvy. Accounting was always a synonym for math for me, so I avoided it--but your videos make all this exciting--it's more like a logic puzzle now...and I love puzzles lol. Thank you!
I started my small business last year and realized the bank I use is super important. My bank app allows me to track everything and attach receipts. When it's tax time, everything is accounted for. A life-saver! I can even put aside some of the income to cover taxes.
I learned about Hurdlr from your momma🥰 years ago and am just starting to use it as I’m finally becoming an entrepreneur. It’s so bomb! Dennis fam the best to ever do it! 👌🏾✨✨✨
I bought a expanding file & have it separated in months .. started adding all of my receipts there !! Also going through all of my statements to fill in Jan-March Better late than never ...
Planning to do some rental properties when I get home from deployment. I have been binge watching your videos and it’s making me even more excited to start that process. Awesome content.
I just found your videos a week or two ago and i find that they are well formatted. I want to get my tax game in check and I I'll be using your teachings. I am glad I found your channel. you are making great videos for us on youtube who come here to learn.
dude, ashamed to say...I have done ZERO accounting and one of my businesses hit 200k this year in online sales and i Just had my first consultation with an Accountant. My other business (shipping) I launched in January and i'm so far behind on accounting because it too blew up... this one im not even sure how much money ive made but its expanding faster than i thought....binge watching your vids. Thanks for the Info!
Thank you for providing these amazing videos! I’m a brand new business owner and this info is incredibly enlightening. Your content is especially helpful since my counseling degree contained 0% business training (we can do simple math people) You got one new subscriber! Thank You.
Your videos have given me new life. I have learned so much, all of which I will use in my second career as a business owner. Thank you for these jewels!!!!
You are awesome! I wish I can afford you. I have been filing my taxes LATE every year for the past 11 years which is the age of my small business. I truly need a lot of help. You are definitely a financial GURU!! You explain with such passion... awesome!
11 years for my biz too and my bookkeeping skills have lacked greatly! I feel horrible about it, but I feel like I’m not alone in my situation. I feel a little better knowing that I’m not the only one struggling with bookkeeping and taxes
Hello Karlton, thank you for providing so much Valuable information in your channel. Question: if I opened my business at the end of the year, not much money spent in 2022.... I began spending in 2023, do I still have to file? I had brain surgery which messed up my filing on time, so I'm late anyway. Please advise? Stephanie
As a creative person that sucks at math and similar activities I'm struggling with this as I've recently started a small exterior cleaning business in Northern VA. Trying to educate myself. I hope I'm not learning too late since I've started the business already! I just have a messy list on google drive of all major expenses and all the smaller ones I've remembered to track as well
Hi Karlton, the amount of knowledge I’ve gained from your videos is just too much. I can’t stop watching them. As a real estate investor flipping houses and renting both short and long term, while earning W2 income, I’ve been doing it all wrong for the past 3 years until I started watching your videos. How can I get in touch with you for your services?
Which app is best or do you highly recommend for good bookkeeping. I'm a Real estate investor self managing 21 doors. I recently had Anderson Business Advisors doing my full bookkeeping but that gets pricey and the 90 year old lady wasn't to good at communicating the ins and outs on Balance sheets and financial Statements ect.
I'm doing something similar to the person you mentioned in this. Most of my expenses are online. Is it adequate if I have an excel sheet with descriptions/dates of all expenses and copy's of the business' bank statmenets to match it up?
Getting ready to take over 6 figure family business. If I already keep all business banking separate from my personal. My question is, with programs like QuickBooks and Turbo Tax, do I really need to hire a bookkeeper and an accountant..? Seems redundant because I've always done my own taxes and banking online.
Anything that works for you is the most important. Record keeping is for you to know your numbers in real time and strategist to only look at to find the strategies that will work for you!
Good information, I just started sell on eBay last year in around may will I be able to qualify for the start up cost , when I file my taxes. Again appreciate the help.
Is there something easier to learn than quickbooks for landlords? It seems like you need a ton of work arounds to separate properties for Sch E preparation, and I need something simpler
Thank you for these videos! I am finding many flaws and mistakes in my business because of your content. I have an automotive restoration and customization business and as such I have a lot of equipment and tools. Is there a video on what I should be doing to benefit monetarily from those items?
Karlton, Hello! My husband and I are thinking of selling a piece of land, valued at around $150,000. We would use it to pay off a mortgage on our cabin and a home equity loan. Any suggestions for avoiding a big tax hit?
Great information. You are the best Tax guy in the world. I just have one recommendation, please lower the volume of that soundtrack on your future videos. In this video was too loud and took my concentration away a few times. Had to stop the video like 3 times to see where it was coming from.
