Tracking Expenses Made Easy
Tracking expenses is the most important thing you can do as a freelancer, contractor, small business owner, or as someone who is self-employed. Even though expense management is essential to the health and success of your enterprise, it’s often overlooked, or done poorly, leaving contractors susceptible to losses in take-home pay.
To begin tracking expenses, start off with a budget. Your budget should be comprehensive of all expenses you will incur. It doesn’t have to be complex, but should at least include a categorization of the expenses you plan on accruing across the next year (or, whatever timeframe you set your budget against). There should always be a category for “miscellaneous” expenses, to ensure coverage in case of an emergency or an unforeseen need to spend money. Additionally, it’s smart to budget preliminarily for the amount of taxes you think you will need to pay at the end of the year. Adding this into your budget will help you plan for the future, and manage your expenses accordingly.
Once you have a sense of what your business expenditures and income will be across the next year, your next step will be to start spending and document. Documentation can come in a multitude of ways, and, similarly to your budget, there’s no need to over-complicate your expense management system. Hurdlr is an excellent app that allows you to upload receipts, categorize them, and the AI will help recognize potential tax deductible expenses as they’re accrued. Understanding these tax deductions, although not planned in your initial budget, will help you increase your take-home pay at the end of the year. Tax deductible expenses can range from things like office supplies, mileage, travel, and equipment, all the way to healthcare and office space. Keeping track of these deductibles is imperative to expense tracking, because it will allow you to make the most of your income.
As you incur expenses and track them, be sure to consistently check back to your budget. Keeping within the framework of your budget for all expenses will increase your take-home pay, and will help you manage your finances long term. This will also help you plan for additional expenses as you grow. You can begin to plan ahead and create a growth trajectory for your business, as you understand where your expense investments grow your income, and where they detract from it. Hurdlr can help you with increasing this take-home pay by actually integrating your bank account, helping you calculate your taxes based on your income and expenses.
By using simple tools like Hurdlr, and planning ahead with smart budgeting skills, you will be able to easily track expenses and grow your business. Use of these skills, although potentially time consuming during setup, can actually help you save time long term. Smart expense management will free up additional space, time, and money for you to spend on your business strategy, growth, and day-to-day operations.
Here Are 16 Real Estate Agent Tax Deductions
Gig Economy Jobs Like Uber
As an independent contractor, driving for an on demand economy company gives you the ability make money with your extra time. Drive during your lunch break, at night, or during busy weekends – it’s up to you. However, these companies don’t only provide taxi-style services; companies like HopSkipDrive enable the driver to chauffeur kids to their activities around town, similar to a nanny. Other rideshare companies allow the individual to use their vehicle to make extra cash by renting it out or sharing a ride to work. If you have a car, then there’s an on demand economy opportunity out there for you.
Gig Economy Sites Like Airbnb
Make money off renting out your home, car, boat, tools, or almost anything with these sites like Airbnb. If you are out of town, make money while you are away. If you have free space in a home you live in, you can leverage that too. You can also choose specifically who you would like to rent to – say, a college sports fan. Check these hosting companies out below.
Gig Economy Delivery Jobs Like Postmates
Delivery jobs vary in their specific functions, but they all allow independent contractors like yourself to travel, create a flexible schedule, and deliver goods (as opposed to passengers). Jobs like Postmates give you the ability to work short gigs during times like your lunch break or at night, while others like Roadie allow you to use space in your car for somewhere you are already going to deliver a package.
Unskilled On Demand Jobs
If you’re looking to help someone out and make some quick cash, then this section is for you. These companies function as automatic lead generators: instead of finding gigs by yourself, these companies give you the gigs. If you enjoy working with people and assisting them with their problems, many of the companies listed allow you to do just that.
Gig Economy Jobs for Freelancers
Freelancing allows individuals to work wherever they want, whenever they want, with whoever they want. Freelance occupations range from bloggers, lawyers, chefs, stylists, caregivers, techies, and many more. If you like the freedom to travel and be your own boss, check out the companies below.
Rideshare Companies With Jobs Like Uber
As an independent contractor, driving for an on demand economy company gives you the ability make money with your extra time. Drive during your lunch break, at night, or during busy weekends – it’s up to you. However, these companies don’t only provide taxi-style services; companies like HopSkipDrive enable the driver to chauffeur kids to their activities around town, similar to a nanny. Other rideshare companies allow the individual to use their vehicle to make extra cash by renting it out or sharing a ride to work. If you have a car, then there’s an on demand economy opportunity out there for you.
Sites Like Airbnb
Make money off renting out your home, car, boat, tools, or almost anything with these sites like Airbnb. If you are out of town, make money while you are away. If you have free space in a home you live in, you can leverage that too. You can also choose specifically who you would like to rent to – say, a college sports fan. Check these hosting companies out below.
Delivery Jobs Like Postmates
Delivery jobs vary in their specific functions, but they all allow independent contractors like yourself to travel, create a flexible schedule, and deliver goods (as opposed to passengers). Jobs like Postmates give you the ability to work short gigs during times like your lunch break or at night, while others like Roadie allow you to use space in your car for somewhere you are already going to deliver a package.
Unskilled On Demand Jobs
If you’re looking to help someone out and make some quick cash, then this section is for you. These companies function as automatic lead generators: instead of finding gigs by yourself, these companies give you the gigs. If you enjoy working with people and assisting them with their problems, many of the companies listed allow you to do just that.
Freelance On Demand Jobs
Freelancing allows individuals to work wherever they want, whenever they want, with whoever they want. Freelance occupations range from bloggers, lawyers, chefs, stylits, caregivers, techies, and many more. If you like the freedom to travel and be your own boss, check out the companies below.
