Thank you for sharing this video, I saw tons of people failing because they didn’t manage their income in the right way and they went in debt to paying taxes. Sadly where I live (Italy) lots of people, especially in beauty industry, work from home without paying taxes nor claiming income and they keep very low prices for their services and clients go to them feeding this vicious circle. As you said in the video, working in the right and professional way and being in a real business it means also paying taxes and claiming income even if it could be a struggle at the very beginning. Personally always paying taxes and claiming income really saved me during covid lockdowns as I had access to helping funds for self employed workers in beauty industry because I demonstrated I was working regularly and legally. I love this podcast because is mirroring about being self employed in a very pragmatic and realistic way.
I'm enjoying your Biz Talk series. I'm hoping to take the spring 2024 nail tech certificate course in my area and start a home studio. I'm 63 - I'm excited! I still wish you shipped to Canada though 😜
Would nail school to become licensed count as an expense towards my business or would it be a personal expense since I technically wouldn’t be an “established” business yet? Also, I recently purchased an acrylic kit from you guys so that I can start practicing and learning the craft while I save to be able to go to nail school; since that is towards my career, would that be considered a business expense? I’m extremely new to anything about running a business and I haven’t technically established one yet. All I’ve done so far is purchase the kit and will be saving to attend nail school to become licensed. Thank you! This video was so extremely helpful because this is something I’ve wondered about for so long 🫶🏻
I did this when I first started, all the way until my business was established enough and operating from its own revenue. I have always maintained separate accounts (business and personal) and have been fortunate enough to be able to use the same credit union for both. This is rare, because, from my experience, finding a credit union that has business accounts is all but unheard of. Anyway, the most important thing is the organization part of it, like Habib said. You’ve got to be able to categorize what’s what and be specific. If you have good banking/financial software, you will be able to easily designate what’s a business expense versus a personal one, and even be able to break them down into further subcategories. It really isn’t difficult to do, just a little on the tedious side, but you definitely want to keep business and personal everything separate. (P.S. Make sure you pay yourself back when you can!)
@@gymeni thank you for your response 💕 should I deposit the money into my business account then make the necessary purchases. Currently I’m investing in the business from my personal account. Or either way is fine as long as I am keeping track of income and expenses?
Ideally, it's best to keep things separate, but if that's not possible, make sure you keep extremely good records of all investments that cross over from personal to business.
Thank you guys always supporting us for the benefit of our business ❤ love you
Thank you for sharing this video, I saw tons of people failing because they didn’t manage their income in the right way and they went in debt to paying taxes. Sadly where I live (Italy) lots of people, especially in beauty industry, work from home without paying taxes nor claiming income and they keep very low prices for their services and clients go to them feeding this vicious circle. As you said in the video, working in the right and professional way and being in a real business it means also paying taxes and claiming income even if it could be a struggle at the very beginning. Personally always paying taxes and claiming income really saved me during covid lockdowns as I had access to helping funds for self employed workers in beauty industry because I demonstrated I was working regularly and legally. I love this podcast because is mirroring about being self employed in a very pragmatic and realistic way.
I'm enjoying your Biz Talk series. I'm hoping to take the spring 2024 nail tech certificate course in my area and start a home studio. I'm 63 - I'm excited! I still wish you shipped to Canada though 😜
Would nail school to become licensed count as an expense towards my business or would it be a personal expense since I technically wouldn’t be an “established” business yet? Also, I recently purchased an acrylic kit from you guys so that I can start practicing and learning the craft while I save to be able to go to nail school; since that is towards my career, would that be considered a business expense? I’m extremely new to anything about running a business and I haven’t technically established one yet. All I’ve done so far is purchase the kit and will be saving to attend nail school to become licensed. Thank you! This video was so extremely helpful because this is something I’ve wondered about for so long 🫶🏻
We would recommend consulting with a tax professional for this kind of information.
How does it work when I have business account but still investing in my business using income from my full time job?
I did this when I first started, all the way until my business was established enough and operating from its own revenue. I have always maintained separate accounts (business and personal) and have been fortunate enough to be able to use the same credit union for both. This is rare, because, from my experience, finding a credit union that has business accounts is all but unheard of. Anyway, the most important thing is the organization part of it, like Habib said. You’ve got to be able to categorize what’s what and be specific. If you have good banking/financial software, you will be able to easily designate what’s a business expense versus a personal one, and even be able to break them down into further subcategories. It really isn’t difficult to do, just a little on the tedious side, but you definitely want to keep business and personal everything separate. (P.S. Make sure you pay yourself back when you can!)
@@gymeni thank you for your response 💕 should I deposit the money into my business account then make the necessary purchases. Currently I’m investing in the business from my personal account. Or either way is fine as long as I am keeping track of income and expenses?
Ideally, it's best to keep things separate, but if that's not possible, make sure you keep extremely good records of all investments that cross over from personal to business.