I got a question? I'm a member mngr in a s.corp but the company hasn't made any money it's just registered that it would I still have to file come March?
Dang… missed opportunity on “FOREVER!”… I was expecting Squints from Sandlot to pop up saying “FOR-EH-VER!”. Love your channel and all the info you’re putting out. Great resource!
OMG! Love your business channel. So glad I found you!!! I recently created two startups and I need consultation for tax write-offs when I WAS a W2 employee. I will contact you soon. Thanks for the information.
That's a good question. I'm in the same boat. I have alot of realized gains before my S Corp paper work and EIN info came back. Can those profits go under the S Corp
Hi Karlton, I really enjoy your videos! I am really transitioning in my life and career but before I make concrete moves I want to be educated on the paperwork. (That’s where you come in!) I was wondering if you could do a video on record keeping apps you recommend and how to get set up to record keep for a new LLC owner or anything really. Thank you!
Really wish you got to the point of the video sooner. It's a 15-minute "how to" video that tells you at the end to just use an accounting program for your book keeping.
Honestly every time you ask anything about does somebody have to keep a copies and records about anything I know for sure it’s yea because the feds want EVERYTHING 😅
Hello Karlton, you had a video that I watched a while back and you mention two apps that could be used for receipts. Can you please tell me the name of the two apps of for the receipts? Thanks in advance. And keep up the great work.
![How to Use Rental Losses to OFFSET W2 Taxes! [Part 1]](http://i.ytimg.com/vi/1a38vrvO-ko/mqdefault.jpg)
I just create an excel spreadsheet that I enter all expenses on it. I do my own because I can customize it with the categories I want. Office, Resale, Supplies etc. Then I simply attach the receipts to that spreadsheet. Easy peasy.
Karlton is the GOAT when it comes to Tax Alchemy! I've been in the non-profit world for 10+ years & am starting up my own for-profit biz. Thanks to Karlton's videos, advice and clear language, I'm table to easily (for FREE) go to the next level. Thank you, sir. GOAT
This guy is the real deal listen to him. A real tax professional
Under rated channel.
Thanks a ton! Really appreciate the support 🙏🏾
I'm an artist by nature, and have never been math savvy. Accounting was always a synonym for math for me, so I avoided it--but your videos make all this exciting--it's more like a logic puzzle now...and I love puzzles lol. Thank you!
I’ve been on TH-cam for 14 years and have subscribed to six channels. You are number seven sir, good stuff.
I started my small business last year and realized the bank I use is super important. My bank app allows me to track everything and attach receipts. When it's tax time, everything is accounted for. A life-saver! I can even put aside some of the income to cover taxes.
Which bank is that
Yes which bank
I learned about Hurdlr from your momma🥰 years ago and am just starting to use it as I’m finally becoming an entrepreneur. It’s so bomb! Dennis fam the best to ever do it! 👌🏾✨✨✨
I bought a expanding file & have it separated in months .. started adding all of my receipts there !!
Also going through all of my statements to fill in Jan-March
Better late than never ...
Planning to do some rental properties when I get home from deployment. I have been binge watching your videos and it’s making me even more excited to start that process. Awesome content.
That is awesome! go for it!
Get it!!!
Good luck Jeremy! Retired Infantry here and I wish you the best. VA home loans with a 640 credit score or higher if that helps.
I just found your videos a week or two ago and i find that they are well formatted. I want to get my tax game in check and I I'll be using your teachings. I am glad I found your channel. you are making great videos for us on youtube who come here to learn.
dude, ashamed to say...I have done ZERO accounting and one of my businesses hit 200k this year in online sales and i Just had my first consultation with an Accountant. My other business (shipping) I launched in January and i'm so far behind on accounting because it too blew up... this one im not even sure how much money ive made but its expanding faster than i thought....binge watching your vids. Thanks for the Info!
Can you suggest any online bookkeeping companies for small startups?
🌷 Thank you!
Thank you for providing these amazing videos! I’m a brand new business owner and this info is incredibly enlightening. Your content is especially helpful since my counseling degree contained 0% business training (we can do simple math people) You got one new subscriber! Thank You.
Your videos have given me new life. I have learned so much, all of which I will use in my second career as a business owner. Thank you for these jewels!!!!
Intro beat is nice 👍🏼 but as a future CPA and business owner I have a great appreciation for your videos.
I like the defocused back ground, helps the viewer Stat focused on the subject
What software would you suggest for tax purposes Karlton?
