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How I Organize My Business Finances, Taxes, etc. (THE BASICS!)

1279 ratings | 57554 views
I hope you enjoy this beginner's overview into small business finances / legal stuff / taxes. Be sure to look into Quickbooks which has been an absolute lifesaver for me! QUICKBOOKS: http://bit.ly/22KBbIG MENTIONED ▸ quickbooks | http://bit.ly/22KBbIG WHAT'S NEXT ▸ subscribe to my youtube channel | http://bit.ly/21HvTw7 ▸ check out my blog | http://hollycasto.com ▸ sign up for my emails (& get free stuff!) | http://eepurl.com/cj-F_b FOLLOW ▸ instagram | http://instagram.com/hollycastocreative ▸ twitter | http://twitter.com/hollycastoblog ▸ pinterest | http://pinterest.com/hollycastoblog WORK WITH ME ▸ design services | http://bit.ly/1VQyT5H MY FAVES ▸ etsy - open a shop + get 40 free listings | http://etsy.me/1QIHcRk ▸ shopify - try for free for 14 days | http://bit.ly/1R5hebt ▸ printful - for order fulfillment + shipping | http://bit.ly/1N6nTvQ ▸ quickbooks - for simple bookkeeping | http://bit.ly/22KBbIG ▸ squarespace - for starting a blog or website | http://bit.ly/1i0Rbjp ▸ canva - free graphic design website | http://bit.ly/1fqI5sq DISCLAIMER ▸ This is NOT a sponsored video. ▸ Some affiliate links are used, which means that I earn a small commission if you click the link and make a purchase.
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Text Comments (65)
Alana B. TV (4 days ago)
Very helpful
oboh ogheneochuko (1 month ago)
Biniyam White (2 months ago)
Thank you from Canada!
Maria Parker (2 months ago)
Thank you so much
This was so helpful! Thank you!
theAnalyst (3 months ago)
I know this is kind of old but what are your thoughts on Xero versus Quickbooks?
Xero is amazing and is a great alternative to QuickBooks Online.
Miraude Rose (4 months ago)
Thank you for sharing your thoughts on your business. It has really helped me to understand my finances at mirauderose.com
Allyson Braley (5 months ago)
Which Quickbooks plan do you use?
GLOBAL VOICE DIRECT (6 months ago)
En globalvoicedirect.com contamos con la última tecnología de telefonía a bajo costo. no hay necesidad de dinero en efectivo, sin la necesidad de garantías personales. Reportamos sus pagos al Buró de crédito. Proporcionamos una línea de crédito a largo plazo de $7500 a cada negocio. Fácil aprobación incluso si usted tiene mal crédito.
Javier Aguilar (6 months ago)
great video thanks for the quick books advice
bspears728 (5 months ago)
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erickalove pearson (7 months ago)
This is exactly what i am looking for unfortunately i don,t have apple products are you aware of an app that is similar?
Smart Ledgerz (7 months ago)
Thanks for those tips!
Andrius L. (8 months ago)
Thanks. Very helpful. I started my small Limited company and tracking everything in excel for now. I think I will try QuickBooks with my new business bank account and PayPal.
Avid Abstractions (1 year ago)
That was really helpful! Thank you!
Mike Tatman (1 year ago)
Thanks for the video on basic business finance tips - and we love Chester!
Holly Casto (1 year ago)
no problem thanks for watching! :)
MissAquaGamer (1 year ago)
Do I need a business license or ID for Etsy?
Camping Supply Pro (1 year ago)
Your video was very helpful for me. I am new to this and have started an online camping supply business, so this was very helpful!
Holly Casto (1 year ago)
so happy to hear that - thanks!
Erika Lancaster (1 year ago)
Thank you so much for this! I am interested in opening an Etsy shop in the future and want to make sure that I don't miss anything when it comes to taxes.
Holly Casto (1 year ago)
thanks for watching, Erika! best of luck to you
The Artful Brittani (1 year ago)
Thank you! I haven't had anyone straight out say "yes get a business license etc." I found out how, but all I've heard is about getting one after you've made such and such money.
L B (1 year ago)
do I need a tax ID and business license in the being of starting a blog even though I may not be making money yet?
L B (1 year ago)
Holly Casto thanks for replying😃 what if it's not making money just yet, but I want to protect my brand name and logo so no one steals my name/idea until I am established enough to sell stuff? how would you suggest I go about handling that? hope I wasn't confusing lol and I love your channel btw 😃
L B (1 year ago)
Genesis Dawn (2 years ago)
Is there a list or other examples of things you can and can't write off as business expenses?
Queen Print Works (5 months ago)
Genesis Price did you have any luck finding a list if what can you write off?
Paula M. Pontiff (2 years ago)
Thanks Holly, I just started a small business and this was very helpful.
CJ (2 years ago)
Thank you for your very helpful video! Do you also use an inventory software? If so, which one?
Well Behaved Wallet (2 years ago)
Really solid advice. Thanks for making this video!
