Eric Tells Us Everything We Need to Know About The Business Side of a Business
“Everybody wants to talk about the sexy things… But nobody wants to talk about taxes. However, everybody has to pay taxes on the money that they earn.”
Eric is extremely passionate about taxes and actually running a business the right way! Eric wants you to know how to deal with your taxes so that you don’t end up broke. We discuss everything from trying to write-off drinks in a night club to loitering at a business a conference.
Who is Eric Nisall?
After working in public accounting for almost two decades, Eric J. Nisall founded AccountLancer in November 2014. A blogger himself since 2009, he decided to turn his attention to a group he knows quite well: the blogging and freelance community.
Not only serving as an accountant and tax preparer for the blogging & freelance community, he also is a go-to expert source for many freelance writers. His advice has appeared on Huffington Post, Forbes, GoBankingRates, The Penny Hoarder, & more.
Most recently, Eric created Bookkeeping For Bloggers, a course teaching bloggers (vloggers, podcasters, and freelancers too) how to handle their own biz finances when they don’t have the money or need for a pro accountant.
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Show Notes & Episode Guide:
00:00 – 3:00. The show starts off hot with Eric introducing him and telling us about why he stays in his own lane. Whats his lane? Eric drops the most important piece of wisdom on us about running a business. This is also the least sexiest topic around.
3:01 – 4:12. Eric is tired about nobody ever talking about taxes and the business side of a business. Making money is fun, but you have to pay your taxes so that you don’t go broke.
4:13 – 5:42. What are the biggest mistakes that a small business mistakes? Eric tells us how a small business is anyone doing something on their own (freelance writer, artist, etc.). If you run your own thing, you have a small business.
5:43 – 6:48. Are you a business? Look at your bank account. Do you have zeros on the wrong side?
6:49 – 8:25. Do you have a separate account for your business? Eric describes in painful detail what it’s like to do your taxes when you mix your business and personal accounts. Keep it simple and simplify your financial life.
8:26 – 10:00. How do you setup the financial side of your business (could be a new blog)? Eric goes into detail.
10:01 – 12:30. What are the more advanced mistakes? Can you use a virtual assistant and then write them off locally? Can you work out of your bed? What happens if you lie? Eric goes over the consequences.
12:31 – 14:26. “You have to report every dollar that you make.”
Eric talks about the importance of writing down how much you earn. You have to show your bank statements for everything in life.
14:27 – 16:44. What are the best tax write-offs? Eric talks about his course.
16:45 – 20:11. What can you not write-off? Does loitering at a conference count as a write-off? Nope. Can you write-off your Starbucks? Can you consider the food as rent? Can you deduct food? Eric drops the harsh truth.
20:12 – 23:42. Is it worth trying to write-off food? How do you make this simple? Eric talks about his course and the worksheets.
23:43 – 27:30. What’s the best system for accounting? You can use Excel or Google Sheets or whatever works for you. We go over the best options. Eric likes One Note over Evernote. Eric hates Google and explains why.
27:31 – 31:46. Should you/when should you hire a professional accountant? Eric talks about starting your business off with the proper foundation so that you’re not fumbling in the dark. Eric tells us why there’s no such thing as one-size-fits-all financial advice.
“The one universal truth that I always tell people. There’s only one thing that’s true when it comes to money. You have to figure out how everything applies to you and your personal situation.”
31:37 – 36:11. How did Eric end up being self-employed as a freelance accountant? Eric got fed up with all of the pathetic tax advice that was being handed out online. Eric’s story starts all the way in 2006. He did nothing with this business until many years later when he realized that bloggers/freelancers wanted help.
36:12 – End. Where can you find Eric?