Read reviews of QB before paying ... I'm sticking with paper, in my own office (which will take more time, while staying reliable)
You are awesome! I wish I can afford you. I have been filing my taxes LATE every year for the past 11 years which is the age of my small business. I truly need a lot of help. You are definitely a financial GURU!! You explain with such passion... awesome!
Check with Kaltron whether he is doing bookkeeping. If not , you can reach out to me. I have a bookkeeping business
11 years for my biz too and my bookkeeping skills have lacked greatly! I feel horrible about it, but I feel like I’m not alone in my situation. I feel a little better knowing that I’m not the only one struggling with bookkeeping and taxes
What booking keeping app do you reccommend?
I am committed to self-development and thriving.
What system would you recommend ..I was thinking quick books online but I have no clue what system would have all 5 .
Pls which electronic record app will you recommend.
Hello Karlton, thank you for providing so much Valuable information in your channel.
Question: if I opened my business at the end of the year, not much money spent in 2022.... I began spending in 2023, do I still have to file? I had brain surgery which messed up my filing on time, so I'm late anyway. Please advise?
Stephanie
I have Smartwise which scans receipts and stores them in an app and categorizes them. Can I then throw away my actual receipts?
I need someone with your knowledge in Dallas Tx. 😊
Did you ever find someone?
As a creative person that sucks at math and similar activities I'm struggling with this as I've recently started a small exterior cleaning business in Northern VA. Trying to educate myself. I hope I'm not learning too late since I've started the business already! I just have a messy list on google drive of all major expenses and all the smaller ones I've remembered to track as well
You make taxes so fun god i love this channel❤
I really love your channel. If I only discovered you before to help me steer into that field sooner....
Great Videos Dennis , Could you name best 3 account Business Keeping Apps or Website. Thank You
Hi Karlton, the amount of knowledge I’ve gained from your videos is just too much. I can’t stop watching them.
As a real estate investor flipping houses and renting both short and long term, while earning W2 income, I’ve been doing it all wrong for the past 3 years until I started watching your videos.
How can I get in touch with you for your services?
Which app is best or do you highly recommend for good bookkeeping. I'm a Real estate investor self managing 21 doors. I recently had Anderson Business Advisors doing my full bookkeeping but that gets pricey and the 90 year old lady wasn't to good at communicating the ins and outs on Balance sheets and financial Statements ect.
Wait, you can claim medical/dental expenses??? Sounds great!, but how is that remotely related to the bussiness?😊
I'm doing something similar to the person you mentioned in this. Most of my expenses are online. Is it adequate if I have an excel sheet with descriptions/dates of all expenses and copy's of the business' bank statmenets to match it up?
would I still be allowed to make deductions on start up costs if I did not start a business bank account or the business was not incorporated yet?
Getting ready to take over 6 figure family business. If I already keep all business banking separate from my personal. My question is, with programs like QuickBooks and Turbo Tax, do I really need to hire a bookkeeper and an accountant..? Seems redundant because I've always done my own taxes and banking online.
Great content you're putting out!! Love it!
What app do you recommend to use to do your own bookkeeping for your own business? And do I need to a license to do my own bookkeeping
Binge watching your videos
Thank you!!!!!!!!!!!
Good info. I took lots of notes.
Glad it was helpful!
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Thanks Karlton! Another great video. Very informative. Keep up the good work!
Mahalo Nui Loa for sharing your Mana’o “wisdom” My wife and I just started our business and you video is extremely helpful 🤙🏼🤙🏼
This is excellent info! I've been wanting to start a business soon and your info is key to my research. I subscribed to your channel today.
Thank you! Glad you found it helpful!
Are there any good record keeping programs that you would suggest that would make you work easier, that are more compatible with your programs?
Anything that works for you is the most important. Record keeping is for you to know your numbers in real time and strategist to only look at to find the strategies that will work for you!
You're a baller, Karlton.
Are Business Start Up costs Deductible or Capital Expenditures? Are those the same thing?
Good information, I just started sell on eBay last year in around may will I be able to qualify for the start up cost , when I file my taxes. Again appreciate the help.
Your awesome Karlton love your videos, I like how you explain things in layman terms
Is there something easier to learn than quickbooks for landlords? It seems like you need a ton of work arounds to separate properties for Sch E preparation, and I need something simpler
Can you help real estate Syndicators?
Another great informational video. Question: Enrolled agent or Tax preparer. Which one would I consider?
Thank you for these videos! I am finding many flaws and mistakes in my business because of your content. I have an automotive restoration and customization business and as such I have a lot of equipment and tools. Is there a video on what I should be doing to benefit monetarily from those items?
