Keep every single receipt, have a simple manilla folder for each month of the year, put every single receipt in that folder every single month without fail. At the end of the year put all 12 in a year file for the accountant and for your file cabinet when the accountant is done with it.
This is very helpful! A lot of things to learn here for business owners especially the common mistakes in bookkeeping. Setting up a chart of accounts will definitely make it easier to understand where your finances are at.
Very useful great video as always! Could you make a video on how to find a tax planning professional, accountant, or whatever they would be called for a small business. Such as the right questions to ask maybe what the difference is between all of these different titles if there is any?
Administrative access should be used a lot more by organizations. I have read about several organizations and churches that have had large amounts of money embezzled by a trusted treasurer or bookkeeper. If the members of the governing boards had administrative access this type of embezzlement would be much harder to pull off. I agree with you with the need to have a different person writing the checks then the bean counter. Some simple steps to avoid embezzlement from the trusted treasurer or bookkeeper.
This was my first video I watched of Toby Mathis! Thank you, this was great, I haven't been using reimbursement at all and didn't realize it can have impact if taken as distributions!
If an LLC company owns several DBAs, do you have to keep a separate bookkeeping account for each DBA? Or combining them into a single book under the LLC is enough? In the end come tax time it is the LLC that files taxes..
Great question. I recommend setting up a free consultation to discuss strategies and how they apply to your unique situation. Sign up here: aba.link/mql
as a owner of few rentals, your tips are awesome. some I knew, some I didn't realize. thanks much. p.s. I stay away from journal entry, i dont understand them other than its a note. My accnt puts 2 line items in. I dont get it.
In Australia a trust holder must do a DIRECTOR ID through mygov with a bull sht excuse about fraud. Wtf ? Do you know anything about this Toby? Great content, thanks for sharing.
Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Click this link and lets talk. aba.link/tobyss
Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Go to this link and lets see what we can do. aba.link/tobyss
I'm trying to think through the business structure with regard to anonymity as well as quickbooks structure. So if I set up a land trust for each property with a Wyoming LLC as trustee and an existing LLC holding the beneficial ownership, I am thinking I would set up the quickbooks file in the name of the LLC an use the class feature in quickbooks to list each land trust. I'm thinking this would also require me to have a bank acct for each trust that would receive the rents from a property manager and those funds would flow into the LLC for tax return purposes. Am I on the right track here?
Hi Richard, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
I tell everyone that ; when they ask if im paying taxes ..lol I reinvest everything so there aint much taxes ..I try to turn my income into assets before Monday..pay myself on Friday..
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Have questions about this video? Sign up for a free consultation to get your questions answered by professionals. aba.link/mql
For startup biz or very small biz, how much for bookkeeping and tax return prep? Thanks!
4:29 “Those are big words…”. LOL - You’re a great teacher; thanks for making the time to provide all this content.
Thank you!
Keep every single receipt, have a simple manilla folder for each month of the year, put every single receipt in that folder every single month without fail. At the end of the year put all 12 in a year file for the accountant and for your file cabinet when the accountant is done with it.
This is very helpful! A lot of things to learn here for business owners especially the common mistakes in bookkeeping. Setting up a chart of accounts will definitely make it easier to understand where your finances are at.
Excellent Toby! From side hustles to deeply multilayered Corps all accounting boils back to the basics 1st.
Wow thanks Toby. I have given away way too much. But I'm happy that I heard your content on this subject. I guess late is better than never. 💸💸💸💸
I appreciate your video it does help a great deal. Can you do a video on bookkeeping for a law firm? thanks
I'm glad you found the video helpful! I'll definitely consider your request for my next video =)
GEM for a video. Love it. Thanks a lot guys!
Glad you enjoyed it!
Toby is Amazing in his explanations! He makes it easy to understand and fit the pieces together.
Very useful great video as always! Could you make a video on how to find a tax planning professional, accountant, or whatever they would be called for a small business. Such as the right questions to ask maybe what the difference is between all of these different titles if there is any?
Great suggestion!
@TobyMathis . I second this... would be a great video on finding an accountant
So helpful and thanks so much!
