Summary: If you’re going to be using your business to lower your taxes, you’ll have to keep expenses. Keeping track of your expenses may prove difficult, especially when you have a lot on your mind. Luckily, nowadays almost anything can be automated. For instance, I have an app that reminds me to pay my bills, one to remind me of meetings, and one that reminds me when my favorite shows are on. So, it’s only normal that there’s an app that can help track your expenses. In fact, there are hundreds of different options out there, but I prefer to do the bulk of my expense tracking using Expensify. This app will automatically track and log expenses for you, by linking up to your debit and credit cards. Here’s how to use it: Sign up for a free plan using your email, this will help you do everything you need. The next step is to import all your credit and debit. From now on, any transactions on them will be automatically logged and categorized. When it comes to filing your taxes, just pull up your expenses by categories. This will make filing your business expenses incredibly easy. If you need any additional information, you can simply search and filter through all your transactions each tax year with their search box. If you still need convincing, here are a few reasons you should use Expensify, as a business owner. Remember what I said about trying to spend as little as possible? Well, decreasing your most significant expenses is part of it. Lower Your Rent Move to a city with a lower cost of living. Sure, it’s cool to say that you live in New York City, but when you pay an arm and a leg for a shoebox, maybe it’s time to reconsider your decision. If your business or job requires you to travel a lot, why not make some money while you’re not home? You could, for instance, rent your house on Airbnb. If you want to learn how to earn an extra profit or even create a real business renting your home on Airbnb, then you should check my guide here. Decrease Your Car Payment If you have a car that you barely drive, then you should rent it out on sites like Turo. Turo is a peer-to-peer car rental service that allows regular people to rent their cars to each other. It’s completely up to you on how you price your car. You can either set your rate or allow the service to adjust them based on supply and demand. But, what if someone messes up my car, you may ask. Well, that’s the beauty of the service. Turo has a one million dollar liability insurance policy that covers drivers while they are renting your vehicle. Website: http://ianbalina.com Instagram: https://www.instagram.com/diaryofamad... Snapchat: https://www.snapchat.com/add/diaryofa... Facebook: https://www.facebook.com/ianbalina/ Twitter: https://twitter.com/diaryofamademan