I recommend scheduling a one-on-one coaching session with me, as your business is unique 👍🏾. See link in description
Great info! Keep them coming
Thanks! Will do!
If you do few transactions, can't you just use an Excel spreadsheet instead of QuickBooks?
I'm going to show up a gold star student when tax time comes up. Great tips!
Karlton, Hello! My husband and I are thinking of selling a piece of land, valued at around $150,000. We would use it to pay off a mortgage on our cabin and a home equity loan. Any suggestions for avoiding a big tax hit?
Shoot me a Dm or feel free to schedule a consult with me using the link in the description. :)
@karltondennis
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Great information. You are the best Tax guy in the world. I just have one recommendation, please lower the volume of that soundtrack on your future videos. In this video was too loud and took my concentration away a few times. Had to stop the video like 3 times to see where it was coming from.
How about if they are all on a business CC?
👏🏾👏🏾👏🏾 great information.
Thank you! 🙏🏾
I got a question? I'm a member mngr in a s.corp but the company hasn't made any money it's just registered that it would I still have to file come March?
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Great Information
In your experience, what do you think are the drivers of successful youth?
Your opening video gives off Prestige worldwide presentation vibes 😂 thanks for the good content though 👍🏽
Dang… missed opportunity on “FOREVER!”… I was expecting Squints from Sandlot to pop up saying “FOR-EH-VER!”.
Love your channel and all the info you’re putting out. Great resource!
Thank you si much
Anytime
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
heyy man Thank you for this!!!
If you have students laon that needs to be paid then how do you add that.
Please 🙏 to God bless, me to hear from you 💝🙏.
Thank you 🙏
Welcome!
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Do Bank account statements count?
Thank
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️..
Plus
One
six
five
seven
two
three
four
three
eight
six
one:
which apps would u recommend ?
Quickbooks is always great.
@@karltondennis Thank you 🙏🏽
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
I loooove your videos
Best app for e commerce?
Very informative
Glad you think so!
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two .
Three
Great Tips!
i keep trying to schedule a consultant but there is never a day available
What accounting software do you suggest?
KI. LOOK INTO INTUIT. GOOD FINANCIAL SOFTWARE
jb.ok
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
OMG! Love your business channel. So glad I found you!!! I recently created two startups and I need consultation for tax write-offs when I WAS a W2 employee. I will contact you soon. Thanks for the information.
Isn't it 5k startup and 5 k organizational expenses so it's really 10k
So is the “first” year from the date you got an EIN number or from date of initial income what actual year is considered your “first” year.
That's a good question. I'm in the same boat. I have alot of realized gains before my S Corp paper work and EIN info came back. Can those profits go under the S Corp
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️..
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three..
7 years
Bro I need to hire you!
Yes same here !!! I have so Many questions, And worries! Just watching 👀 you, Makes me feel comfortable .
Hey Karlton. Is Excel a good Accounting Software You'd Recommend? Thank You for Your Video Content.
LOOK INTO INTUIT FINANCIAL SOFTWARE PEACHTREE ETC
Accounting software
Jb.ok
Thank you for this info. I just started a Pet Supply business. Can’t wait for more content!
Best of luck!
Once again awesome video with great information Karlton! Now put some Vaseline on those elbows buddy! :D
Hi, I want to get a new car should I lease or buy?
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Hi Karlton, I really enjoy your videos! I am really transitioning in my life and career but before I make concrete moves I want to be educated on the paperwork. (That’s where you come in!) I was wondering if you could do a video on record keeping apps you recommend and how to get set up to record keep for a new LLC owner or anything really. Thank you!
for my business
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Biggest takeaway from this video: Like, Subscribe, Click Notification Bell.
gem
Thanks!
Background is way to blurry.. even the chair beside is blurred ….
I would like to interview you to handle my LLC taxes.
Check out the links in the description to set up a consultation with myself or my team.
Really wish you got to the point of the video sooner. It's a 15-minute "how to" video that tells you at the end to just use an accounting program for your book keeping.
Honestly every time you ask anything about does somebody have to keep a copies and records about anything I know for sure it’s yea because the feds want EVERYTHING 😅
Hello Karlton, you had a video that I watched a while back and you mention two apps that could be used for receipts. Can you please tell me the name of the two apps of for the receipts? Thanks in advance. And keep up the great work.
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.
Can you take deduction on property you are fixing but you don't own🙄
Thanks for watching!😊 Don't forget to hit the subscribe button! Text me on What sApp for more info and guardians🇱🇷❤️.
Plus
One
nine
Three
Seven
Seven
nine
Three
Zero
Seven
Two
Three.