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Here’s the link to the spreadsheet if you’d like a copy: Spreadsheet to keep track of income & expenses for Etsy sellers & online business owners TAX DEDUCTIONS LIST To enlarge the screen of the video, click the square icon in the bottom right hand corner of the video (it will say ‘full screen’ when you hover your mouse over the icon). If you miss a step or need to re-watch you can pause, restart, rewind and rewatch the recording as many times as you need! To enlarge the screen of the video below, click the square icon in the bottom right hand corner of the video (it will say ‘full screen’ when you hover your mouse over the icon). I keep them saved in the one Excel file using a separate tab for each spreadsheet. They were created in Microsoft Excel but you could also use them in Google Docs. I ended up creating 5 spreadsheets to track income and expenses. I could’ve gone all out and created a ton of fancy spreadsheets with crazy formulas but I wanted to keep them super simple, so that my accountant could simply open them and find the exact numbers they need using easy to follow and logically designed spreadsheets. I considered using an online based accounting system, but to be honest, I don’t know how secure they are and I don’t like that I can only access them if I have internet access. I could’ve used an accounting program like MYOB but I just don’t find those programs user-friendly. I’ve tweaked them along the way so that they’re the perfect tool for non-financial people like myself, who’d rather spend more time on their business (anyone else just want to make pretty things all day?), rather than the not-so-fun task of accounting. So I created some spreadsheets to help me track income, expenses and tax deductions and tested them for over a year. but when I hired an accountant a few years ago, they wanted everything digital not pen and paper. not! Unfortunately it’s an unavoidable part of doing business 🙁 I originally used my Etsy Business Planner to keep track of income, expenses, fees, payments, bills etc.

What is a Printable? What happens when I purchase a printable from you?īookkeeping, accounting, tax preparation.

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54 Mistakes Etsy Sellers Make (And How to Fix Them).

For example, any acquisition-date income tax benefits or expenses recognized from changes in the acquirer’s valuation allowance for its previously existing deferred tax assets as a result of a business combination (see paragraph 805-740-30-3).

Adjustments of the beginning-of-the-year balance of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

Adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity.

Tax expense that results from allocating certain tax benefits directly to contributed capital.

The benefits of operating loss carryforwards.

Government grants (to the extent recognized as a reduction of income tax expense).

Deferred tax expense (or benefit) (exclusive of the effects of other components listed below).

Those components would include, for example: The significant components of income tax expense attributable to continuing operations for each year presented shall be disclosed in the financial statements or notes thereto.

Transfers and servicing of financial assets Revenue from contracts with customers (ASC 606) Loans and investments (post ASU 2016-13 and ASC 326) Investments in debt and equity securities (pre ASU 2016-13) Insurance contracts for insurance entities (pre ASU 2018-12) Insurance contracts for insurance entities (post ASU 2018-12) IFRS and US GAAP: Similarities and differences Business combinations and noncontrolling interestsĮquity method investments and joint ventures