I have been preaching this for several years. If you are running an agency, or any type of online business, it is critical you set up your business properly from an accounting standpoint!

The income you earn can be offset by many deductions, allowing you to keep more of the money you earn. (Caveat – I’m speaking only from my own experience in the United States, and not offering any type of tax advice.)

Some deductions many of you should be investigating with your tax professional:

• Software/license costs – I think we all can
• Training/Education
• Mileage
• Home Office
• Vehicle expenses
• Subcontractors

I get lots of questions asking how we run our accounting at Media Mash. We have the following set-up:

• Xero – online bookkeeping software
• Indian Bookkeeper – he is a full fledged Chartered Accountant
• Local CPA – handles tax returns and business consulting
  I recommend you find your own Accountant/CPA in your town, and build a relationship. You can, however, use my offshore Bookkeeper. He’s very good and affordable. Here’s his info:

Referral

• Offshore Bookkeeper: www.obgoutsourcing.com
  email: solution.tiwariassociates@gmail.com
  $9.00 an hour
  Name: Yuvraj

While I don’t want a referral fee of any kind, let Yuvraj know you are a friend of mine. I’ve sent him dozens of clients over the years, and I imagine he would want to work hard for you.

He can set up your chart of accounts and give you nice visibility each month into your Profit/Loss, and have your books ready for tax time each year. Best money I spend!