Administrative access should be used a lot more by organizations. I have read about several organizations and churches that have had large amounts of money embezzled by a trusted treasurer or bookkeeper. If the members of the governing boards had administrative access this type of embezzlement would be much harder to pull off. I agree with you with the need to have a different person writing the checks then the bean counter. Some simple steps to avoid embezzlement from the trusted treasurer or bookkeeper.
Tons of valuable information, thank you so much. It helped me a lot.
Great to hear! Thank you for watching!
Troy "The Beard" Butler!
Very helpful explanation, thank you very much!
Glad it was helpful! We hope you consider subscribing for more great content!
Odd question, but what type of lapel mic do you use, and what type of camera and lighting? Love it. Thanks!
To start out on a tax return of start up rental real estate, what descriptions categories not more than 10 categories are suggested?
Great video I love it for me to manage my own rental properties 😊
Hey, thanks for the support. Hope it makes managing your rental properties a breeze!
Toby you are top tier!! Thank you so much.
Thank you!
This was my first video I watched of Toby Mathis! Thank you, this was great, I haven't been using reimbursement at all and didn't realize it can have impact if taken as distributions!
Glad you enjoyed it! Thank you for watching!
This is a great breakdown for any startup!!!👍👍👍👍👍👍
Glad you think so!
Would Troy have a Bookkeeping course I can purchase? Thank you and excellent content.
I wanted to say thank you to you for taking time to share truths
Thanks for listening!
Thanks!!!
Great video!
Thanks for watching!
Thank you for sharing all the knowledge, super helpful!
good stuff. thank you!
Glad you liked it, thank you for watching!
very informative
Thank you! We hope that the information is helpful!
Just remember, debits on the left and credits on the right
This was very useful. Thanks for sharing.
Our pleasure 😊
Great very helpful.
Glad to hear it!
If an LLC company owns several DBAs, do you have to keep a separate bookkeeping account for each DBA? Or combining them into a single book under the LLC is enough? In the end come tax time it is the LLC that files taxes..
Great question. I recommend setting up a free consultation to discuss strategies and how they apply to your unique situation. Sign up here: aba.link/mql
@@TobyMathis no thank you i will just ask AI
Great video and advice thank u for breaking it down . May I ask if there are standard codes for chart to categorise type of expenditures ? Thanks
Excellent video. Thank You!!
FABULOUS!!!! Love this!!!
What do you do with a 1031 exchange over the new year? Other Income at the bottom of the P&L?
Re imbursement to you= expense to the company🗣
as a owner of few rentals, your tips are awesome. some I knew, some I didn't realize. thanks much.
p.s. I stay away from journal entry, i dont understand them other than its a note. My accnt puts 2 line items in. I dont get it.
In Australia a trust holder must do a DIRECTOR ID through mygov with a bull sht excuse about fraud. Wtf ?
Do you know anything about this Toby?
Great content, thanks for sharing.
Helpfull!! Thanks alot, guys
How can I speak with you privately I just have problems with texing,and recovering my courage to video chat
Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Click this link and lets talk. aba.link/tobyss
Hi Lesa, thank you for leaving your comment. You can request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. Go to this link and lets see what we can do. aba.link/tobyss
is there contact info for Troy Butler.?
Are you a current client?
Does Anderson offer these services?
Hello Lee, you can find a list of our services on our website.
andersonadvisors.com/products-and-services/
love your videos guys!!!
I'm trying to think through the business structure with regard to anonymity as well as quickbooks structure. So if I set up a land trust for each property with a Wyoming LLC as trustee and an existing LLC holding the beneficial ownership, I am thinking I would set up the quickbooks file in the name of the LLC an use the class feature in quickbooks to list each land trust. I'm thinking this would also require me to have a bank acct for each trust that would receive the rents from a property manager and those funds would flow into the LLC for tax return purposes. Am I on the right track here?
Hi Richard, we recommend speaking with one of our advisors for any legal advice. Here is the link to schedule a free strategy session, bit.ly/3JbMhRP. Or you may call to speak with an advisor at our toll-free line, 800-706-4741.
Wait a minute I moved to florida 10 years ago cause there's no income tax ??? So I don't pay no taxes ??? 🤣🤣😅
I tell everyone that ; when they ask if im paying taxes ..lol
I reinvest everything so there aint much taxes ..I try to turn my income into assets before Monday..pay myself on Friday..