Vax Trond (2 years ago)
You are a God send. Your small business advice was incredibly helpful. Please KEEP making business advice videos. Those types of tidbits are always helpful for us newbies. :-)
Vanessa g (2 years ago)
Hi Holly! Do you need a business licence if you are selling on Etsy? Btw love your channel!
Terri Williams (2 years ago)
Thank you so much Holly, Cuz I'm starting an etsy store....
Glen Rosenthal (2 years ago)
Hi Holly! I just opened my etsy shop, and I've had a lot of questions. You have without a doubt taught me the most useful information I've found anywhere. Thank SO much!
James Robins (2 years ago)
Lol.... This was fun to watch! ;-)
Blossom2Titus (2 years ago)
MrYouBeReal (2 years ago)
Thanks for bring up cost of goods sold.
Make Me Over WEC (2 years ago)
holly thank you so much for your videos. so informational and helpful. I just subscribed to you.
Trinican Bee (2 years ago)
I appreciate your videos. Please do more on small business (and I'm open to the personal/decor stuff ones, too!).
bobbydx44 (2 years ago)
+Holly Casto Creative is beautiful
Mrs Hussain (3 years ago)
the best ting to do if your not sure about getting a tax ID or what not, definitely contact a cheap lawyer and in most cases lawyer fees should be around $150-$250 OR look up the website for your secretary of state (I've already been through this, we listed as an LLC which is best for me) example: www.sos.la.gov and that is for LOUISIANA. most likely you will need to contact your city or town for all the information on permits and the exact steps for doing business. 😀 just some friendly advise on what I did, maybe their is an easier way? also www.SBA.gov helped me and was also offering classes in my area and it gives tons of resources for government grants and loans.
Daisy Sweet 101 (3 years ago)
Do u need a business license if u are selling on Etsy.
T Taylorr (3 years ago)
do you need a business license in New York city to open an etsy store.
Dave Bohm (3 years ago)
Holly, you rock. Everything you are saying is true, take it from someone who DIDN'T do the way you said to do it and has a lot of extra confusing work as a result. LISTEN to Holly (and she's pretty too)
Mineguy_ (3 years ago)
Hi, So do I have to make an tax stuff? I'm an eBay seller & I don't do tax with my selling & I'm trying to sell my art stuff only* on etsy So please help (do I have to make an tax ID or not?) Thanks allot your clips are really helpful
Marian McAfee (3 years ago)
Very helpful share!
Melanie E. (3 years ago)
This is a great video for a new shop owner! I wish I patched this a year ago instead of learning the hard way. You have put together a great TO DO list!
Farije Ademi (3 years ago)
What if you buy supplies at the store, for example  $10 at Hobby Lobby, and you assemble a product to be sold on Etsy . Could that $10 be written as a tax write off for "supplies" not "cost of good"?
Farije Ademi (3 years ago)
Katie Wilkie (3 years ago)
Very helpful, thanks!
Sherrieluvs1d (3 years ago)
all i could look at was you dog so cute ah!
Joann Lassell (3 years ago)
Holly, just found your videos and must say every one I have looked at has been valuable for me.  This one especially.  I am like you and this stuff just makes my eyes glaze over even tho I know it is super, super important.  Thanks so much for putting this out there.
sarahyic (3 years ago)
Can I please know where you bought your duvet cover and pillows?? Thanks so much!!
Lizbeth Yager (3 years ago)
Chester!! :)
Stacey Langley (3 years ago)
Hi that was very helpful thank you. One thing though coz I'm a dummy what do you mean by writing it off? Is it like tax deductions?
Simone Ashslay (3 years ago)
Wow! This was extremely helpful
Jané B. (3 years ago)
Hi! I know this has nothing to do with finances, but I was wondering how you post pictures from your computer to Instagram. I opened my IG account for my business but all of my pictures so far are on my computer. Can you help? Thaaanks :-)
Jané B. (3 years ago)
I do have an account with Dropbox but I don't have the app! I'll definitely get that now. Thank you sooo much! Be Beautiful, Be Loving, Be Happy :-)
Grace Lee (3 years ago)
Thank you, this was really easy to understand and helpful!
Starting Somewhere (3 years ago)
I really have a trouble in starting my business. I have dozen of ideas
Jaroslava Pleiše (3 years ago)
Thanks Holly! very helpful.
SherryMadeIt (3 years ago)
With the example that you used about the notebook are you saying that the Irs will then tax you on the 10.00 which you only made 5 on it because you paid someone 5 to make it for you. How is this?
Beth Anne Schwamberger (3 years ago)
Cost of Goods Sold simply means items you purchased as inventory, or parts to your inventory.  On your taxes, (Schedule C) the IRS has you do a calculation, this is a simplified version: Beginning Inventory + Purchases (what you recorded as Cost of Good Sold in QuickBooks) - Ending Inventory = Cost of Goods Sold for Tax purposes.  So these items are tax deductible when they are sold, and the IRS formula calculates what you can deduct based upon your sales.  Cost of Goods sold only applies to a product based business.   

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