Filter by Cash Transactions in QuickBooks Self Employed

 How to see all the transactions and receipts you entered manually in QuickBooks Self Employed.

Change the Accounts dropdown menu from your bank or credit card account to Cash.

This will filter transactions and only show ones that did not come in automatically from connected accounts.

Filtering with this method will more easily help you check off receipts and see what's been entered.

Wedding videography pricing versus volume booking

Depending on location and cost of living, a 'most popular' wedding package that costs $4,500 is fantastic. Even with a 50% profit margin, the person would be earning $2,250 per wedding. 

If they are not outsourcing editing, a profit margin of 75% is more likely, and that's a whopping $3,375 per wedding. 

Single Member LLC vs. a Sole Proprietorship

This article from BizFilings details the advantages and disadvantages of a Single Member LLC vs. a Sole Proprietorship.  The primary difference is that the LLC comes with a legal shield and may require more licenses/registrations, depending on the state where it's registered.

Unless the single member LLC has employees, the EIN is the owner's social security number.

LLCs typically do not pay taxes at the business entity level. Any business income or loss is "passed-through" to owners and reported on their personal income tax returns. Any tax due is paid at the individual level.

An article from Entrepreneur magazine: What to Consider When Deciding Between Forming a Sole Proprietorship or LLC

 

Cheap 1099 Misc Forms

Since the 1099 MISC is one of the few tax documents you cannot simply download as a PDF and print on your home or office printer, the forms must be ordered online or bought at a local office supply store, including Staples, Office Max, etc.

If you only need to send 1099 forms to one individual or a few people, it doesn't make sense to have to waste extra money for excess copies of the form.

Locally, the 1099 MISC forms were expensive at Staples, so I opted to buy them online because somewhere, there had to be a smaller pack or discounted item!

This pack of forms for 25 vendors is only $10 on Amazon (free Prime shipping), and the cheapest option if you only need forms for a handful of vendors.  This kit includes the IRS copy, state copy, and confidential envelopes.

There is also single marketplace vendor selling 1099 MISC forms here for $4.20 and it has Prime shipping.

Business Card Pocket Cases and Holders

CreateSpace book pricing, royalties, and costs

CreateSpace copy editing, design, and Kindle conversion prices

Paperback book, 6" x 9" size, 130 pages - physical copy order estimate for 30 copies.
$72.30 + $18 shipping = $90.30
$90.30 for 30 books = $3.01 per book

Royalty estimate for a 130 page book selling for $7.99

Royalty estimate for a 120 page book selling for $7.99

Inspirational Quotes from Business People

1. “Formal education will make you a living; self education will make you a fortune.” – Jim Rohn

2. “You can’t build a reputation on what you are going to do.” – Henry Ford

3. “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs

4. “Nothing draws a crowd like a crowd” – P.T. Barnum

5. “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” – Oprah Winfrey

via: 5 Inspirational Quotes from 5 Great Business People [DIY Themes]

Federal and Montana State Tax Rates

Assuming $30,000 of income as an individual living in Montana (head of household, or cannot be claimed as a dependent on another person's tax return).

15.00% Federal Tax (for income of $8,351 - $33,950)

7.65% Social Security and Medicare Tax (flat rate)

6.90% Montana State Income Tax (for income of $15,601 and over)

____________________

29.55% total tax

• Federal Tax Brackets [Wikipedia]
• Social Security and Medicare Tax Rates [SSA.gov]
• Montana Income Tax Rates [Salary.com]

Business Facts for Photographers

Nine Inconvenient Business Facts for Aspiring Photographers | Black Star Rising Photography Blog
Stresses the importance of:
* Have the copyright to all of your images.
* Make enough each week to cover all expenses of being in business.
* Not charging for required travel, post-production, and planning means taking a loss.
* You have the power to say no to assignment if the client does not want to pay for something.
* Diversify your client base for long-term stability.
* Charging an hourly rate means getting paid less for your talents as you get better.
* Operating without insurance is a huge risk.

Keeping Good Records for Business Taxes

• If you want to deduct an expense, you must have a receipt
• Note the business purpose right on the receipt
• Store all receipts and bills in a folder, so that all your expenses and deductions will be at your fingertips.
  
• Track expenses by category on a spreadsheet.
• On meals and entertainment, note who was with you.

Resources:
Business Expenses | IRS.gov

Standard Mileage Rates | IRS.gov

What kind of records should I keep?

Small Business Tax Tips: Make Your Filing Easy - Financial Web

Tax deductions for small businesses

Small Biz Survival: Checklists for starting your first business
- Web hosting, domain names
- The business percent of your cell phone
- Part or all of your home internet service, based on how much you use it for business
- Business cards or other promo items
- Computer equipment
- Software used in the business
- Paper, ink cartridges, office supplies

101 Tax deductions for bloggers and freelancers | Wise Bread
- Industry books or periodicals
- Graphic design fees
- Computer upgrades (RAM upgrades)
- Unpaid invoices (can right off as a loss)
- Tax and accounting software
- Tax preparation fees
- Stamps
- Paid professional advice

Easy Accounting for Micro Businesses

Small Biz Survival: Simplified accounting for side businesses and micro enterprises
* One spreadsheet for income, one for expenses.
* Staple the spreadsheets to the outside of two 9x12 envelopes.
* For each expense, write the amount on the sheet and put the receipt in the envelope
* For each sale, do the same.
* "At the end of the year, you just total each column. Make a copy of your spreadsheets for your accountant. That's it!"

Starting a Business in Montana

Update: 3/4/10
Common Mistakes to void when filling out the independent contractor application ICEC

-----------
How to Launch a New Business | Montana Secretary of State

DLI/ERD WCR Independent Contractor Central Unit

Business Models and Organizational Structures, Montana Secretary of State's Website:
- describes Sole Proprietorships, Partnerships, Corporations (interesting) and LCC's.

Business Entity Search - Montana Secretary of State

If you have a corporation or limited liability company, you must file an Annual Report to stay in good standing with the Secretary of State's Office. The report is due each year by April 15 and must be accompanied by a $15 filing fee. Businesses that file after that date will be charged a penalty.

Multiple Signatures in Gmail Without Extensions

To create multiple signatures in Gmail, enable the canned responses feature in Gmail labs.
Compose a new message with the signature text, and use the canned responses menu to save it, as seen above.

Source: How To: Have Multiple Signatures in Gmail with No Extensions, Userscripts or Bookmarklets Required

Roundup: Creating a Business Name,

How to Create a Great Business Name

Put Your Business Name to the Test

Business Card Holders

Originally, I wanted to get this business card holder from the Moma store, but it's backordered with an estimated in-stock date of July 5th. In the meantime, I'll probably settle for this smaller card holder made by the same company. The only difference between the two products seems to be the depth spec. The larger one is 1" deep and the smaller one is only 0.25" deep. Another card case on Amazon looks to be almost the exact same thing, with a mid-range depth of 3/8". This one sells for $6 plus $4.10 shipping, which makes it a good alternative to the smaller Moma card case if the shipping is inflated.

The small card case from the Moma: $5.00 + $4.95 shipping = $9.95
( a little cheaper than the alternative from Amazon)